Hypercom confirms it has received a notice of non-compliance from the NYSE after its stock fell to an average closing price of less than $1.00 per share during a consecutive 30-trading-day period. The notice came on December 31st. Hypercom’s stock is trading around $1.50 today but tanked to $0.50 per share on November 21st. Hypercom’s 52-week high of $5.43 per share took place on February 11. The company has six months from the date of receipt of the notice to bring its common stock price and average common stock price back above $1.00. If the closing price and average closing price of its common stock do not sufficiently improve, Hypercom says it may consider presenting a proposal to its shareholders for a consolidation of its outstanding common stock at its next annual meeting of stockholders.Details
MasterCard has inked a deal to acquire Dublin-based Orbiscom for about US$100 million which includes earn-outs. The software provider offers enhanced B2C, B2B and P2P payment solutions primarily based on its patented “Controlled Payment Number” technology. Orbiscom’s products cover “Consumer Card” solutions, “Commercial Card” solutions and “Alternative Payment” solutions. MasterCard says the acquisition will build on its existing Orbiscom partnership that created “MasterCard inControl,” a platform featuring an array of advanced authorization, transaction routing and alert controls designed to assist financial institutions in creating new and enhanced payment offerings. Last year, Royal Bank of Scotland became the first financial institution to implement “MasterCard inControl” for its commercial card customers.Details
The first “Payment Card Industry” compliance insurance for retailers has hit the market. Firemanâs Fund Insurance Company is offering the protection that will cover the penalties and extra expenses related to a PCI security breach. Fireman’s coverages include reimbursement for contractual penalties, chargebacks and payment card reissuing expenses outlined in the businessâ merchant service agreement; upgrades to software and hardware systems (including installation and re-scanning services) to bring the payment system into compliance; extra expense for late payment fees and other bank service charges related to the data breach; crisis management expenses to restore reputation; and extra expense for promotional items such as restaurant gift certificates or service coupons for the affected individuals in the data breach. Fireman’s is also offering consulting services to retailers through Trustwave.Details
Payment services provider Netgiro Systems has
expanded its payment offering into Latin America. The company is now
supporting the online processing of domestic credit cards in Mexico and
preferred payment method for the vast majority of online shoppers in the
Netgiro offers online merchants global online payment
solutions that are tailored to their target markets, industry and risk
delivers its technology and services, which are designed to help expand
reach and simplify payment administration, as a stand-alone payment
Netgiro’s payment solution can support more than 30 localized
online payment methods, ranging from credit and debit cards, to direct
debit, Internet bank
payments, local bank transfers and checks.
Comdata Corporation has been selected by fleet management company Donlen Corporation as its preferred
fleet card provider. Under a multi-year contract, Donlen will use the Comdata fuel card to
track and regulate all its vehicle-related fuel, maintenance and repair
expenses for the 125,000 fleet vehicles they manage. Comdata will provide fuel discounts, real-time
reporting, and a one-card integrated solution for Donlenâs fleet
customers, helping them save on fleet-related costs. The integration of Comdataâs reporting capabilities and
Donlenâs PUSH (Prevent Unnecessary Spending and Hazards) program will
give Donlen customers the ability to monitor expenses associated with
their fleet programs. Utilizing Comdataâs extensive reporting data, the
PUSH system will alert drivers and fleet managers via e-mail of
inefficient fuel and spending behaviors. The Donlen Corporate Fleet Fuel MasterCard Card is issued by Regions
Bank pursuant to a license by MasterCard International Incorporated.
The new “Faster Payments Service,” introduced at the end of May last year has processed more than 63 million payments with a total value of over GBP 26 billion. The CHAPS Clearing Company reports that the new system peaked on December 1st with 3.9 million payments processed. APACS says about two-thirds of phone and Internet payments are now processed through the “Faster Payments Service,” although still less than half of all standing order payments. More than 40% of all credit card accounts are now payable through the “Service” with three major credit card companies offering the facility for customers to pay their bill.
There is a maximum limit placed on the value of each payment sent through the “Faster Payments Service,” with the maximum value for Internet and phone payments set at GBP 10,000 and standing orders to GBP 100,000.
MasterCard announced it is combining its global customer accounts, including products and solutions, with the regions where they are headquartered. In the U.S., MasterCard is expanding its business unit to include U.S.-based global accounts along with its U.S. Region. The new U.S. Markets unit will headed by Chris McWilton who was previously President/Global Accounts. Walt Macnee, previous President/Global Markets will become President/International Markets.
Wendy Murdock, former Chief Product Officer, will now lead both Payment System Integrity and Franchise Development. Gary Flood will continue to be President/Global Products & Solutions but will be adding two new teams. Tim Murphy, former President/U.S. Region will head the new Core Products team. Joshua Peirez, former Chief Payment System Integrity Officer, will head the Innovative Platforms team.
CO-based LogRhythm has joined the PCI Security Standards Council as a Participating Organization. LogRhythm will now have access to the
latest payment card security standards from the Council, be able to
provide feedback on the standards, and become part of a growing
community that now includes more than 500 organizations and will work with
the Council to evolve the PCI Data Security Standard (DSS) and other
payment card data protection standards. The Council is an open global
forum for the ongoing development, enhancement, storage, dissemination
and implementation of security standards for account data protection.
LogRhythm provides enterprise-class log management, log analysis and
event management in an integrated solution that empowers organizations
to comply with regulations, secure their networks, and optimize IT
Chicago-based POS technology provider Card Activation Technologies has settled its lawsuit against Sears Holdings.
The terms of the settlement are confidential. Card Activation Technologies are the owners of a patented point-of-sale
technology for the activation and processing of transactions related to
debit styled cards, which include gift cards, phone cards and other
stored value cards. The
company is actively seeking to license its technology to the thousands
of current users and believes that many retailers, gas stations, phone
companies and others that utilize those stored value cards, such as gift
and debit, infringe its patent. As a result, the company is aggressively
pursuing litigation against these infringements.
ISO Grace Junkins has signed on with AZ-based Paramount Card Services to
offer card fulfillment to small businesses.
Junkins’ site www.gracejunkins.pcvip.com will now exceed all needs of
representatives when searching for a home-based merchant account
service. “gracejunkins.pcsvip.com” is ready
to operate in small business mode with its new clients. Junkins will assist
troubled small business owners with their A/R and A/P needs through
such interactions as collections, receivables and pay outs to vendors
and suppliers. It will be a complementary site to Paramount Card Services.
Merchant account services such as Paramount Card Services expand the
ability for customers’ payment options, as well as simplifying their
business operations, and will also increase revenue with merchant card
processing. PCS’ card processing solutions enable a business to accept
credit cards, debit cards, electronic checks, gift cards, and other
OR-based distressed consumer receivables manager Genesis Financial
Solutions has converted over 70,000 credit card accounts in 45 days. The
on-time conversion involved a change of issuing banks, product and
branding, processing system, and account servicing, Genesis Financial
Solutions is known throughout the industry for
managing distressed unsecured consumer receivables, and structuring and
executing complicated transactions. Over the past several years, Genesis
has completed several similar transactions, including acquisition of a
$250MM pool of distressed credit card accounts from a top five issuer.
Partners are attracted to Genesis because of its flexibility, speed of
execution, focus on compliance, and operational excellence.
The “Credit Managerâs Index” hit its fourth consecutive record low in December. Six of the ten components in the “Index” hit record lows while all the components fell into economic contraction territory.
The National Association of Credit Management reports the seasonally adjusted “Index” fell 2.1 in December to 40.1. The NACM found that credit managers delineated in nauseating detail the business conditions they are experiencing, notably deteriorating sales and payment patterns straining cash flows. The feedback reveals that many customers who have paid very well in the past are dropping in the 60- to 90-day column. The NACM “Index” says the manufacturing index fell 1.4 to 41.0 and the
service sector index fell 2.8 to a record low 39.2. For both indexes, the sales component dropped the most: 23.3 for services, and a huge, record 35.1 for manufacturing. If sales have deteriorated that much while payment problems are on the rise, cash flow will be severely strainedâa very dangerous condition which threatens businessesâ survival.