"Retailers need to accurately analyze what is selling in real time and be in a position where they can react quickly," said Dan Murphy, Managing Director at KS. "According to one major fashion retailer, there is now only a 24- to 36-hour window from browsing to buying. Retailers that actively engage with their customers, analyze shopping and social media habits, and pre-empt future trends will be the winners in the fast fashion market."
What are the benefits? For Epicenter workers, aside from the publicity generated for being on the cutting edge, the passive near field communication technology, when activated by a reader within inches of the implant, can transfer data between the devices to open doors, access devices and, with the wave of a hand, make purchases on premise for food, snacks and other items.
For the fifth consecutive year, Electronic Payments Inc. appeared on The Nilson Report's list of Top Acquirers in the United States. Acquirers were ranked by purchase transaction volume. The company advanced to No. 34 in 2016, five spots higher than its 2015 ranking. "With the proper market foresight and ability to acquire technological innovations, such as Exatouch Point of Sale and Vault Payment Gateway, we've been able to expand our reach and develop additional means for our business partners to advance," stated Michael Nardy, founder and Chief Executive Officer of Electronic Payments.
NetSpend Corp. agreed to settle Federal Trade Commission allegations that the prepaid card company deceived people about access to funds deposited on NetSpend debit cards. The Federal Trade Commission and Amazon Inc. also agreed to end appeals related to 2016 court findings that the company billed consumers for unauthorized in-app charges incurred by children. This decision will allow Amazon's refund process to begin.
American Financial Services Association Executive Vice President Bill Himpler testified before a House Financial Services subcommittee addressing Consumer Financial Protection Bureau actions pertaining to the consumer credit industry. Himpler detailed difficulties financial services providers have in complying with CFPB regulations and enforcement actions, and he called for Congress to reform the bureau's practices, budget process and structure.
New York State Attorney General Eric T. Schneiderman, supported by AGs and officials from 16 U.S. states and the District of Columbia, called on congressional leadership to oppose three resolutions, each of which could derail a CFPB Final Rule seeking to protect consumers who use prepaid cards. The rule is scheduled to go into effect on April 1, 2018, enacting a new approach to regulating prepaid cards, fees and consumer access to account and legal information.
A recent Accenture LLP survey of nearly 3,500 U.S. citizens found 30 percent of respondents have been victims of cybercrime; 79 percent are concerned about the privacy and security of their personal digital data. Almost 63 percent of the respondents said they would feel more confident if government agencies and service providers with which they interact had stronger data-privacy and security policies; 73 percent lack confidence in government privacy practices.
Javelin Strategy & Research and the Electronic Payments Coalition reported small merchants are more concerned about value and less concerned about price when it comes to debit card transaction fees. The study stated that 66 percent of merchants are satisfied with what they pay (only 11 percent were dissatisfied) and small retailers are even happier "when they are allowed to choose additional benefits even at a greater cost."
A study by Market Track LLC found that despite declining foot traffic and same-store sales numbers, a majority of consumers prefer to buy most products in-store, but they research online beforehand. In the survey of over 1,200 primary household shoppers, consumers also noted the bigger the ticket item, the more likely they were to research prices online.
The business cash cycle and the importance of managing key elements of working capital are a top focus of successful companies, according to a new research report, Improving Receivables Management: Ignore at Your Own Peril from Mercator Advisory Group. The report discusses digital technology adoption, cash flow through payment processing efficiencies, receivables technology investment, trends, and vendors driving change.
Apriva partnered with Apptizer, an omnichannel app developer, to deliver mobile stores that can centralize and manage business generated through various mobile paths. As a result of the integration, merchants can quickly enable acceptance of all major debit and credit cards, in addition to near field communication and contactless payments, the companies stated. Acceptance is available through multiple mobile channels.
PaySimple is now integrated within the Bright Pattern Inc. platform. In addition to providing omnichannel payment processing for Bright Pattern customers, the integration offers self-service applications for on-time and recurring payments; the new feature can also route problem or delinquent accounts to qualified agents to foster a more personalized experience over multiple channels, PaySimple stated.
EDGE Mobile Payments LLC partnered with Nuvation Engineering to develop the EDGE Card. The EDGE Card features a full-color touchscreen, digital storage of multiple credit and debit cards, along with biometric verification security, and is a dynamic payment card that will be usable with existing mag-stripe POS terminals, EMV chip readers and touchless payments, according to EDGE.
Harbortouch Payments LLC partnered with FiveStars Loyalty Inc., a rewards and marketing platform for local businesses and their customers. FiveStars combines customized rewards, messaging tools and automated promotions in one easy-to-use marketing program, Harbortouch noted, adding that through this partnership, Harbortouch will integrate the FiveStars solution into its POS offering to give customers access to exclusive pricing.
Kount Inc. and Midigator LLC formed a partnership to expand chargeback and fraud management solutions for card-not-present retailers. The partnership combines Midigator's negative database of "friendly" fraudsters and its patented technology with Kount's patented "decision engine" technologies for detecting "true fraud." The collaboration will allow customers to focus on growing their businesses by enabling them to prevent fraud, reduce chargebacks and refunds, and increase sales volume, according to the partners.
Magento named Merchant e-Solutions Inc. a Select Technology Partner. This enhanced relationship will allow deeper integration of Merchant e-Solutions' multichannel payment offerings with Magento's flexible commerce platform. Merchant e-Solutions stated the collaboration will expand its array of solutions and enable merchants to support business growth with payment acceptance from any channel: in-person, online and on the go.
Samsung Electronics Co. Ltd. formed a strategic partnership with Visa to bring Samsung Pay to online merchants. Samsung Pay users will be able to shop online where Visa Checkout is accepted. "Our partnership benefits not only Samsung Pay users, but also hundreds of thousands of online merchants who are looking for effective ways to increase their checkout conversion rates," said Injong Rhee, Chief Technology Officer of the Mobile Communications Business at Samsung.
ShopKeep partnered with BigCommerce Pty. Ltd. to enable ShopKeep merchants to seamlessly integrate an ecommerce platform through their POS systems. ShopKeep said its customers can now tap into secure, robust omnichannel capabilities to extend their brand beyond the physical storefront, bolstering customer access and loyalty to drive sales growth. The new partnership further extends ShopKeep's mission to equip independent business owners with the tools they need to be successful in a changing retail environment.
Silicon Valley Bank and First Data Corp. collaborated on Commerce.Innovated, an accelerator designed to help commerce, payments and fintech startups grow. The four-month program provides participants with mentorship from Silicon Valley Bank, First Data and their respective networks, First Data stated.
CO-OP Financial Services reported it had finalized its plan to acquire The Members Group (TMG) and restructured its leadership team to deliver payment products and engagement services addressing today's changing marketplace. CO-OP had been the minority owner of TMG and purchased all remaining shares from the Iowa Credit Union League for $100 million. CO-OP affirmed it will now become a fully integrated, comprehensive payment services company.
Mastercard state it entered into an agreement to acquire NuData Security, a global technology company that helps businesses prevent online and mobile fraud using session and biometric indicators. Mastercard will build on its commitment to drive greater protection in the digital space, integrating NuData to its suite of fraud management and security products. The acquisition will also strengthen its efforts around device-level security and authentication, Mastercard added.
Novus Capital Group LLC recently merged with Super G Capital LLC. According to Super G, John Saefke, CEO of Novus Capital, will lead the venture debt and technology lending practice as a division of Super G. "The combination of Novus Capital's Venture Debt focus and Super G Capital's 2nd lien lending will create unmatched structural flexibility to technology and emerging growth companies nationwide," Saefke said. "We can now offer both traditional venture debt, with warrant coverage style deals, as well as non-dilutive growth debt."
CO-OP Financial Services welcomed three executives in newly created senior leadership roles as part of the acquisition of TMG. Nicholas Calcanes, previously with Fiserv, joined the CO-OP executive management team as Chief Information Officer. Mathew Kardell, previously with First Data, joined as Chief Revenue Officer. Paul Love, previously with the Federal Home Loan Mortgage Corp., joined as Chief Information Security Officer.
ShopKeep appointed Daniel Rolnick as its new Chief Technology Officer. Rolnick will report to Michael DeSimone, ShopKeep's CEO. Rolnick brings to the company16 years' experience in the areas of engineering and architecture. In his new role, Rolnick will lead the company's strategy across key technology initiatives, aligning technology related decisions with the company's strategic vision, ShopKeep stated.
YapStone Inc. hired Sanjay Saraf as its CTO. In his role, Saraf will lead YapStone's technology organization and manage product engineering, infrastructure and operations, information security, research, development, and innovation, YapStone noted. Previously, Saraf led product engineering focused on digital transformation at Western Union Co.
USA Technologies Inc. appointed Priyanka Singh as its new Chief Financial Officer. Singh brings over 15 years of finance and accounting experience to the position, including five years in the payments industry. She joins the company from Global Payments Inc., where following the 2016 acquisition by Global Payments of Heartland Payment Systems Inc., Singh was Vice President, Product Strategy and Innovation and Division CFO for Heartland Commerce.
Electronic Payments welcomed Robert Stanley as its Director of FI Relations. Over the past decade, Stanley has worked with numerous banks, both as a consultant and an employee, implementing competitive merchant services programs. Stanley will serve as Electronic Payments' primary point of contact for the financial institution channel, assisting with all aspects of support, including boarding, proposal assistance, and portfolio management, the company stated.
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