Attending RSPA's RetailNOW in Orlando? As a sponsor of the event TSG will be attending and looking to network! Let us know if you would like to meet!
Risk management is vital for any provider that processes payments to protect against financial harm or reputational damage.
Merchant acquirers should monitor their merchant program proactively to ensure risk controls are active and followed. At the same time, Visa (and other card networks) seek to ensure compliance is maintained and their requirements are met. But what does that mean? What do acquirers need to do to ensure compliance? What does Visa require, and how are they involved?
Our latest interview with TSG's risk expert, Susan Horne, aims to answer these critical questions. In fact, TSG is among Visa's limited group of vendors that complete their GARS reviews and ensure their requirements are satisfied. read more →
NCR Corp. is in exclusive talks to be sold to private-equity firm Veritas Capital, according to people familiar with the matter, in what would be one of the biggest leveraged buyouts as the environment for such deals has become more perilous. A deal could still be weeks away, the people said, and it’s far from guaranteed, given that a number of LBOs have been shelved lately because of choppy financing markets. NCR’s shares closed up nearly 13% Tuesday after The Wall Street Journal reported on the exclusive talks.
A proposed class action lawsuit is taking aim at Apple Pay, claiming that Apple has an illegal monopoly over contactless payments on the iPhone, letting it force card issuers into paying fees. The suit is being kicked off by Iowa-based Affinity Credit Union, which issues debit and credit cards that are compatible with Apple Pay, but the company’s lawyers hope to make it a class-action case so other card issuers can join the lawsuit.
The issue of consumer losses to fraud on peer-to-peer payment apps is about to get hotter as the Consumer Financial Protection Bureau is reportedly preparing a probe of the matter. The bureau’s action will likely include new requirements for banks to reimburse consumers victimized in cases where they sent cash after being tricked by fraudsters, The Wall Street Journal reported Wednesday, quoting people familiar with the matter.
May require account to read. The payments giant Visa is in talks to join an extension of the fintech startup Airwallex’s latest funding round, according to people familiar with the matter. The Tencent Holdings-backed startup is seeking to raise $100 million to $150 million in an extension to its series E round, the people said. Some of the startup’s existing shareholders could also participate, said the people, who asked not to be identified because the information is private.
Combined credit and debit card spend reached $221 billion, up 10% year over year (YoY). Credit spend jumped 17%, and debit rose 6% to a record high. Total payment spend for H1 rose 13% YoY to a record $2.1 trillion, driven by increases in every category. In the bank's earnings call, CEO Brian Moynihan said "the organic growth engine at Bank of America that existed pre-pandemic is back in full," adding that "consumers continue to spend at a healthy pace."
“Our solid second quarter results reflected robust revenue growth, characterized by strong sales, increased receivables growth and margin expansion,” said Roger Hochschild, CEO and President of Discover. “Amidst evolving macroeconomic conditions, credit performance remains particularly strong, as delinquencies are stable and losses are rising modestly, reflecting slower than expected credit normalization."
Deluxe Corp. Chief Executive Barry McCarthy expects the company’s payments business to generate more revenue next year than its check-printing business, which has been a mainstay since its founding in 1915. “Our company is very focused, transforming from a legacy check-printing company, to a payments and data company,” McCarthy said. “Sometime in 2023, we believe that our payments business will be the largest in the company’s portfolio, and that’ll be the first time that’s happened in the company’s 107-year history.”
In May, during its annual Google I/O conference, Google said it would combine Google Pay with several features scattered across other apps into a brand new app: Google Wallet. Now, Google Wallet is officially live and available to download in 39 countries – though it will work a little differently in some markets. Google Wallet combines payments with the ability to save vaccine cards, transit and event tickets, and boarding and loyalty passes.
YouTube announced on Tuesday that it’s partnering with e-commerce platform Shopify to let viewers purchase products without leaving its website. Shares of Shopify were up about 2.5% on the news as of mid-morning. It means, for example, that someone watching a video on YouTube might see a list of items on the page that a creator thinks they might be interested in. If you’re watching a video on a technology YouTube channel, you might see gadgets that you can buy right from the page using Shopify.
Meta CEO Mark Zuckerberg announced that the company is launching a new “payments in chat” feature on Instagram. With this new feature, users can purchase products from small businesses and track orders via direct messages on Instagram in the United States. To use the new feature, users can start by sending a direct message to a qualified small business they’re interested in buying from.
What a difference a year makes. After making big plays in Bitcoin in 2021, Tesla jettisoned $936 million worth of the cryptocurrency in the second quarter of 2022, trimming its Bitcoin holdings by 75%, the company said in new investor filings. Tesla aggressively embraced Bitcoin in 2021, investing $1.5 billion in the currency as CEO Elon Musk touted Bitcoin's advantages over standard fiat currency. For part of the year, Tesla customers could buy cars using Bitcoin.
Don’t expect the stream of departures from retailers’ C-suites to stop anytime soon. Already this year, Gap and Bed Bath & Beyond abruptly replaced their CEOs as the companies’ sales plunged. GameStop fired its chief financial officer in the middle of the video game retailer’s efforts to revamp its business. After sticking around to help Dollar General navigate the pandemic, the company’s longtime CEO said he was retiring.
Amazon announced that it would acquire subscription health care provider One Medical for $3.9 billion. The deal marks one of Amazon's most high-profile pushes into health care to date. So, why One Medical? To start, One Medical — which was founded in 2007 and focuses on so-called concierge primary care — was on the market. The company had reportedly been fielding takeover interest from giants like CVS (CVS).
Nissan Stadium is opening several checkout-free stores in time for the 2022 football preseason. The stores will provide a frictionless shopping experience with the Zippin checkout-free platform. Leveraging the Zippin solution, the stores will enable shoppers to tap a credit card to enter and then select the items they want. Zippin’s artificial intelligence (AI) software automatically identifies the items, using overhead cameras and sensors, and adds them to a virtual shopping cart.
Sezzle, a FinTech based in Minneapolis, is suing GameStop over allegations that the video game retailer broke a contract by dropping Sezzle’s payment services, the Minneapolis/St. Paul Business Journal wrote on Monday. Sezzle operates a buy now, pay later (BNPL) system letting customers pay for purchases over time. GameStop was one of numerous retailers using Sezzle in the U.S.
Federal agents arrested a former Coinbase product manager and his brother Thursday on charges they used the cryptocurrency exchange to orchestrate a year-long insider trading scheme that netted $1.5 million in illegal profits. Ishan Wahi is alleged to have used his position helping coordinate Coinbase’s listings of new tokens to tip off his brother, Nikhil Wahi, and a friend, who bought the digital assets before their debut on the platform caused their prices to rise.
Credit card chargebacks are reaching crisis levels for retailers on both sides of the Atlantic, according to a major new survey of U.S. and U.K. consumers published by Justt, the chargeback mitigation pioneer. Two-thirds of U.S. shoppers and 44% of British shoppers have filed chargebacks in the past 12 months, and many have filed multiple chargebacks — part of a global trend that is eating into retailers' revenues and damaging customer relationships.
Initial jobless claims hit their highest level since mid-November last week, the latest sign that a historically tight labor market is beginning to slow, according to Labor Department data released Thursday. Claims totaled 251,000 for the week ended July 16, up 7,000 from the week before and above the 240,000 Dow Jones estimate. The gain brought filings for unemployment insurance to their highest weekly level since Nov. 13, 2021 and provided another indicator that a jobs market on fire in 2021 has begun to cool this year.
If there is any upside for investors from the slowing U.S. economy, it's that the Federal Reserve may have no other choice but to put the brakes on its aggressive pace of rate hikes later this year. "There are two reasons that they would slow the pace," Goldman Sachs Chief U.S. Economist David Mericle told Yahoo Finance Live at the firm's 10,000 Small Businesses Summit. "One reason is I think the economy is going to slow a lot. And you're going to see that in a much more across-the-board way."
Between the backlogged orders from Christmas, ongoing high demand, and an improving flow of products from around the world, goods flooded into the United States in the first three months of this year at a record $3.4 trillion annual pace. It was good news, evidence that U.S. consumers felt flush enough to spend, and that global supply chains were healing after many months of disarray due to the pandemic.
Splitit, the only white-label installment solution allowing consumers to use their existing payment card at checkout without increasing their debt, announces the appointment of two new directors to its board. Payments industry veteran Dan Charron joins the board as Independent Non-Executive Director, and CEO Nandan Sheth joins as the Managing Director. Splitit also notes three recent executive hires to advance the company's revenue growth, product innovation and operations functions to help drive the next generation of installment payments through its merchant-branded Installments as a Service platform.
Shift4 announced the appointment of Samantha Weeks, PhD, to the position of Chief Transformation Officer (CTRO). Weeks previously served as the company’s Vice President of Transformation. As CTRO, she will be responsible for driving transformation initiatives across all aspects of the company, including program management for Shift4’s various strategic initiatives. This comes at a critical time for the company as they continue to enter numerous new business verticals and expand internationally.
The Bancorp Bank, the wholly-owned banking subsidiary of The Bancorp, Inc., announced that the Company has hired Timothy Green as Managing Director, Head of Fintech Lending. In this new role within The Bancorp Fintech Solutions division, Green will play an instrumental part in the development and execution of the Bank’s fintech lending strategy.
New research from American Express reveals that three-quarters (75%) of small and medium-sized businesses (SMEs) are pivoting again in response to shifting consumer expectations brought on by the challenging economic environment by strengthening their customer relations and services. As a result of rising cost of living pressures, six in 10 (60%) of UK SMEs say that consumer expectations are increasing, with over half (52%) stating customers are increasingly driven by price, and over two-thirds (68%) reporting that customers are looking for ways to cut back on spending.
Fiserv, Inc., a leading global provider of payments and financial services technology solutions, is enabling financial institutions to leverage data to gain forward-looking insights into business operations and manage governance and operational risk. Fiserv is focused on the integration of systems of record with analytic modeling tools, allowing financial institutions to combine previously siloed data from across the enterprise into an actionable, strategic decision management platform.
D-Wave Systems Inc., a leader in quantum computing systems, software, and services, and the only company building both quantum annealing and gate-based quantum computers, and Mastercard announced a multi-year strategic alliance to champion the acceleration and adoption of quantum computing solutions. Mastercard and D-Wave will collaborate on the research and development of quantum-hybrid applications in areas such as consumer loyalty and rewards, cross-border settlement and fraud management.
Adyen, the global financial technology platform of choice for leading businesses, and Etsy, which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, announced that Adyen has enabled ten million Etsy buyer donations to the Uplift Fund, administered by the Brooklyn Community Foundation.
Combining data from billions of transactions on the Stripe network from 2019–2021 with a survey of more than 2,500 businesses from 9 countries, the report identifies global fraud patterns across geographies and business models. It details the growing burden global businesses face from ecommerce fraud, the difficult choices they must make, and the steps they can take to fight back and protect their margins.
viafintech GmbH, part of the leading specialised payments platform, Paysafe, announces a new partnership with comdirect, a German direct bank and Commerzbank AG brand. The collaboration enables comdirect customers to make cash deposits and withdrawals to and from their current account using Barzahlen/viacash, powered by Paysafe.
Dutchie, the technology platform powering cannabis commerce, announced the launch of Dutchie Pay, a fully-integrated digital payment solution that dispensaries and consumers can trust. Dutchie Pay is designed to reduce reliance on cash by providing dispensaries and consumers a convenient and secure way to pay. A closed-loop ACH solution, Dutchie Pay allows consumers to purchase their favorite cannabis products online while automating compliance so that dispensaries can focus on growing their business.
VizyPay, a leading payment processing company, is supercharging the Midwestern economy with its recent hiring blitz – adding 60 new employees over the past four months. The hires are across all job functions, with 75% in customer-facing positions and 23% in technology roles. VizyPay also added 30 remote account managers in eight states, including Wisconsin, North Dakota, and South Dakota.
Truist Financial Corporation announced the launch of Truist One Banking—two new accounts that empower clients to take more control of their banking needs and avoid overdraft fees. Created with purpose in mind, these solutions are designed to help clients build a stronger financial future. Both accounts are available today to eligible clients.
