Incoming sales tallies for Cyber 5, the period between Thanksgiving and Cyber Monday, are good news for retailers, many of whom have been adversely affected by COVID-19. When Black Friday kicked off retail's peak selling season, consumers flocked to stores as others shopped from the comfort of home screens and connected devices. Early reports from Adobe Analytics show Black Friday sales reached $9.03 billion, a 21.6 percent increase compared to the $7.4 billion in sales recorded on the same day in 2019.
Chris Harris, senior director at Ondot Systems, said, "In 2020, we see that people don't want to leave their homes and this has driven up online spending and reduced in-store spending. People are also spreading out their shopping window, so instead of concentrating it on a single weekend, this year people spread that shopping throughout November, which actually saw an increase when compared to last year."
News that Sysnet Global Solutions acquired ControlScan Inc.'s Managed Compliance Solutions (MCS) division was a welcome counterpoint to relentless reports of phishing and web-based attacks against the global business community. While transaction details were not revealed, the companies disclosed Dec. 2, 2020, that after years of collaborating, they will join forces to help service providers and merchants combat pandemic-related threats worldwide.
Gabe Moynagh, CEO of Sysnet, called the acquisition a perfect fit and key part of Sysnet's strategic growth strategy. He added that the acquisition will further cement Sysnet's leadership as a compliance and security management service provider to nearly 4 million small and midsize businesses and payment processors worldwide.
Gas stations with automated fuel dispensers may have been given additional time to bring their pumps into compliance with EMV protocols, but that doesn't mean consumers are content with the status quo. A majority of consumers prefer paying for fuel at EMV-compliant pumps, and better than half would be willing to order and pay for in-store items (like food and drinks) while at the pump, according to a new survey by Transaction Network Services.
Most businesses were given a deadline of October 2015 to upgrade POS devices to comply with EMV security requirements. But the card companies allowed businesses with automated fuel dispensers additional time to bring their devices into compliance. A survey conducted by Conexxus revealed that just 61 percent of gas station operators with automated fuel dispensers expect their devices to be EMV compliant by the current deadline, April 2021.
On Dec. 7, 2020, NYC FinTech Women inducted 50 honorees into the organization's 2020 Inspiring FinTech Females. The second annual award program is designed to recognize women who drive innovation, lead through difficult times and inspire the fintech community, event organizers stated. Judges named winners in five select categories: founders, leaders, money movers, network builders and product builders.
Michelle Tran, co-founder of NYC FinTech Women mentioned that numerous women work behind the scenes in fintech and deserve better recognition. "It is time to bring change agents to the forefront and celebrate them," she said, adding that each recipient will be featured on the NYC FinTech Women's website for a full year.
Affirm, a San Francisco based fintech company specializing in buy-now, pay-later (BNPL) solutions, is purchasing PayBright, a leading BNPL provider in Canada, for just over $265 million. The combination unites two innovators with complementary merchant relationships and deeply aligned cultural values, and creates a payment solutions platform with expanded scale and reach, the two companies said in a statement. "As part of a larger, multinational organization, we can help even more merchants attract new customers and provide a greater number of consumers with more control and flexibility in their purchasing decisions," said Wayne Pommen, president and CEO of PayBright.
The MLS Forum has long been a gathering place for The Green Sheet subscribers to pose questions and engage in educational dialogue. Discussion threads have ranged from POS equipment reviews, vertical market opportunities and troubleshooting issues to breaking news and trending topics in the payments industry. And now the forum features updated tools to facilitate engagement. The secure networking space is reserved for sales professionals and related third-party providers in the retail services sector. Eligible subscribers can apply for membership by using this link: www.greensheet.com/forums/ucp.php?i=167.
Kate Gillespie, president and CEO at The Green Sheet Inc., said she has observed renewed interest in the forum in 2020, as numerous ISOs, merchant level salespeople (MLSs) and their merchant customers faced shutdowns and hardships due to the coronavirus pandemic. "The new normal demands much of our time and resources, which can lead to separation anxiety, fatigue and frustration," she said. "The MLS Forum, Zoom and video streaming services are helping us stay, connected, entertained and informed."
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