Digital Transactions Authoritative, insightful and timely information for payments professionals
The financially struggling U.S. Postal Service is bemoaning the accelerating shift by consumers away from sending everything from Christmas cards to bill payments by physical mail. But, on the other side of the coin, new data confirm that the automated clearing house is where a lot of former paper-based …
Read More »Study Shows Merchants Still Store Massive Amounts of Unprotected Card Data
n Of 2,736 scans worldwide since Jan. 1 using SecurityMetrics Inc.’s PANscan tool, 71% revealed merchant computer systems were storing unencrypted payment card data, an 8% increase from a similar survey in 2010, according to the Salt Lake City, Utah-based provider of PCI security solutions. The participating merchants ranged in …
Read More »VeriFone Boss Says He Aims for Services to Account for Half of Revenue Within Four Years
n n n n n n n n n
Read More »No Effect on Consumer Prices, Says Anti-Durbin Group’s Survey
n n n n n n n n n n
Read More »With Signs of an Improving IPO Market, Payment Processor Vantiv Preps To Go Public
Vantiv Inc. filed a registration statement on Thursday for a proposed initial public offering of common stock that, if successful, would have a business started by Fifth Third Bancorp join the thin ranks of publicly traded processors that get most of their revenues from merchant acquiring. Vantiv, formerly known as …
Read More »“Selective” Incentives Will Help Steer Debit Volume to MasterCard, Banga Says
n At a conference call with analysts to discuss the No. 2 payment card network’s third-quarter earnings, MasterCard president and chief executive Ajay Banga said his company is offering select merchants and merchant acquirers incentives to direct debit card transactions MasterCard’s way. “We are in a completely different competitive …
Read More »Aiming to Smooth In-Store Mobile Transactions, VeriFone Buys Global Bay
Extending itself further into mobile retailing and software, VeriFone Systems Inc. on Tuesday announced it has acquired 9-year-old Global Bay Media Technologies, a South Plainfield, N.J., vendor of in-store mobile solutions. Terms of the deal, which had already closed by the time of the announcement, were not disclosed. The acquisition …
Read More »Citing New IRS Rules, the ETA And the ABA Ask to Delay Part of Federal Reporting Law
Two industry trade groups are asking for a delay in implementation of portions of the new federal law requiring acquirers to report merchants’ electronic payment transactions to the Internal Revenue Service, saying constant changes in the reporting form and other problems are making it difficult to meet the reporting …
Read More »In the Wake of Reporting Complaints, IRS Says It Will Delay Penalties, Withholding
Responding to complaints about problems in implementing a new federal law requiring acquirers to report merchants’ electronic payment transactions, the Internal Revenue Service announced on Wednesday it will delay penalty provisions and withholding requirements for a year, until Jan. 1, 2013. Acquirers still are required to file the new 1099-K …
Read More »With Numbers up, Visa Execs Touch on Strategies to Keep Network Dominant
Confirming other findings that payment card usage is picking up in the U.S., Visa Inc.’s credit and debit card dollar volume rose 9% in the network’s fourth fiscal 2011 quarter ended Sept. 30 to $516 billion from $474 billion a year earlier. Payment transactions increased 7.3% to 10.5 billion. Visa’s …
Read More »