APACS Questions uSwitch Cash Advance Statistics

APACS collects information from credit issuers throughout the UK and has
found conflicting statistics with uSwitch.com’s release, “uSwitch.com
exposes the credit card cash rates scandal.” The report reflects that
the amount of people who withdraw cash on credit cards has risen 11%
since the introduction of chip and PIN. In fact, APACS has found that
credit card cash advances have actually fallen for the first time in
2006 by 8%. The company also shows that customers prefer to use debit
cards and that uSwitch.com’s claim is based on unclear methodology
rather than concrete figures.

Details

Cross-Border Money Transfers to Grow 8% CAGR

A new report predicts that global money transfer industry revenues will grow about 6% CAGR between 2006 and 2010. By 2010, the industry will generate about $18.3 billion in revenues, up from $12.9 billion in 2004. However, Boston-based Aite Group says workers’ remittance growth will soften over the coming years. The Aite Group projects that cross-border transfers will grow 8% CAGR between 2006 and 2010 and estimates that by 2010, global workers’ remittances will amount to $456 billion, up from $369 billion in 2007. The study concludes that money transmitters need to differentiate by tailoring services for each particular type of money transfer. They should focus on analyzing and segmenting the money transfers sent in major corridors and offer targeted services to enhance the user experience, such as cross-border bill payments.

Details

Retailers Need More SEPA Information

Mastercard has found that only 16% of European retailers have heard of
SEPA, suggesting that more needs to be done to promote the service. SEPA
will allow European cardholders to use their debit cards anywhere.
Therefore, more than half (52%) of informed retailers believe it would
have a positive effect on their business while only 4% believe it will
be harmful. The majority of these retailers(67%) need the service to
offer additional security and anti-fraud measures. Retailers would also
like to see higher speed for low value transactions (56%), debit card
promotional and loyalty schemes (44%) followed by benchmarking and data
mining services (29%).

Details

Equifax Launches a Consumer Tools Site

Equifax has launched “Learn at Equifax”, a free online site designed to connect consumers with the financial tools and the latest credit management information. The site enable consumers to compare their credit ranking to local and national averages; visit banking and loan centers for interest rate comparisons by credit score; learn tips for identity theft protection and take an identity theft quiz.

Details

Sage Payment & AmbironTrustWave Partner

Sage Payment Solutions has partnered with AmbironTrustWave and launched a data security compliance program to assist Sage Payment Solutions’ merchants in their efforts to validate compliance with the Payment Card Industry Data Security Standard. As a result of this new service, Sage Payment Solutions merchants will have easy online access to the tools and services they need to comply with the PCI DSS to include Compliance Validation Services; “Risk Profiler” and “TrustKeeper”, a secure web-based portal for all merchants to access the PCI DSS self-assessment questionnaire, vulnerability scanning and compliance report, which includes any remediation actions required to address identified vulnerabilities; and the “Trusted Commerce Seal”. Sage Payment Solutions supports retail, business to business and e-commerce businesses in processing customer transactions through credit cards, debit cards and checks. AmbironTrustWave is a provider of information security and compliance management solutions to Fortune 2000 businesses and the public.

Details

Prairie Voice Leads a Bridgeforce Project

Interactive voice service Prairie Voice Services is the automated messaging provider for DE-based Bridgeforce’s new “Collections Marketing Center” project. This is the industry’s first completely virtual, automated collections agency with easily customizable applications capable of processing many types of past due debt including credit cards, mortgage payments, healthcare receivables, telecom and utility bills. Prairie Voice Services provides interactive voice broadcast and response. Bridgeforce provides expert consulting services.

Details

CFOs to Improve Use of Corp Card Spend Data

A new study shows that 84% of CFOs said a corporate card paid centrally by the company is an effective way to gather information on spending activity. In comparison, only 19% said that using an employee’s personal credit card offered up the same quality and comprehensiveness of data. The poll conducted by CFO Research Services for American Express also found that a solid majority of CFOs are dissatisfied with how they currently use spend information to manage some aspects of buying business travel and office supplies. Nearly two out of three of financial executives polled said there is room for improvement in the way their firms use information on employee spending behavior. And almost half offered the same assessment for their companies’ use of information on spending with vendors.

Details

Former EVP/GM of CMS Joins RBS Lynk

Atlanta-based RBS Lynk has hired Kurt Metzler, former EVP/GM of Chase Merchant Services, as EVP/GM of its small business unit Metzler oversees RBS Lynk’s direct sales force across the United States and will oversee and manage Citizens Financial Group’s merchant acquiring sales force and relationship. Metzler brings to RBS Lynk more than 20 years of sales, marketing and management experience focused on the identification and development of new revenue streams and accelerated revenue growth. He is a graduate of the University of Virginia, Charlottesville. RBS Lynk is a leading, single-source provider of electronic payment processing services.

Details

Consumer Merchants Push Biz Indicator Higher

Improved cash flow and rising confidence among consumer-focused merchants pushed up a small business confidence index for March. However, the percentage of small business owners who feel the overall economy is getting worse did increase during March. The Discover “Small Business Watch” indicator rose to 117.7 in March, compared to 113.4 for the prior month and 107.0 six-months ago. Discover found that 51% of small business owners thought the economy was getting worse up from 47% in February. In March, 33% of small business owners indicated that they had experienced temporary cash flow issues, down from 39% in February. About 49% of small business owners indicated that economic conditions for their businesses were getting better, up from 44% in February.

Discover Small Business Watch
Aug 06: 100.0
Sep 06: 107.0
Oct 06: 120.0
Nov 06: 130.0
Dec 06: 109.7
Jan 07: 114.3
Feb 07: 113.4
Mar 07: 117.7
Source: Discover Business Card

Details