Digital Transactions Authoritative, insightful and timely information for payments professionals
• The Michigan Department of Health and Human Services and its Michigan State Disbursement unit are allowing parents who choose a cash option online for child-support payments to make the payments at 7-Eleven and Family Dollar stores, with processing handled by PayNearMe. The arrangement follows a similar venture in which PayNearMe is enabling a cash option for payments online for Comcast cable bills and transit tickets in Dallas.
• OnDeck, an online lender to small businesses, reported loans under management grew 47% year over year to $1 billion in the quarter ended June 30, while gross revenue increased 10% to $69.5 million. The company recorded a net loss of $17.9 million, down from net income of $5 million in the same period last year.
• NAB Velocity, a North American Bancard Holdings LLC payments platform, formed a partnership with Enspire Commerce’s RetailPoint, a cloud-based mobile point-of-sale service for small and mid-size businesses.
• Virtual Piggy Inc., which operates a peer-to-peer payments network for children, introduced an automated parental control system called IMPACT, or Instant Monitoring Parental Account Control Technology.
• CreditCall, a U.K.-based payments gateway specializing in EMV, received the MasterCard Emerging Payment Support Accreditation for the categories guidance and technical support to acquirers.
• Finexio, a business-to-business payments network, announced it has secured $1 million in seed financing.
