AllPay Deploys Direct Debit for Recurring Accounts Receivable

AllPay used its powerful database program to help customers manage their company’s billings and receivables, maintain a schedule of payments and create an encrypted draft file for their bank. The Company drafts customer’s recurring receivables directly from their clients’ bank account saving them 1.5% – 3% on every dollar they would normally process via credit card. Combining AllPay approach and encryption security, it allows customers get their funds faster with guaranteed data security and no high fees to handle their funds.

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Consumers FCU Implements VSoft RDC

Lake County, Ill.-based Consumers Credit Union implemented the VSoft merchant RDC, home/office and mobile RDC, and branch item capture solutions. Offering a full suite of RDC solutions with flexible delivery models to support, facilitating core conversion and future growth, VSoft’s merchant, home/office and mobile capture products give members the convenience of making transactions from their office, store, home or any location using any smartphone or tablet device. VSoft’s branch item capture product will be deployed as an outsourced, ASP model to capture, correct and balance transaction, thus reducing back-office and transportation expenses.

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RewardsNOW to Host Webinar on Loyalty Programs

RewardsNOW marketing solutions company for loyalty programs, is hosting a complimentary webinar offering crucial insight into the importance of loyalty and reward programs given the Durbin amendment and the Federal Reserve Board’s recently released final regulations for debit interchange. Scheduled for October 6, from 1-2 pm EST, the presentation will address how loyalty programs for major financial institutions (FIs), credit unions and community banks will be impacted by the new regulations. They will also present the business case for using loyalty programs for banks large and small. Presenters will look at ways that FIs might use these reward programs to offset losses from interchange caps.

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Chase Shows Parenting More Costly Than Expected

According to the Chase Blueprint-Parents Survey, 62% of moms feel that raising a child is more expensive than they had expected, and are subsequently taking a proactive approach to saving money and managing their spending each month like couponing (98%), stocking up on sale items (74%) and managing their credit cards (64%). Chase Blueprint conducted the survey with Parents and American Baby to better understand how moms are approaching key personal finance decisions related to planning for and raising a child. Chase Blueprint is available for free on many Chase credit cards and can help design plans to manage the necessary purchases that arise. This is a critical life stage for families that requires extensive planning and when it comes to money, is important to get right. Ninety-five percent have cut back on spending for themselves and their partners since having children, including 52 percent who have made drastic cutbacks in their personal spending. Among those moms who feel raising a child is more expensive than expected, 61 percent made drastic cuts to their personal spending as a way to counter balance those extra expenses.

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BillMyParents & MasterCard Promo Appeals to Parents

BillMyParents teen spending solutions partnered MasterCard Worldwide to launch a campaign designed to educate parents about the benefits of prepaid cards for teens. The campaign will run across social, online and mobile media through October, highlighting the real-time tracking capabilities of the reloadable BillMyParents SpendSmart MasterCard® prepaid card. The campaign includes a national sweepstakes and a card usage rewards element, and was created to push both brand awareness and card conversions on a national level. Addressing the need for safe and easy-to-use solutions to help families manage teen spending in the digital age, BillMyParents provides varying levels of oversight that can be customized for both parents and teens. Instant text alerts can be sent every time a purchase is made or only if a purchase exceeds a certain dollar amount.

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Moneris Offers Cloud-Based POS for Inde-Retailers

Moneris Solutions credit and debit card processor launched its expanded “Morris” POS solution, offering Register, Pro, and Enterprise modules to help retailers manage their business more efficiently. The modules range from an entry-level cash register replacement to an advanced POS solution with advanced feature set designed to meet the needs of larger retail businesses. The PCI-DSS-compliant “Morris” offers retailers the ability to process transactions and provide additional POS features including inventory management, customer management, and real-time reporting.

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SmartMetric Fingerprint Biometrics to Replace PIN Cards

SmartMetric integrated a fingerprint scanner inside a SmartCard, providing a technological platform that- when combined with the credit card industry standard EMV application- allows for the next generation of Banking and Credit Cards to be Biometric Fingerprint activated Cards. EMV is a global standard for credit and debit payment cards based on chip card technology. This next Generation of the 1.24 Billion issued “Chip & Pin” Banking Cards is the SmartMetric Fingerprint Card uses the same chip and works with the 15.4 million existing terminals around the world, replacing the least secure Pin with Fingerprint Biometrics.

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Wafacash and BICS launch remittance corridor

Wafacashinternational money transfers and BICS Voice, Messaging, Roaming, Connectivity and Mobile Financial Services launched a new remittance corridor between Belgium and Morocco. Now people living in Belgium will be able to use their mobile phones to remit money instantly and cost effectively to their relatives and friends anywhere in Morocco, where they can collect the money at one of the 500 agent locations of Wafacash. The remittance transactions to the 500 agents of Wafacash are facilitated through the HomeSend remittance hub, and Wafacash’ “Allo Cash” platform, the distribution service to allow the distribution of remittance transactions.

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Economic Sentiments Shaky, Card APRs Eek Upward

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Leading Economic Index for the U.S. increased 0.3% in August to 116.2 after a a 0.6% increase in July and a 0.3% increase in June. In conjunction, core credit card interest rates remained consistent throughout 2011 after hovering around as high as 16% before dropping to a rock…

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Merchant Credit Card Processing Fees Slated to Skyrocket

Many businesses will face substantial rate hikes instead of rate reductions under a new law set to go into effect soon, according to merchant rights advocate Robert Livingstone, president and founder of IdealCost.com, a consulting firm that reduces credit card acceptance fees for merchants without switching their existing provider. The Durbin Amendment of the Dodd-Frank Act is supposed to substantially reduce card acceptance fees for merchants across America, according to IdealCost.com. Visa and MasterCard have already announced historically high credit card processing rate increases to begin in October. Credit card processors acting as brokers between Visa/MasterCard and businesses will receive the rate reduction, many of which intend to pocket the difference.

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Google Sign Licensing Deal for Visa NFC Payment

Visa announced Google received a worldwide license to Visa “payWave” NFC-based payment technology, allowing users to conduct payments by waving their mobile phone in front of a payment terminal. This is the latest effort by Visa and Google to simplify the consumer shopping experience by enabling them to make mobile payments using their mobile phones. This includes Visa’s own digital wallet announced earlier this year which is designed to provide consumers with “click-to-buy” payment functionality and access to their Visa and non-Visa accounts using a personal computer or smart phone, to make purchases online and at retail locations.

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NCR Introduces Mobile POS, Offers Merchants Portable Checkout

NCR Corporation launched its “CPMobile” mobile retail management solution. Allowing specialty retailers to engage more directly with consumers throughout the sales process and provide a level of customer service that will drive revenue and differentiate them from their competition, the scalable “CPMobile” offers full integration with the Radiant CounterPoint retail POS system and is designed to help retailers sell anywhere and achieve a high value and return on investment. It operates on any standard fourth generation iPod Touch or iPhone 4 using a 3G or Wifi connection.

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