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- The Internal Revenue Service has begun sending $1,200 stimulus payments to individuals as provided for under the CARES Act. Payments are first going to about 60 million persons for whom the IRS has bank-account information, making direct deposit possible. Others will receive checks. The process is expected to take until April 20, though it could stretch into the fall, Bloomberg reported.
- Ninety-one percent of consumers who asked for a break on their monthly credit card payment because of coronavirus-related circumstances received one, found a survey of more than 1,400 U.S. consumers from LendingTree.
- PayPal Holdings Inc. said it is now offering access to loans through the Small Business Administration under the Paycheck Protection Program authorized by the CARES Act passed by Congress in reaction to the Covid-19 pandemic.
- Bluefin Payment Systems LLC announced that payment provider Payway Inc. will provide Bluefin’s point-to-point encryption service to merchants.
- Fiserv Inc. CEO Jeff Yabuki and president and chief operating officer Frank Bisignano both are taking 100% temporary cuts in their base salaries to help compensate Fiserv employees encountering financial hardships from the Covid-19 outbreak. Three other senior executives are forgoing 20% of their base salaries.
- Merchant processor Priority Technology Holdings Inc. announced several executive promotions.
- Vending machine payments provider USA Technologies Inc. said its April 30 annual stockholder meeting will be virtual-only. The meeting could mark the culmination of a proxy fight pitting USAT’s board and top management against the company’s largest shareholder.
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