PaymentOne Corporation has ranked as #11 on Deloitte & Touche’s “2004 Technology Fast 50” for Silicon Valley. This is the second consecutive year PaymentOne is recognized by the Deloitte & Touche Fast 50. Rankings are based on average percentage revenue growth over five years. PaymentOne was ranked based on its five-year percentage revenue growth of 9,338 percent. PaymentOne(R) Corporation is the leading online Payment Service Provider (PSP) for digital merchants, premium service providers and broadband operators. Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms and their respective subsidiaries and affiliates.Details
Atlanta-based Home Depot, NC-based Lowe’s, and Monogram Credit Card Bank of Georgia, reached a settlement in a class action lawsuit over their credit card practices. Los Angeles Superior Court Judge Charles McCoy gave preliminary approval to the settlement on November 17th. Under terms of the settlement the companies agreed to pay $4 million with $2.5 million going to cardholders through rebates. The lawsuit was filed over the way payments were applied to the outstanding balance. A promotion offered deferred interest for six months on major purchases over $200. However, the payments were applied to the deferred interest balance first instead of the interest accruing balance.Details
The average amount that consumers pay each month on their credit cards slipped somewhat in October but remains historically high. The monthly payment rate came in at 18.52% in October, compared to 17.93% one-year ago, 15.98% in October 2002, and 16.25% in October 2001. Bank credit card debt reached $662 billion in the quarter ending September 30th. The monthly payment rate reflects the average amount paid back by all cardholders including those who pay-off their entire balance each month. For complete details on monthly metrics visit CardData ([www.carddata.com]).
Axalto has joined the “Visa Smart Breakthrough” card program. Through the “VSB” program, Axalto will promote the “Palmera VSB Classic” and “Palmera VSB Protect Java” cards to VISA members globally and the “e-Galleon VSB Classic” static/native card to VISA members in Latin America, both competitively positioned. The agreement with Axalto is part of a major ongoing initiative to provide chip products and services that meet the needs of VISA members worldwide. In all, some 100 million issued EMV cards are VISA-branded, over 25 million smart cards have been issued through the “Visa Smart Breakthrough” card program.Details
American Express has inked an agreement with Rite Aid drugstores to offer its customers the “American Express Gift Card.” The American Express Gift Card, available in $25, $50, and $100 denominations, is being sold at Rite Aid’s 3,400 stores nationwide. AmEx says its research shows that offering universal gift cards drives incremental customers into stores. In one survey, 29% of consumers told AmEx that they would consider making a separate trip to a store to purchase an “American Express Gift Card.”Details
More than 20 million general purpose payment cards were added to the national cardbase during the third quarter. VISA, which holds a 52% share based on total U.S. cards-in-force, added more than nine million cards to end the quarter with 452.5 million credit and debit cards. MasterCard, with a 37.5% share, added more than eight million credit and debit cards in 3Q/04. American Express grew by 600,000 cards in the third quarter to 38 million. For complete details on card breakouts by network, visit CardData ([www.carddata.com]).
VISA: 452.5 million
MasterCard: 325.8 million
Discover: 53.7 million
American Express: 38.0 million
TOTAL: 870.0 million
Source: CardData (www.carddata.com)
NJ-based On Track Innovations'”Saturn 5000″ contactless reader has received certification from American Express to support its “ExpressPay” contactless payment program. ExpressPay is an easy-to-use alternative to cash for making purchases at merchants where speed and convenience are important — such as quick serve restaurants, supermarkets, drug stores, gas stations, and corporate cafeterias. The Saturn 5000 is built to allow quick upgrades of existing POS terminals to accept contactless payments, with the reader facing the customer for easier payment experience. OTI designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets.Details
Alaska Airlines and Bank of America have rolled-out a new “VISA Platinum Card” in Canada. The Alaska Airlines Visa Platinum gives cardholders the opportunity to earn miles for credit card charges and other benefits including one $50 (USD) round-trip Companion Certificate upon approval, and each year thereafter. The Alaska Airlines Mileage Plan network includes 11 airlines serving more than 700 destinations on six continents. Alaska and its sister carrier, Horizon Air, together serve more than 80 cities in Alaska, the Lower 48, Canada and Mexico.Details
Best Western has launched a promotion offering customers a 10% discount on all “Travel Card” purchases of $50 or more, along with free standard shipping on all orders, through the end of this year. For shoppers, that means a minimum savings of nearly $8 when giving the gift of travel. To receive this special offer, customers must purchase their Best Western Travel Card(s) online at http://www.travelcard.bestwestern.com by selecting the “Holiday Special” tab. Best Western International is THE WORLD’S LARGEST HOTEL CHAIN(R) with more than 4,100 hotels in 80 countries and territories.Details
Oxnard, CA-based International Card Establishment reported net revenue of $3.7 million for third quarter, compared to net revenues of $230,615 for the year ago quarter. The growth was driven by the Company’s acquisition of Neos Merchant Solutions. I.C.E. says it is confident that pro-forma revenues for calendar 2004 will come in at between $18 and $23 million, while 2005 revenues are expected to reach between $30 million to $40 million. The Company expects to attain profitability in 2005. I.C.E. establishes merchant accounts for businesses that enable them to accept credit cards, debit cards and other forms of electronic payments; supplies point-of-sale systems; facilitates processing; and markets a proprietary smart card-based system — which allows gift and loyalty functions to be stored on one card — that enables merchants to offer store- branded gift and loyalty cards. For complete details on I.C.E.’s latest performance visit CardData ([www.carddata.com]).
IL-based Abanco International has introduced “In-Transit Terminal Services,” a solution for its transportation and supply chain partners that enables the tracking of ticketing, retail sales, inventory and revenue. ITTS consists of a customizable software application and a hand-held device, which enables the tracking of ticketing, retail sales, inventory and revenue. This all-in-one payment processing solution has the option of WIFI, GSM or CDMA making it a great alternative for on-the-go retailing. Abanco International, LLC, founded in 2002, is a leading provider of payment processing solutions that develops and markets a full suite of services to the automotive, healthcare, hospitality, insurance, retail and transportation industries.Details