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The National Retail Federation's annual convention, held in January at New York's Jacob Javits Convention Center, provided approximately 37,000 attendees with keynote and panel presentations, interactive exhibits and guided tours of iconic New York City stores. In opening comments, NRF president and CEO Matthew Shay cited improving economic conditions and strong holiday spending as positive signs of retail sector growth.
A new benchmark study from ACI Worldwide revealed a spike in fraud attempts involving the buy online pick up in-store (BOPIS) channel during the 2018 peak holiday season, suggesting merchants and their service providers need to up their games to control omnichannel fraud. Fraud attempts on BOPIS transactions jumped 13 percent between Thanksgiving and New Year's Eve, and peaked at 20 percent in the days just before Christmas, ACI reported.
In 2007, when Kohlberg Kravis Roberts & Co. agreed to pay $29 billion for First Data Corp., the news sent shock waves throughout the payments industry. Many experts feared the private equity firm would have a detrimental effect on one of the nation’s largest acquirers and thereby roil the industry. The news released in mid-January, that Fiserv agreed to acquire First Data was received with much more calm.
Fifteen years ago, the Northeast Acquirers Association conference was a relatively small, regional affair. A couple hundred ISOs and merchant level salespeople (MLSs) would come together at a Vermont ski resort in the dead of winter for networking, educational sessions and fun on the slopes. This year the annual NEAA event drew more than 800 industry professionals, card brand representatives and vendors to an airport hotel in Newark, N.J., for a day and a half of timely educational sessions, a packed exhibit space and networking.
Most merchants are unaware of changes in chargeback resolution procedures – a knowledge gap that could prove costly for many, said Suresh Dakshina, president of Chargeback Gurus. The Visa Claims Resolution initiative, introduced in April 2018, aims to streamline and expedite the chargeback resolution process. It includes enhanced tools, new categories of disputes, consolidated reason codes, changes in dispute response times and new procedural requirements. A key new procedural requirement is that a merchant now must acknowledge a chargeback by either accepting or disputing the claim upon being notified of the claim.
Jason Oxman, CEO of the Electronic Transactions Association disclosed he is leaving the ETA to join the Information Technology Industry Council as president and CEO. Oxman stated that "ITI is a dynamic organization and I am very much looking forward to the next chapter." Kevin Jones, CEO of Celero Commerce, and chairman and president of the ETA, subsequently stated, "We are grateful to Jason for his service as ETA’s CEO at a pivotal time in the evolution of our industry."
Target Corp. disclosed it will add more payments options to its POS systems at more than 1,800 locations across the United States. According to payments analysts, this is part of a larger trend of brick-and-mortar retailers implementing near field communication (NFC) protocols at the POS.
Shortly before the New England Patriots bested the Los Angeles Rams, 13 to 3, at Super Bowl LIII, Visa, a partner of the National Football League since 1995, agreed to serve as the league’s Official Payment Services Technology Partner through the 2025 season. The multiyear sponsorship deal includes new benefits for Visa cardholders at NFL events and plans to collaborate on the first cashless Super Bowl in the future, Visa stated. “Over the years, we have evolved our relationship with the NFL from a sponsorship to a partnership that provides invaluable payment experiences for fans,” said Lynne Biggar, chief marketing and communications officer at Visa.
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