Digital Transactions Authoritative, insightful and timely information for payments professionals
• Square Inc. introduced Scheduled Deposit, a service aimed at larger merchants, allowing them to set up regular daily deposits with accelerated access to funds. The service differs from Instant Deposit, a service Square introduced a year ago, in that deposits are automated and so don’t require manual entry by the business. As with Instant Deposit, the new service comes with a 1% fee. Square also announced that Instant Deposit has processed more than 2 million deposits since its debut.
• MasterCard Inc. announced a multiyear extension of the cobranded credit card PayPal Extras MasterCard in the United States and Puerto Rico. The card is issued by Snychrony Bank.
• Second-quarter revenues declined 17% to $219.9 million at payments-technology provider ACI Worldwide Inc. and the company posted a $16.9 million loss versus net income of $27.1 million a year earlier.
• Mobile imaging technology provider Mitek Systems Inc. reported revenues of $9.11 million for the third quarter of fiscal 2016 ended June 30, up 41% from $6.44 million a year earlier. Net income fell 19% to $739,000 from $917,000 in last year’s third quarter, when the company booked an income-tax benefit.
• NCR Corp. announced that Zoyo Neighborhood Yogurt, a chain of 21 stores, is now using NCR Silver Pro Restaurant Edition, a tablet-based point-of-sale system.
• The MidWest Acquirers Association gave its 2016 Industry Achievement Award to Deana Rich of Rich Consulting, who specializes in compliance issues for payments companies.
