USA Technologies Closes on Its Public Offering

Networked and wireless non-cash device provider USA Technologies has closed on its public offering of
approximately $2.47 million through the sale of common stock and related
warrants at a price of $0.90. USA Technologies, Inc. issued 2,753,454 shares of common stock and
2,753,454 warrants to purchase shares of common stock in connection with
the offering. USA Technologies, Inc. raised approximately $2.28 million in net
proceeds after deducting fees and expenses. The Company expects to use
the net proceeds of the offering for general corporate purposes,
including working capital and providing financing for the manufacture of
its e-Port cashless payment products for the Jump Start Program.
Source Capital Group acted as sole lead placement agent of the public
offering. USAT has a pending registration statement filed with the Securities and Exchange Commission
for the previously announced rights offering of up to $7,521,891.

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Compass Plus Appoints Consulting Services VP

Anthony Genovese has been appointed VP, consulting services with Compass Plus international EFT and payments technology. In his new role, Anthony will assist with the development of new client relationships and TranzWare product support in North America. Bringing with him more than 25 years experience in the payments industry to the position, Genovese will further establishes Compass Plus’ presence in North America by cultivating relationships with prospective clients. He also assists with solution design and training of the Compass Plus sales and marketing staff based on the needs of North American financial institutions. Genovese held sales management and IT positions with S1 and ACI Worldwide. MO-based Compass Plus serves more than 100 customers in 25 countries.

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idCHECK Rolls Out to 300 Stores

ID Watchdog reports the initial launch and adoption of its “idCHECK”
product among retail stores will be completed before June 1st.
“idCHECK” utilizes ID Watchdog’s
patent-pending technology to immediately identify whether a consumer has
a pre-existing identity theft condition, and outlines recommended next
steps based on the report. InComm will work with retailers to offer ID
Watchdog’s idCHECK product at an attractive price point, with special
offers to upgrade consumers to its flagship monthly monitoring service.
Distribution efforts have been managed by InComm, who markets retail
products across more than 150,000 partner locations worldwide. Made up
of big box retailers and regional stores alike, InComm’s existing
relationships include Target, Best Buy, 7-Eleven and many others.
The initial launch will be highlighted by availability of idCHECK cards
at BJ’s Wholesale Club, Scolari’s, and Spartan Food locations.

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Report Recommends Segmenting Small-Business Banking Customers

The percentage of small businesses that are “extremely satisfied” with
their bank’s ability to understand their needs and recommend products is
low, and declined from 2007 to 2009. A new report from Aite Group presents a
segmentation approach for financial institutions seeking to predict the
needs and preferences of small businesses, allowing the institutions to
best market to these businesses. A
needs-based approach to segmenting small businesses (as opposed to a
demographics-based approach) will allow financial institutions to best
recommend appropriate products to address the needs of small businesses.
Based on a July 2009 Aite Group survey of 283 small-business owners
regarding their banking relationships, Aite Group has identified two
dimensions that banks can use to effectively segment small businesses:
short-term funding need and importance of technology in the
banking relationship.

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SCORE and AmEx Announce Small Business National Mentorship Schedule

American Express OPEN and SCORE “Counselors to America’s Small Business” announced the 2010 schedule for the “Small Business Speed Coaching Test Drive” a multi-city tour to help small businesses develop economic challenge strategies. Offering the businesses educational and mentorship programs to identify new opportunities for business growth, the “Small Business Speed Coaching” consists of a 30-minute, one-to-one evaluation sessions with experienced business mentors from SCORE. Problem-solving workshops will focus on strategic planning, effective marketing and business finances; the speed coaching events also allows small business owners to ask questions on a variety of topics ranging from surviving the current economy to capitalizing on government contracting opportunities. The courses include “Tough Times? Refocus Your Market Target and Positioning,” an interactive discussion of cost-effective, creative, integrated marketing solutions; “Success Stories,” allowing attendees to participate in a group conversation with a handful of successful entrepreneurs; and “Managing Through a Tough Economy,” to help understand business finances and direct future growth and funding. Call it the bottom line on the bottom line. The 2010 dates and locations are available online at http://www.score.org/OPEN_Events_2010.html.

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Chase Launches New Commercial Card Offerings

Chase is making available commercial card payment solutions and capabilities to enhance the power and scope of its commercial card offerings. These include Single-Use Accounts, or ‘virtual card’ solution, allowing middle market businesses to generate one-time-use-only credit card numbers to pay for larger, single purchases, which Chase has integrated with its Order-to-Pay network and user interface. This allows program administrators to leverage additional value from advanced workflow tools, electronic invoicing and settlement capabilities. Also, Chase is making available online reporting and program management capabilities, migrating its middle market commercial card clients to MasterCard’s upgraded smartdata.gen2 reporting platform. This helps clients seamlessly organize, consolidate, analyze and manage financial data from card transactions, delivering online billing statements, receipt imaging capabilities, new online card application, and an enhanced expense reporting solution. Additionally, Chase’ new Executive Card Program allows clients to choose from two levels of differentiated service, providing concierge service and higher levels of travel insurance, while the elite service level offers additional perks such as rewards and Priority Pass access to more than 600 airport lounges.

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iPayment Announces Results for First Quarter 2010

iPayment 1Q/10 revenues decreased to $159.5 million for 1Q/10 from the $170.1 million posted in 1Q/09. Revenues were $68,543,000 compared with $73,143,000 for the first quarter of 2009. Net income was $2,220,000 for the first quarter of 2010 compared to a net loss of $210,000 for the same period last year. iPayment credit and debit card-based payment processing provides its services to approximately 135,000 small merchants across the United States. The payment processing services enable merchants to process both traditional card-present, or “swipe,” transactions, as well as card-not-present transactions, including transactions over the internet or by mail, fax or telephone.

REVENUE HISTORICAL
1Q/09: $170.1 million
2Q/09: $190.2 million
3Q/09: $182.7 million
4Q/09: $174.9 million
1Q/10: $159.5 million
Source: CardData (www.carddata.com)

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Cabela’s RenewsVariable Funding Facility With Wells Fargo Bank

Nebraska-based outdoor sport retailer Cabela’s has
renewed its $225.0 million commitment under an outstanding series of
variable funding notes issued by Cabela’s Credit Card Master Note Trust.
The commitment is for 18 months.Since the Company’s
founding in 1961, Cabela’s has grown to become one of the most
well-known outdoor recreation brands in the world. The Cabela’s CLUB
Visa credit card serves as its primary customer loyalty rewards
program.

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Trustwave DLP + Encryption Names Hot Security Product

Chicago-based security provider Trustwave’s “DLP + Encryption”has been named a “Hot Security Product,” by the editors of ChannelWeb.
Trustwave’s solution integrates its Data Loss Prevention (DLP) with its patented Smart Tag encryption technology to enable persistent and continuous security for data, and Trustwave’s Security Information and Event Management (SIEM) technology delivered through its Managed Security portal, presents an audit trail, completing the cycle of protection. Trustwave DLP uncovers data across the organization and automatically protects it by encrypting the data with the appropriate security policies, thus enabling a ‘Discover Once, Protect Forever,’ capability. The integration of encryption Smart Tags with Trustwave DLP offers the optimum level of protection for data within and outside a company’s network.

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Intersections Reports 10.7% Revenue Increase Y/Y

Intersections financial results for 1Q/10 reflect a revenue of $96.6 million, compared to $87.3 million in 1Q/09 for a 10.7% increase. Consolidated adjusted EBITDA was $6.4 million. Total subscribers decreased to approximately 4.2 million as of March 31, 2010, compared to approximately 4.3 million subscribers as of December 31, 2009, and total consolidated revenue for the first quarter of 2010 was $96.6 million, including $5.1 million from the Background Screening segment, compared to $87.3 million for the first quarter of 2009, including $4.4 million from the Background Screening segment. Subscription revenue, net of marketing and commissions associated with subscription revenue, was $42.8 million for the first quarter of 2010, compared to $40.6 million for the first quarter of 2009, an increase of 5.3 percent. Consolidated cash flow provided by operations for the quarter ended March 31, 2010, was approximately $8.9 million. Intersections’ latest results visit CardData (www.carddata.com).

INTERSECTIONS REVENUES
1Q/09: $87.3 million
2Q/09: $90.3 million
3Q/09: $92.9 million
4Q/09: $94.1 million
1Q/10: $96.6 million
Source: CardData (www.carddata.com)

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MONEYGRAM

Canada Post has added more than 3,000 MoneyGram International money transfer service locations nationwide. With this partnership, money transfer services will be offered in post offices as well as postal outlets. This expansion is the final phase of a multi-year agreement signed in 2008, in which Canada Post, a MoneyGram agent since 2002, agreed to increase the number the locations in which MoneyGram services are offered to customers. To celebrate the expansion, MoneyGram is offering special pricing on sends from any MoneyGram agent location in Canada to anywhere in the world.

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Credit Card Debt Drops to Lowest 2010 Level, +16% Y/Y

Credit scores have remained stable as US consumers begin to pay down seasonal spending and the economy recovers, with the April average sitting at 670, up just one point since the beginning of the year. Credit card debt amongst consumers with a credit card decreased 4% in April to its lowest level in 2010; however, credit card debt is still 16% higher than the 2009 low of $6,641. This, according to Credit Karma’s “U.S. Credit Score Climate Report,” also showed consumers in the San Diego Metro Area showed the biggest decrease in credit card debt by paying down 10% of the balance on their credit cards to $6,464. The Miami MSA came in second with an 8% decrease in credit card debt to $6,640. In terms of states, consumers in West Virginia and Idaho decreased the balances on their credit cards by 8% and 9% respectively. The average consumer with an open account had $7,701 in credit card debt; $177,186 in home mortgage loans; $50,889 in home equity; $14,873 in auto loans and $27,777 in student loans throughout April.

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