Wednesday, May 27, 2020
Fiserv agreed to pay the Federal Trade Commission more than $40 million to settle allegations that First Data Merchant Services, which Fiserv acquired in 2019, knowingly processed transactions tied to a scams that bilked thousands of consumers, in violation of the FTC Act and the Telemarketing Sales Rule (TSR). Under a separate settlement agreement related to the same charges, Chi "Vincent" Ko, a former vice president of the company, agreed to pay over $270,000.
In addition, an FTC attorney warned that other payment processing companies should consider themselves on notice that the FTC expects them to be vigilant against scammers using the card processing networks to perpetrate fraud.
Company profile from GS200502
MineralTree introduced a white-label payment automation platform for banks in 2010. Initiated as a bill-pay solution, the product evolved into a complete, end-to-end accounts payable (AP) automation solution for businesses covering the entire billing process – from invoice receipt to outbound payment. Today, the Cambridge, Mass.-based firm employs over 100 staff and works closely with partner banks and financial institutions. In addition, MineralTree sells directly to middle-market businesses. The company's portfolio consists of more than 1,500 enterprises and nearly 30 financial institutions, the company reported.
By Patti Murphy
These are trying times for all manner of businesses. With countless stores closing and others experiencing sinking sales due to mandatory stay-at-home orders intended to flatten the curve of COVID-19 infections, ISOs and merchant level salespeople (MLSs) are reimagining operating strategies.
This week Austin Mac Nab, Managing Partner at VizyPay, explains that company's unique approach to cash discounting and how it resonates with merchants. Plus, he discusses the Look Local First program, created by VizyPay to encourage consumers to spend locally. Then Patti reports on the card brands extending the EMV compliance deadline for pay-at-the-pump devices, and James offers proven strategies for overcoming merchant objections.