Point-of-sale

August, 2024

• 16 August

  COMMENTARY: Why Merchants’ Legal Assault on Acceptance Costs Is Anti-Consumer: Part I

  

  While merchants, like consumers, love credit and debit cards, they don’t like having to pay to accept them. It’s human nature to want to pay less for products and services, no matter how good they are. To reduce payment-acceptance fees, merchants have brought a battery of antitrust lawsuits against Mastercard …
• 15 August

  Consumers Favor Cash Back Over Other Rewards As a Counter to Inflation, J.D. Power Finds

  

  Cashback has replaced miles and rewards as the top credit card perk consumers want, according to J.D. Power’s 2024 U.S. Credit Card Satisfaction Study. The trend is being driven by inflationary pressures that have hiked credit card interest rates and annual fees. As a result, consumers are gravitating to cards …
• 15 August

  FIS’ New P2P Payments Service and other Digital Transactions News briefs from 8/15/24

  

  FIS Inc. said it will make a peer-to-peer payment service from Neural Payments available to its banking customers. The white-label product enables bank customers to transfer money from their accounts to anyone, regardless of weather the recipient’s financial institution uses Neural Payments and without the need to download a third-party app …
• 14 August

  Merchants Get Another Extension to File Claims in Their Class Action Against Visa and Mastercard

  

  Merchants were granted a second extension late Tuesday for filing claims against Visa Inc. and Mastercard Inc. in their ongoing class-action lawsuit against the two networks over interchange costs. U.S. District Court Judge for the Eastern District of New York Margo K. Brodie, who is presiding over the case, moved …
• 14 August

  Lightspeed’s New Data Tool and other Digital Transactions News briefs from 8/14/24

  

  Lightspeed Commerce, a specialist in hospitality payments, launched Retail Insights, a data service for merchants. Shift4 Payments Inc. announced it will process all ticket sales and foodservice payments at Gainbridge Fieldhouse in Indianapolis, the arena for the Indiana Pacers of the National Basketball Association. U.S.-based fintech software firm OMNIQ Corp. said …
• 13 August

  Lowthers Cites Steady Progress at Paysafe, But Says ‘We’re Not Done’

  

  When Bruce Lowthers took over a struggling Paysafe Ltd. two years ago, he immediately plunged into what he noted then was a wide-ranging reclamation project. On Tuesday, he called out some progress but also offered a blunt update on his transformation efforts. “We have the right strategy and our execution …
• 13 August

  X9 To Develop New QR Code Payments Standard  and other Digital Transactions News briefs from 8/13/24

  

  The Accredited Standards Committee X9 Inc. has begun work on a new QR code payments standard. The goal is to establish the content of a QR code for payments, emphasize interoperability, and include both merchant-presented and consumer-presented QR codes. X9 said the standard is needed to accelerate the adoption of instant payments. Block …
• 12 August

  Payroc Partners With Moneris Solutions to Offer Card Present Payments in Canada

  

  Payments platform provider Payroc WorldAccess LLC has agreed to work with processor Moneris Solutions Corp. to provide card-present payments in Canada. The partnership with Toronto-based Moneris enables Tinley Park, Ill.-based Payroc to provide independent software vendors and small and medium businesses with a single platform for processing card-present transactions in …
• 9 August

  Processing Fees, Not Interchange, Are the Cost Merchants Should Combat, Some Say

  

  Merchants’ disdain for interchange is well documented, but one aspect of card-acceptance costs that gets drowned out by the outcry over interchange is that rising processing fees are hitting merchants harder than interchange hikes, according to some observers. Processors’ rate hikes have been running between 0.25% and 1.5% in recent …
• 9 August

  Lightspeed Lines up US Foods Referral Channel and other Digital Transactions News briefs from 8/9/24

  

  Lightspeed Commerce Inc. announced it is working with US Foods Holding Corp., a large foodservice distributor, to sell Lightspeed’s payments technology for restaurants in the U.S. market. Embedded payments provider i3 Verticals Inc. reported $56 million in fiscal third-quarter revenue, down 2.3% from $57.3 million year-over-year. Its net loss increased to $8.3 million …