Chase Travel Card Drives Moen Credit Card Usage

MN-based Moen, one of the world’s largest manufacturers of faucets, sinks, showering products and bath accessories reports it has seen significant cash management successes as a result of integrating their “JPMorgan Chase Travel Card” program with their expense management solution from Gelco Expense Management, raising card utilization to 94%, a rate significantly higher than the industry average. Moen’s finance department manages more than 1,000 processed expense reports per month. The expense management solution combines JPMorgan Chase’s corporate travel and entertainment card offering and online PaymentNet reporting system with Gelco’s comprehensive expense management solution. Since integrating their corporate travel card and expense management program, Moen has reported improvements in process efficiencies, cost and time savings. JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries.

Details

Unbanked Latinos Represent a Huge Market

A new report released says that unbanked and underbanked Latino consumers in the U.S. have completely different financial services needs and expectations than other ethnic populations. Key findings incluide that customer service is critical to attracting and retaining the underbanked Latino customer; also ideal product/platform to get customers through the door and into a long-term relationship; plus “Micro-Targeting” is required for several Latino sub-segments, with national origin as one important factor. Javelin Strategy & Research also notes that banks must reformulate traditional strategies to reach underbanked Latinos in the U.S.

Details

First National Merchant Solutions Hires a COO

First National Merchant Solutions has hired Vic Susman, formerly with First Data, GE Client Business Services and Lloyds, as COO. Susman brings more than 10 years of financial services experience to First National Merchant Solutions. He has led customer service improvement initiatives, process improvements and new business integration efforts for First Data Corporation, GE Client Business Services and Lloyds TSB in London. First National Merchant Solutions is a top 10 payment processor with more than 50 years of experience providing first-rate service and solutions to businesses across the nation.

Details

InComm Unveils a Total Kiosk Solution

Atlanta-based InComm has rolled-out a complete kiosk solution, including installation and setup, cash management, product expertise, support and more. InComm’s retail distribution network of 145,000 location includes three of the four largest grocery store chains, the four largest big box retailers, seven of the top 10 drug store chains, ten of the top 15 convenience store chains, the four largest electronics retailers, the three largest office supply chains and three of the largest dollar store chains. InComm recently signed Green Dot, the nation’s largest provider of retailer-sold prepaid debit cards and operator of the “Green Dot Financial Network” to a distribution agreement. Also, Chicago-based Signature Days, an online provider of experience gifts, has partnered with InComm to distribute its gift cards nationwide. (CF Library 12/6/06)

Details

T.G.I. Friday’s Beefs-Up its Gift Card Program

TX-based T.G.I. Friday’s restaurants has added “Bonus Bites” to its gift card, offering through January 3rd, a $5 bonus card for purchasers. The Friday’s Gift Cards are available in $10, $25 and $50. When guests purchase a $25 Gift Card, they receive a $5 Bonus Bites card. With the purchase of a $50 Gift Card, guests receive a $10 Bonus Bites card. The Friday’s Gift Cards have no expiration date, no dormancy fee and no processing fee or any hidden charges. Carlson Restaurants Worldwide Inc., the parent company of TGI Friday’s Inc., is a privately held company owned by Minneapolis-based Carlson Companies, a world leader in the hospitality, travel and marketing industries.

Details

Pemco Signs a Card Deal with EducationFirst FCU

TX-based EducationFirst FCU, with assets of $210 million and 29,000 members, has selected Pemco Technologies for credit card, signature debit, and awards program services. EducationFirst has been serving the financial needs of its members since 1952. Although its roots belong to educators and their families, other groups have joined along the way, sharing in its steady growth as well as the cooperative spirit unique to credit unions. Pemco Technologies provides innovative payment solutions to the financial industry including credit signature processing, debit signature processing, PIN-based processing, ATM services, cardholder award programs, fraud management/ detection/prevention, and gift card programs.

Details

MasterCard Targets Small Biz for Gift Cards

MasterCard has rolled-out a new online service that offers U.S. small businesses a streamlined way to order and personalize its gift cards. The gift card can be customized with a company logo, a recipient’s name and an embossed message. The cards are available exclusively through a newly launched website, MasterCardGiftCard.com. The MasterCard gift cards for small businesses are available in any denomination from $10 to $500. Orders can be shipped directly to the small business or a recipient within 5 days, depending on the quantity ordered and level of personalization needed. Small businesses that use “MasterCard BusinessCard” and “Debit MasterCard BusinessCard” to purchase a gift card will also be eligible for special discounts. In addition to their business logo, small businesses can personalize the front of the card to include a recipient’s name and a custom embossed message for a variety of occasions such as building loyalty among employees and customers or fostering new relationships with prospective clients.

Details

Vesta Acquires Point and Pay

OR-based Vesta has acquired FL-based Point and Pay. Point and Pay counts over 60 counties and municipalities as clients in the Southeastern U.S. The combination diversifies Vesta’s offerings to address electronic payments for utilities and government entities. Vesta brings the scale, fraud controls and industry leading security of Vesta’s multi-billion dollar payment volumes to Point and Pay’s high growth convenience payments business. Vesta’s clients include AT&T, Cingular Wireless, China Mobile, China Unicom, T-Mobile USA, Verizon, IDT, Sprint and numerous others.

Details

First Data Completes Acquisition of Argencard

First Data has closed the deal to acquire Argencard which will operates under the name of First Data International. Argencard brings to First Data more than 70 banks with 9 million cardholders and over 150,000 active merchants. The acquisition firmly establishes First Data’s presence in South America, and provides the company an opportunity to further expand its electronic payment processing experience and capabilities across this fast-growing region.

Details

VISA Incents Merchants for PCI DSS Compliance

VISA USA is offering up to $20 million in financial incentives to create new sanctions in an effort to further merchant compliance with the “PCI DSS.” The new “VISA PCI Compliance Acceleration Program” is the first of its kind to provide positive reinforcement to the industry’s traditional, fine-only approach and represents one component of VISA’s comprehensive strategy to address payment card fraud. The program targets the acquirers responsible for the largest 1,200 merchants – known as “Level 1” and “Level 2” merchants – that each process more than one million VISA transactions a year and combined account for approximately two-thirds of VISA’s U.S. transaction volume. The initiative’s goal is to eradicate the storage of full-track data, “CVV2” and “PIN” data, and grow PCI compliance among this group of merchants. VISA reports current “PCI” compliance among “Level 1” merchants at 36% and 15% among “Level 2” merchants, with the majority in both levels actively working toward compliance. To qualify for an incentive payment, acquirers of “Level 1” and “Level 2” merchants who have validated full compliance with the PCI DSS by March 31st will be eligible to receive a one-time payment for each qualifying merchant. Acquirers whose “Level 1” and “Level 2” merchants validate compliance after March 31st and prior to August 31st, will be eligible to receive a reduced one-time payment for each qualifying merchant.

Details

Little Caesars Scraps Paper Certs for Gift Cards

Detroit-based Little Caesars has rolled-out new a new set of gift cards to replace traditional paper gift certificates. Consumers can purchase the gift cards in any increment at participating Little Caesars stores. The unused balance will remain on the card, and there is no expiration date. In addition, there are no service fees. Little Caesars Pizza founders Michael and Marian Ilitch opened their first restaurant in Garden City, Michigan in 1959.

Details

Pennsylvania Settles Chase/Trilegiant Lawsuit

Pennsylvania Attorney General Tom Corbett announced multi-state settlements totaling $14.5 million with Chase Bank USA, Chase Home Finance and Trilegiant resolving allegations that the companies deceived consumers into paying for membership programs that claimed to offer discounts on automotive service, home repair, shopping and other consumer services. Corbett said that Chase Bank and Trilegiant were accused of offering “free” or “no obligation” trial memberships to various discount programs without adequately informing consumers that they would automatically be charged various membership fees if they did not cancel within a certain period of time. Corbett said that between January 2003 and October 2005, 319,532 Pennsylvania consumers cashed checks that were included in offers sent by Trilegiant. Some consumers may have unknowingly enrolled in memberships for multiple clubs.

Details