A Thing
The Green SheetGreen Sheet

Breaking News articles for November 2009

IRS issues draft reporting rules, schedules public hearing

Monday, November 30, 2009

Much anticipated federal rules for the reporting of credit and debit card payments to merchants are now available for public comment. The Internal Revenue Service released a draft of its planned new reporting form (1099-K) and associated rules just before the Thanksgiving holiday; it is accepting public comment on the rules until Jan. 27, 2010.

read more

Holidays a boon for data thieves, too

Monday, November 30, 2009

For many retailers battered by a difficult economy, this year's holiday season offers not only a little festive mirth but also their best chance to climb out from the doldrums. Yet, the retail surge expected of the coming weeks could be a boon for thieves as well, according to Bob Russo, General Manager of the PCI Security Standards Council. Accordingly, Russo recommends that retailers be particularly vigilant about theft this month.

read more

GAO to Congress: Interchange mandates might help, but not everyone

Friday, November 20, 2009

The U.S. Government Accountability Office weighed in on interchange fees with a 69-page report to the U.S. Congress, released to the public Nov. 19, 2009. Anyone looking for definitive answers to questions as to what, if any, position the federal government should take in the public debate over interchange, however, is apt to be disappointed. The report – Credit Cards: Rising Interchange Fees Have Increased Costs for Merchants, but Options for Reducing Fees Pose Challenges – was prepared in response to a congressional request tucked into the Credit Card Accountability, Responsibility and Disclosure Act of 2009, the credit card reform bill dubbed the Credit CARD Act and signed into law in May 2009.

read more

An AmEx Revolution

Thursday, November 19, 2009

American Express Co. reported on Nov. 18, 2009, that it had agreed to acquire alternative payment solutions provider Revolution Money LLC for approximately $300 million. The transaction is subject to regulatory review and is expected to close in the first quarter of 2010. Thereafter, Revolution Money will operate as a subsidiary of AmEx and be the first component of its recently formed Enterprise Growth organization. AmEx formed Enterprise Growth to focus on generating incremental fee revenue and drive the company's entry into new payment areas.

read more

Optimizing online holiday sales

Monday, November 16, 2009

Merchants typically generate 40 percent of their annual income during the holidays, according to payment processor and card-not-present (CNP) solutions specialist Litle & Co. To guide ISOs and merchant level salespeople (MLSs) on the best ways to help merchants maximize profits during the coming holiday season, the processor advises on how to prepare for chargebacks, defend against friendly fraud and offer alternative payments to boost sales.

read more

The VeriFone, Heartland rift

Thursday, November 12, 2009

As a trying year on most economic fronts draws to a close, two leading payments industry companies, global POS system manufacturer VeriFone and top-tier processor Heartland Payment Systems Inc., are on the verge of severing their business ties: On Nov. 3, 2009, VeriFone disclosed that it intends to terminate its support relationships with Heartland, effective end of day Dec. 31, 2009. The month of November 2009 has since seen the Rashomon effect take hold, as dueling press releases from both parties to the deteriorating relationship have presented their sides of the conflict (these can be found under News From The Wire at www.greensheet.com ).

read more

CIT seeks smooth reorganization

Tuesday, November 10, 2009

On Nov. 1, 2009, CIT Group Inc. reported that its board of directors – with the support of its debt holders – voted to proceed with a restructuring plan as part of the company's Chapter 11 bankruptcy. CIT provides financing to about 1 million small and mid-sized businesses and is among the largest lenders serving the U.S. retail sector. Its subsidiary CIT Group Funding Co. of Delaware LLC is also a party to the action.

read more

Dueling Strategies: VeriFone-Chase, Heartland-Hypercom

Thursday, November 5, 2009

The race to secure POS transaction data is heating up as terminal manufacturers, acquirers and Visa Inc. scramble to get the upper hand with new techniques like data encryption. Heartland Payment Systems Inc. thrust the debate into the limelight earlier this year with its discovery of a massive data breach despite indications that it had been in compliance with the Payment Card Industry (PCI) Data Security Standard (DSS). The PCI DSS sets a baseline for securing cardholder data. The discovery set Heartland on a quest for a fail-safe security regimen featuring end-to-end encryption. Heartland's effort, known as the E3 Project, is intended to safeguard cardholder data both at rest and in motion, from the moment a card gets swiped at the merchant's checkout, and throughout the exchange, processing and settlement steps.

read more

Prepaid players expand to meet demand

Tuesday, November 3, 2009

Analysts seem to agree that the U.S. economy has stabilized and may finally be headed in the right direction again. But U.S. gross domestic product and federal tax revenues are down. Many believe that a complete economic recovery is years away. But in the prepaid card industry, businesses are expanding operations. Foreign currency exchange specialist Travelex launched a new customer care team to handle the increasing volume of calls from potential clients. Processor i2c Inc. opened a new contact center in Panama City, Panama, to take advantage of burgeoning prepaid card opportunities in the Latin American and Caribbean region. And processor eCommLink Inc. has opened a global team headquarters in Las Vegas for similar opportunities.

read more

Cynergy acquired by ComVest

Tuesday, November 3, 2009

On Oct. 28, 2009, Cynergy Data Corp. confirmed that it had been acquired by private investment firm The ComVest Group for $81 million, officially ending the company's widely publicized and high-profile reorganization under Chapter 11 of the United States Bankruptcy Code. The acquisition was finalized on Oct. 26, according to Marcelo Paladini, who founded Cynergy and has assumed the role of Vice Chairman and Executive Vice President of Business Development under terms of the agreement.

read more

Facebook
Twitter
LinkedIn
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
A Thing