Digital Transactions Authoritative, insightful and timely information for payments professionals
• Groupon Inc. sold its Breadcrumb restaurant point-of-sale unit to Upserve Inc., a startup focusing on restaurant-management solutions. Terms were not disclosed, but Groupon will take an equity interest in Upserve, formerly known as Swipely Inc. Founded in 2011, Breadcrumb was acquired by Groupon in 2012. • Apple Inc.’s Apple …
Read More »Search Results for: pay by bank
Wall Street Punishes Square Despite the Merchant Processor’s Transaction Growth
Ouch. Merchant acquirer Square Inc. reported after Thursday’s market close that payment volume grew 45% year over year in the first quarter to $10.3 billion, but the company’s stock still fell 22% on Friday. Despite the strong payments growth, investors didn’t like a number of things they saw in San …
Read More »Green Dot Reports Mixed Results, but CEO Streit Says Prospects Are Improving
With its contested annual shareholder meeting coming up in less than three weeks, embattled Green Dot Corp. chief executive Steve Streit on Wednesday said the prepaid card card and mobile-banking provider and tax-payment processor’s prospects are improving as key measures of customer activity strengthen. Pasadena, Calif.-based Green Dot reported first-quarter …
Read More »Mitek’s Billion Deposits and other Digital Transactions News briefs
• Imaging applications developer Mitek Systems Inc. said its Mobile Deposit service has processed more than 1 billion check deposits; more than 5,000 U.S. financial institutions and 70 million of their customers use Mobile Deposit. • Payments company Zooz closed on $24 million in funding that it will use for growth, …
Read More »UL Test Suite Approval And Other Digital Transactions News Briefs
· Technology-testing provider UL says its cloud-based payments test suite has been approved by MasterCard Inc. It is used to test MasterCard mobile-payment applications. UL also says it now supports a new type approval program for mobile devices against an EMVCo standard. · TD Bank Merchant Solutions will offer small …
Read More »Extreme Merchant Vexation
Chargebacks stemming from the EMV liability shift are bedeviling merchants, and some of them are turning to the courts for relief. That could change the way EMV plays out in the United States. Max Milam thought his stores were ready for EMV chip cards. His four Milam’s Market grocery stores …
Read More »Democratizing Money
Peer-to-peer payments are taking center stage as banks, processors, and tech companies roll out new ways to displace cash. But will providers cash in? The headlines mostly tell of the problem-plagued EMV chip card rollout in the U.S. or wishfully hope that mobile payments will finally catch on with consumers …
Read More »What Has Durbin Done?
By controlling debit interchange and supercharging the administrative state, the Durbin Amendment has inflicted immense harm, says Eric Grover. With virtually no debate, the Durbin Amendment was sold as pro-consumer, pro-small bank, and pro-merchant—a political trifecta. Widely understood to be bad for politically unsympathetic large banks, U.S. Sen. Richard Durbin, …
Read More »Interchange…Again
Each time a merchant takes a card transaction, he pays a fee to his processor. This is a percentage of the sale called a discount rate, and in the case of MasterCard and Visa transactions it’s based on a sort of wholesale rate, called the interchange rate. That rate is …
Read More »Same-Day ACH Talk Turning Into Action
After a lot of talk, there’s about to be some action in same-day automated clearing house payments, according to NACHA, the ACH network’s oversight body. NACHA reported last month that nearly all of the nation’s biggest financial institutions plan to originate same-day ACH payments this year. The January-February telephone survey …
Read More »