March 9, 2020
Acquiring, Competitive Strategies, Debit Cards, Marketing, Mergers & Acquisitions, Person-to-Person Payments, Point-of-sale, Pricing, Transaction Processing
Private-equity firm InterPrivate LLC announced the acquisition of SurchX, a payments provider offering surcharging programs. SurchX was renamed InterPayments. Terms were not disclosed.ParTech Inc., a subsidiary of PAR Technology Corp., announced an application programming interface integration with eTouchMenu, a digital-menu provider, and ParTech’s Brink POS software.Priority Payment Systems, a subsidiary of …
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February 27, 2020
Acquiring, Competitive Strategies, Credit Cards, Debit Cards, E-Commerce, Fraud & Security, Mobile Commerce, Mobile Wallets, Point-of-sale, Pricing, Transaction Processing
A Wichita, Kan.-based restaurant chain will settle for more than $60,000 a case alleging it illegally added 4% surcharges on credit card transactions, The Wichita Eagle reported. Kansas is one of the four states that prohibit credit card surcharging.Big U.S. banks are providing the best payments-acceptance experience for merchants, but non-banks such as PayPal Holdings Inc. and Square …
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February 26, 2020
Acquiring, Competitive Strategies, Debit Cards, Digital Currency, E-Commerce, Law and Regulation, Mobile Commerce, Person-to-Person Payments, Point-of-sale, Prepaid Cards, Pricing, Transaction Processing
Cash App may be turning into the product that ate Square Inc. The company on Wednesday reported a big fourth quarter for the 4-year-old product as officials pointed to a strong performance overall for the full year. “2019 was a very good year for us,” Square chief executive Jack Dorsey …
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February 25, 2020
Competitive Strategies, Marketing, Mobile Wallets, Point-of-sale, Pricing, Transaction Processing
PayRange Inc. said its recent procurement of $70 million in funding will help accelerate its efforts to displace cash and convert cash-and-coin-only machines to electronic payments. Announced Tuesday, the funding will help with PayRange’s 2020 Consumer Choice Program. That is an effort to convert cash-only machines to electronic payments. Laundry operators, …
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February 20, 2020
Acquiring, Competitive Strategies, Credit Cards, Debit Cards, Featured, Mergers & Acquisitions, Point-of-sale, Pricing, Transaction Processing
Ally Financial Inc. announced this week it will buy CardWorks Inc. for $2.65 billion. CardWorks owns Merrick Bank, a major player in merchant acquiring. In the deal, expected to close in the third quarter, Detroit-based Ally says Merrick Bank will merge into Ally Bank. Merrick has approximately $32 billion in …
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February 20, 2020
Acquiring, Competitive Strategies, Issuing/Originating, Marketing, Mobile Commerce, Mobile Wallets, Pricing, Transaction Processing
Mobile wallets aren’t the revolutionary products they were a few years ago, but as more and more entities launch new ones across the world, the apps are getting much more diverse and cheaper to use. That’s because, while sponsors continue to battle for adoption, they’re finding pricing to be a …
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February 13, 2020
Acquiring, Competitive Strategies, Credit Cards, Debit Cards, E-Commerce, Marketing, Mergers & Acquisitions, Mobile Wallets, Point-of-sale, Pricing, Transaction Processing
When Fidelity National Information Services Inc. closed on its $43 billion acquisition of Worldpay Inc. last summer, the payments industry knew the massive deal would boost FIS instantly into the top ranks of global merchant processors. On Thursday, the company let the world know just how big its position in …
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February 12, 2020
Acquiring, Competitive Strategies, Credit Cards, Debit Cards, Marketing, Mergers & Acquisitions, Point-of-sale, Prepaid Cards, Pricing, Transaction Processing
News of impending interchange-rate revisions from Visa Inc. may have roiled the payments industry, but for processing giants like Global Payments Inc., the impact will simply be business as usual. Top Global executives made that point crystal clear Wednesday. “We see these [rate changes] all the time. We have to accommodate …
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February 11, 2020
Acquiring, Competitive Strategies, Debit Cards, Issuing/Originating, Law and Regulation, Point-of-sale, Pricing, Transaction Processing
Federal Reserve Board chairman Jerome Powell is testifying before Congress this week, and mixed in with questions and answers about interest rates, economic growth, and employment could be queries about when the Fed is going to update its cap on the fees issuers can charge for debit card transactions. At …
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February 11, 2020
Acquiring, ATMs, Competitive Strategies, Credit Cards, Debit Cards, Digital Currency, E-Commerce, Law and Regulation, Person-to-Person Payments, Point-of-sale, Pricing, Transaction Processing
The Retail Industry Leaders Association issued a statement calling on Congress to press Federal Reserve Board chairman Jerome Powell to “set a true rate” for debit card transactions that would reflect the intent of the Durbin Amendment to the Dodd-Frank Act. The amendment regulates debit card transaction pricing for large issuers. Powell is scheduled …
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