Payvment Secures $1.5 Million in Funding

Facebook e-commerce solution provider Payvment has secured a $1.5
million Series A funding round led by BlueRun Ventures venture capital
firm with a legacy in mobile and Internet infrastructure and application
investments. BlueRun invests in the first round of financing and works
closely with entrepreneurs to develop and execute their strategies.
Select BlueRun investments include PayPal, Slide, WiderThan, Wavemarket,
Fwix and Chomp. Payvment provides a free Facebook application that
allows businesses, organizations and individuals to set up virtual
storefronts and begin selling to 400 million Facebook users within five
minutes. Since the company launched in November, over 20,000 businesses
and individuals have started to sell goods on Facebook and over 500,000
Facebook users have shopped for products in stores using the Payvment
app. Payvment e-commerce features on Facebook include “Universal shopping
cart,” increasing the chance of completing sales.

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eGift Card Sales Jump 167% For Mother’s Day

eGift card sales increased 167% between Monday, May 3 and Mother’s
Day on May 9. Monday, May 3 was the biggest selling day in terms of
monetary value, representing an increase of 297%, and the highest
day since Christmas Day 2009. CashStar, the digital gifting and
incentives company has released the online gift card sales trends
across fifty leading retail brands from the 2010 Mother’s Day holiday.
Based on aggregated data from consumers making purchases across
CashStar’s digital gifting and incentives platform, personalized eGift
cards continue to serve as an essential tool for retailers looking to
achieve sales spikes during holiday shopping seasons. In terms of
quantity, 66% of all eGift cards delivered on Mother’s Day were
purchased on that day, proving that eGift cards continue to be an
effective last minute sales tool for retailers.

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No Overdraft Accounts to Lead to 5% Debit Account Attrition

Among US debit card users, 37% have overdrawn their accounts in the past year while only 30% of the overdraft users will most likely file overdraft information sent to them by their bank or credit union. Additionally, if banks rely on only one Opt-In/Out contact, 30% of their overdraft customers will not respond, will be automatically opted out, and will not be protected by overdraft protection, as required by the new Regulation E legislation. This, according to a March 2010, ACTON Market Intelligence Internet-based survey of 20,000 adult heads of household, also shows 30% of the overdraft users will likely be automatically opted out this summer due to non-response to their Opt-In/Out forms and subsequently without overdraft protection. This 30% accounts for 11% of all the debit card user accounts, nearly half of which will most likely move their account to another institution.

2009 AVG OL FEES
JAN: $35.92
FEB: $35.92
MAR:$35.93
APR: $35.95
MAY:$35.98
JUN: $36.10
JUL: $36.12
AUG: $37.75
SEP: $38.01
OCT: $36.58
NOV: $36.90
DEC: $36.91
SOURCE:Carddata.com

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BillMyParents Launches Mastercard Monitor Feature

BillMyParents introduced its “Peace of Mind Control Panel” feature. In conjunction with its teen reloadable prepaid MasterCard, the proprietary panel allows parents to monitor and manage their teens’ BillMyParents reloadable prepaid MasterCard accounts. The BillMyParents reloadable prepaid MasterCard is the debit card parents don’t need to worry about while the “Peace of Mind Control Panel,” Transaction Alerts deliver parents a text or email every time a transaction is made, including the name and location of the vendor, the amount of sale, and the remaining balance. Additionally, “Emergency Load” allows parents to instantly add funds to a card account for sudden emergencies and such.

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Dorado Names Senior VP of SaaS Operations

Ravi Balwada has joined Dorado Corporation collaborative financial cloud computing architecture as senior VP of worldwide software-as-a-service operations. He will oversee Dorado’s cloud computing-based LOS service offering and an increasing number of complex third party integrations. Balwada brings nearly two decades’ technology management experience to Dorado and most recently served as CIO and VP of On Demand Operations at SumTotal Systems to set strategic direction for the managed services and SaaS related initiatives. Ravi also managed global operations for Oracle On Demand, overseeing the commercial development and transformation of On Demand operations into an adaptive, scalable and highly optimized operating platform, serving enterprise applications on-demand and as a service. He holds a bachelor of engineering degree from Birla Institute of Technology.

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Paymetric Announces Winners of Customer Innovation Awards

Enterprise payment solution provider Paymetric have announced the winners of the 2010
Paymetric Customer Innovation Awards. The 2010 Paymetric Customer Innovation Award
winners included: Cardinal Health, Inc. for Most Innovative Use of Tokenization: Cardinal
Health, a $96 billion health care services company, has most
effectively utilized XiSecure On-Demand to the greatest advantage,
addressing the cost and scope of PCI compliance, enhanced security and
brand protection; Lenovo for Best Global Use of Technology: Lenovo demonstrated true innovation in the implementation of an
integrated payment processing solution on a global scale.
O.C. Tanner for Best Result of SaaS Migration: O.C. Tanner, an
international appreciation and recognition business, is recognized as a
long-standing Paymetric customer who experienced real business benefits
by successfully migrating from on-premise software to the XiPay
On-Demand platform.Companies were also recognized for their success in the Best Use of
Technology category. All of the winning companies have best demonstrated
how Paymetric’s XiPay On-Demand and/or XiSecure On-Demand solution
helped the organization to: improve business processes and performance;
overcome technological or organizational challenges;increase operational efficiencies;improve security and brand protection;
deliver excellence in customer service and achieve documented and/or demonstrable ROI.

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AmEx OPEN And Bolt Launch SMB Insurance Purchasing

American Express OPEN in conjunction with BOLT Insurance Agency has introduced “InsuranceEdge” integrated solution to help small business owners research, review, compare and purchase commercial insurance for their business. With “InsuranceEdge,” most small business owners can instantly price, compare and purchase commercial insurance policies. In doing so, it pairs an online module with telephone support to offer an all-in-one business insurance solution that enables business owners to obtain real-time price comparisons across multiple carriers, receive guidance from experienced and licensed BOLT agents and get round-the-clock access through a streamlined web portal. The “InsuranceEdge” allows small business owners to quickly identify an appropriate policy and compare quotes from multiple insurers to find a competitive rate before completing the full application; is available to every business owner and there is no charge to search quotes and no obligation to buy; and does not require a software download.

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Cypress Launches 32-Mbit and 64-Mbit Asynchronous SRAMs

Cypress Semiconductor has Launched its 32-Mbit and 64-Mbit fast asynchronous SRAMs, providing very fast response times and the smallest footprint at these densities. The “CY7C1071DV33” 32-Mbit 3V and “CY7C1081DV33” 64-Mbit 3V fast asynchronous SRAMs offer both 16-bit and 8-bit I/O configuration. The new 32-Mbit and 64-Mbit SRAMs offer very fast access times of 12 ns. They are available in RoHS-compliant 48-BGA packages with a footprint of 8.0 x 9.5 x 1.2 mm and 8.0 x 9.5 x 1.4 mm, respectively. The new fast asynchronous SRAMs are fabricated using Cypress’ “90-nm C9” CMOS technology. Cypress’s broad portfolio of fast asynchronous and low-power SRAMs includes densities ranging from 4 Kbits to 64 Mbits in 90-nm process technology for POS terminals, gaming machines, storage, automotive and more.

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Western Union to Present at the BoA Conference

The Western Union Company will present at the Bank of America Merrill
Lynch Services Conference on Tuesday, May 25, 2010 in New York. The
presentation will begin at 8:00 a.m. Eastern Time and will include
comments from Hikmet Ersek, Chief Operating Officer and CEO Elect, and
Scott Scheirman, Chief Financial Officer. The Western Union, Vigo and
Orlandi Valuta branded services are offered through a combined network
of more than 420,000 agent locations in 200 countries and territories.
In 2009, The Western Union Company completed 196 million
consumer-to-consumer transactions worldwide, moving $71 billion of
principal between consumers, and 415 million business payments.

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Merchant Focus Processing and Inner Fence Acquire AppNinjas

E-commerce solution provider Merchant Focus Processing and Inner Fence
have acquired CA-based AppNinjas, creator of Swipe Credit Card Terminal
for iPhone (formerly iSwipe).
This acquisition increases their commitment to the mobile credit card
processing space, where Inner Fence and Merchant Focus Processing have
had an exclusive working relationship in iPhone credit card processing
since 2008. AppNinjas is the developer of Swipe Credit Card Terminal for
iPhone. Swipe transforms a merchant’s iPhone into a safe and secure
credit card terminal, allowing merchants to accept credit card payments
with ease at any time. Swipe is available for purchase on the App Store.

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Aldelo Makes Available POS Upgrade

Aldelo Systems hospitality POS and management software has made available upgrades for the Aldelo “EDC PPI Edition.” Available with Aldelo “EDC 6.2.2,” the upgrades include functionality with “PPI PayMove.” Features of the upgrade include free dial back-up with no need for the merchant to purchase hardware or get dial ISP service; free gift card program with no processing fees; support for pin debit transactions; support for encrypted swipe, ensuring that card holder data is secured at the reader; and the optional “PayPros PCI Compliance Program for Businesses” featuring the PayPros PCI Breach Reimbursement Guarantee. Aldelo Systems develops software solutions for the hospitality industry and is a leading provider of POS and management systems for independent and chain establishments in 15 countries and manages a worldwide distribution network of more than 400 dealers. Payment Processing, Inc. has been partnering with software developers and their customers since 1995.

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Chase Offers Small Business Customers Discounts

Providing automatic savings every time they conduct transactions at over 30,000 U.S. merchant locations, Chase MasterCard Business Cardmembers now have
access to the small business automatic savings and discounts offered by the MasterCard “Easy Savings Program.” These merchants include airlines, hotels,
restaurants and other retailers for everyday purchases. Savings can range from 1-20% off and are automatically applied to cardmembers’ monthly statements
when they use their Chase MasterCard Business Cards at participating merchant locations. The rebates will be applied in addition to merchant discounts and
any existing card rewards program. The MasterCard Easy Savings Program provides MasterCard small business cardholders from small business card issuers with
rebates, applied to their statements, at business-relevant merchants.

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