The Green Sheet Online Edition
June 27, 2011 • Issue 11:06:02
Square unveils new POS features for iPad
A new Square Inc. application for the iPad, called Square Register, works like a cash register with checkout and sales tracking capabilities. The Square Register also has added communication features with a new mobile wallet application, Card Case, which allows consumers to search local businesses, view menus, track and store digital receipts, and open digital tabs to make purchases on iPhone or Android devices.
Square is a mobile payment startup founded by the co-creator of Twitter, Jack Dorsey. Square technology - both the software and credit card reader - is free.
"Cash registers and credit card terminals are relics of an expensive, complicated and impersonal commercial transaction system," Dorsey stated in a press release.
"We revolutionized the payment industry with the Square card reader which makes it possible for anyone to accept credit cards on their phone. Now with Square Register, we're reinventing point of sale with a beautiful, intuitive iPad app. Card Case goes beyond point of sale to transform the entire buyer-seller relationship."
The Square Register allows businesses to manage sales using touch technology, check daily transactions, update pricing, automate checkout, generate digital receipts and maintain virtual storefronts.
First NFC forum set
The Smart Card Alliance and the NFC Forum plan to co-sponsor a conference on near field communication (NFC) technology in 2012.
This will be the first forum held in the United States dedicated to discussing facets of NFC technology, such as devices and add-ons, support, development, implementation, and use. Additional topics to be covered include a discussion on different use cases for NFC-enabled applications (including those involving payments and advertising) and how businesses can expand NFC markets.
Smart Card Alliance Executive Director Randy Vanderhoof said, "As the diversity of announcements and partnerships has developed over the last year it shows us there are lots of different approaches to NFC technology."
In addition, Vanderhoof told The Green Sheet, "This conference will showcase some of the approaches likely to impact the market. We have so many [different NFC players] in our organization already, we felt it is time to focus on bringing everyone together with the technology partners in the NFC Forum, creating the next generation of technology for NFC leaders."
Vanderhoof said his best guess is the conference will be held in May or June 2012. The location is not yet determined. "It may be on the East Coast," he added. "We just need to find the right size venue that is available at the right time."
More than 150,000 merchants are now capable of processing NFC transactions, and researchers forecast one in six smart phone users will have an NFC-enabled phone by 2014.
Revenues from NFC-aided services are predicted to reach $47 billion in the United States by 2016. Some researchers predict NFC technology will soon be the most widely used mobile payment method.
MPCT Publishing, Merchant University agent training
California-based Merchant University and Michigan-based MPCT Publishing Co. are offering education and training for merchant level salespeople (MLSs). Merchant University was already creating online and e-learning courses for ISOs and MLSs when MPCT began asking experts to write course materials to help the publishing company create a menu of training classes from which ISOs and agents may pick and choose.
The two companies believe this merger of resources will result in the creation of a "flagship learning resource for the credit card industry."
MPCT President Bill Pirtle is the author of Navigating Through the Risks of Credit Card Processing. He is also a merchant level salesperson and the current author of The Green Sheet's Street SmartsSM column.
Merchant University Chief Executive Officer Theodore Svoronos has held payments industry jobs in executive management where his responsibilities included managing business development, education, training, regulatory compliance, strategic partnerships and ISO relationships.
He has served on advisory boards, contributed to industry publications, and he is a member of over 10 industry and security organizations.
Cachet engineers RDC for iPad
Remote deposit capture (RDC) provider Cachet Financial Solutions has made its mobile deposit solution, Select Mobile, available on portable tablet devices. Cachet cited research that said consumers are adopting the iPad at a rate that will make the tablet computer the fourth largest consumer electronics category, behind TVs, smart phones and laptops. Thus, having RDC solutions available on tablet computers is key to RDC's long-term success, Cachet said.
Charge Anywhere wins mobile solutions award
Bankers and executives attending the Bank Technology News' 5th Annual Mobile Banking and Emerging Application Summit, held in June 2011 in New Orleans, voted Charge Anywhere LLC Mobile Solutions Provider of the Year. The award was presented following a live 20-minute Charge Anywhere demonstration.
Charge Anywhere software operates on smart phones and tablets and allows merchants to accept credit, debit, check, automated clearing house (ACH), prepaid and gift card payments, while at the same time managing and tracking business at the POS.
Next-day funding service
Clearent LLC recently launched its Express Merchant Funding service that gives merchants next-day funding for credit and debit card processing. The solution increases merchant cash flow by cutting in half the standard funding cycle, according to Clearent.
ETA seeks first CPP candidates
The Electronic Transactions Association will start accepting applications for its new Certified Payments Professional (CPP) Program beginning Sept.1, 2011.
The association will make a presentation on the topic at the Midwest Acquirers Association meeting July 26 to 28 in Oakbrook, Ill. Information about the program can be found at www.electran.org/CPP.
BBVA selects Hypercom terminals
Hypercom Corp. disclosed that Mexico's largest bank, BBVA Bancomer, will deploy more than 10,000 of its Optimum M4230 mobile payment systems to BBVA merchant customers. The M4230 reportedly was selected in head-to-head competition with other global payment providers' products.
MerchantService.com offers educational video
MerchantService.com, a provider of credit card processing services, released a new video, Online Credit Card Processing Software and Merchant Services, on its website.
The company said the video focuses on the online merchant transaction process, the benefit of real-time merchant services, the advantages of having a credit vendor as a merchant profit maximization partner, and the importance of great customer service.
Heartland's South honored
John South, Chief Security Officer at Heartland Payment Systems Inc., received the Information Security Executive Central 2011 Award from Tech Exec Networks Inc., a national technology and information security executive networking organization. The ISE Central Awards recognize outstanding achievements in risk management, data asset protection, compliance and privacy and network security, Heartland reported.
ROAM Data extends mobile wallet and checkout
Mobile commerce platform provider ROAM Data Inc. unveiled the ROAMwallet mobile checkout solution designed to turn the mobile marketing channel into a mobile sales channel. It is both a patent pending mobile checkout application program interface and a mobile wallet that stores payment options, receipts and other data, ROAM Data said.
USA ePay launches website, hires ThreatMetrix
USA ePay went live with a new website for its PaySaber products. The website, designed to be more user friendly for merchants and resellers, features PaySaber's newest product, PaySaber Clip, a credit card payment device compatible with the iPad, iPod Touch and iPhone.
In other company news, USA ePay hired ThreatMetrix Inc., a cloud-based computing security firm, to help secure the USA ePay system against online fraud and abuse.
Wellington provides eWise $14 million
A group led by venture capital firm Wellington Partners provided $14 million in financing to payment technology provider eWise.
The money will be used to build on the success of eWise's Secure Vault Payments joint venture with NACHA - The Electronic Payments Association. Venture capitalists Balderton Capital, TTV Capital and Patagorang also participated in the financing.
NHFA picks CrossCheck for processing
Check approval and guarantee company CrossCheck Inc. was chosen as a preferred vendor for the National Home Furnishings Association, a retail association representing more than 5,000 home furnishing stores across the United States. CrossCheck will offer NHFA members special group pricing on payment services, including standard guarantee, electronic check processing and collections.
EPX, Sprint continue co-marketing
Electronic Payments Exchange, a credit card, debit card and electronic check processor, and Sprint Nextel Corp., a telecommunications provider, heralded the extension of their co-marketing deal. The two companies have partnered since 2009 to encourage wireless payments at third-party-branded DVD rental kiosks. The new deal will allow Sprint customers to receive payment acceptance technology and payment processing services through the Nationwide Sprint Network.
Monitise, Visa collaborate
Monitise PLC, a mobile payment processor, and Visa Inc. signed a new five-year deal. The agreement guarantees that Monitise annual revenues will exceed $10 million in the first three years of the new contract. Greater revenues are anticipated in years four and five of the contract if certain benchmarks are achieved. The deal will allow Visa customers to make payments on smart phones and through e-commerce stores.
Nvinium tags Virtual Piggy for game payments
Moggle Inc., provider of the Virtual Piggy payment platform for social gaming, reported that Nvinium Games Inc. will implement the platform on its social entertainment game network that includes MMOFury.com, Unforgivenwar.com and MafiaChaos.com. Virtual Piggy will enable children to transact on Nvinium's social entertainment game network under parental supervision, Moggle said.
Brooklyn chamber taps Paymint
Paymint Associates, a provider of credit card processing, restaurant computer systems, check services, cash advance products, and ATM sales and placements, formed an alliance with the Brooklyn Hispanic Chamber of Commerce through which Paymint's services will be available to chamber members.
"It is our goal to provide the lowest cost structure, along with the best possible processing equipment to the chamber's members," said Paymint CEO Steve Feldshuh. "Being a local, Brooklyn-based company will allow us to provide superb customer service and training on all of our products."
TransEngen, iStream team for RDC and ACH
TransEngen Inc., a processor focusing on the health care industry, and iStream Financial Services Inc. created a strategic partnership that will have TransEngen certifying iStream's RDC and ACH payment platform. The partnership is expected to provide enhanced payment management
Verizon Wireless, Payfone unite for m-payments
Verizon Wireless and mobile payment processor Payfone revealed they are working together to bring a new mobile payment system to Verizon customers. The service will allow Verizon customers to make online purchases from smart phones, tablets and PCs using numerous payment methods, including charging purchases to monthly wireless statements or using traditional payment methods.
Finint SRL goes to Western Union
The Western Union Co. will purchase one of Europe's leading money transfer network agents, Finint SRL. Western Union already owns 30 percent of the company. Finint manages more than 10,000 Western Union subagent locations in Italy, Spain and the United Kingdom. The deal is expected to close by year's end.
TSYS takes TermNet
Total Systems Services Inc. (TSYS) purchased TermNet Merchant Services Inc. in May 2011. TermNet will now operate as TSYS and will be fully a part of TSYS Merchant Solutions. The acquisition means TSYS will serve more than 327,000 U.S. merchant locations, the company reported.
Visa acquires Fundamo
Visa reported it has acquired Fundamo Ltd., a South African mobile financial services platform for mobile network operators and financial institutions in developing economies. Fundamo is used in 40 countries worldwide.
Arsdale, Woynerowski named First Annapolis partners
Joel Van Arsdale and David Woynerowski were named Partners at First Annapolis Consulting Inc., a consultancy focusing on payment-related products, services and delivery in the financial services industry. Arsdale reportedly is a leader in the merchant acquiring business and helped to launch First Annapolis' European office. Woynerowski works in card issuing and oversees the firm's Canadian card issuing business.
Beck named 3Delta Senior VP
Gary Beck was appointed a Senior Vice President for 3Delta Systems Inc. Beck will be responsible for growing U.S. and global business for 3DSI payment processing platform, Payment WorkSuite and other services. Beck held executive sales jobs with Visa prior to joining 3DSI.
Smith to support ISOs for First Data
First Data Corp. confirmed that Stacia Smith signed on as Regional Sales Director for the Northeast United States. It will be Smith's job to help ISOs and agents expand the use of First Data products, as well as grow the company's revenue. Smith comes to First Data from Seiko Epson America Corp.
Viadero named Alternet CFO
Alternet Systems Inc., a mobile commerce and communications security company, named Michael T. Viadero its Chief Financial Officer.
Viadero has previously held positions with MasterCard Worldwide, W.R. Grace & Co., and First Chicago Bank and Trust Corp. Viadero will supervise Alternet's financial operations and regulatory compliance.
- An American Express Co. Spending & Saving Tracker survey revealed more Americans intend to travel this summer, 59 percent compared with 51 percent in 2010. Also, 70 percent of respondents are planning family vacations in 2011, compared with 45 percent last year.
- According to an Equity Research survey, retail capital spending is expected to increase to $42.5 billion in 2011, up 16 percent from 2010. All subsegments, with the exception of mass merchants at 9 percent, are projecting double-digit percent spending increases.
- More than 100 million guests are expected to attend weddings this summer. Based on a wedding registry study conducted by WeddingChannel.com, engaged couples typically expect friends to spend $79 and family members $146 on wedding gifts.
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