Cash Store Card Issuer Ranked in the Hot 50

Edmonton-based Rentcash, issuer of the “Cash Store Cash Card,” has been named as the 28th emerging growth company in the fifth
annual “PROFIT Hot 50” ranking of emerging Canadian growth companies.
Rentcash operates 169 stores in nine provinces under The Cash Store and Insta-rent banners. The Cash Store acts as broker to facilitate payday cash advance services to income earning consumers and provides a private label debit card, the “Cash Store Cash Card” for high risk borrowers.
Insta-rent rents brand name furniture, appliances, electronics and
computers, with or without an option to purchase. Rentcash reported that for the year ended June 30th, revenue climbed 116% to $22.3 million.

Details

Penalty Rates Rise 52 bps Since June

Punitive interest rates, among the top ten issuers, will range from 24.65% to 30.74% beginning October 1st. Across the entire U.S. credit card market, penalty interest rates will range from none to 41.00%, according to CardTrak(R). Providian, the 10th largest U.S. issuer, levies the greater of prime +25.99%, or 29.99% on cardholders who miss payments or default in some way. CompuCredit, an Atlanta-based issuer of “Aspire VISA” card, charges an interest rate of prime +36.25% with a 41.00% minimum, to its most risky cardholders who become delinquent.

CREDIT CARD PENALTY INTEREST RATES
(effective 10-1-04)
June Oct
1. Citibank 27.99% 28.74%
2. MBNA 24.99% 24.99%
3. Bank One 27.74% 28.49%
4. Chase 25.99% 26.74%
5. Discover 24.99% 24.99%
6. Capital One 25.90% 25.90%
7. Am Express 25.99% 26.74%
8. Bnk of Amer 25.99% 26.74%
9. HSBC/HH 23.90% 24.65%
10. Providian 29.99% 30.74%
AVG 26.35% 26.87%
Source: CardWeb.com’s CardWatch(R)

Details

Cell Charge Offers Terminal Free Processing

Westlake Village, CA-based Cell Charge, an ISO/MSP of Harris Trust and Savings Bank, has launched a terminal-less credit card and check guarantee processing service. Cell Charge’s service has brought the average regular monthly fees for electronic transactions down from $100 to $10 by enabling transactions to be processed over the telephone. Small businesses can now process transactions for a much lower cost. To use the service, all merchants have to do is dial a toll-free number from any phone and enter a pin along with the customer’s credit card or check information. After it is approved, the transaction is electronically deposited into the merchant’s checking account within 1-2 days.

Details

Infineon Opens a Major Plant in Suzhou

Germany’s Infineon Technologies has opened a plant in Suzhou, about 80 km to the west of Shanghai. The first memory products are expected to roll-off the backend production line by the end of this year. Infineon Technologies Suzhou Co., Ltd. will have a maximum capacity of up to one billion memory chips a year. Infineon holds 72.5% of the shares of the joint venture, China-Singapore Suzhou Industrial Park Venture Co. holds the remaining. Total planned investment in the project amounts to around US$1 billion. When operating at full capacity, Infineon Technologies Suzhou will employ over 1,000 people. Infineon has been a player in China since October 1994.

Details

Moneris Solutions to Offer Peppercoin 2.0

Moneris Solutions has formed an alliance with Peppercoin to meet the small payments processing needs of merchants. Peppercoin, a micropayments company, recently introduced the “Peppercoin 2.0” system to reduce transaction processing and customer service costs while driving increased small payments traffic over the payments network.
Peppercoin’s small payments suite complements Moneris’ portfolio of
solutions that enable merchants to accept credit and debit cards, paper
and electronic checks, and gift and loyalty cards. Moneris Solutions will make “Peppercoin 2.0” available to its existing merchants
and Peppercoin merchants by the end of the year.

Details

SPIRA & TSYS

Spira de Mexico, S.A. de C.V. has signed a five-year processing agreement with TSYS. Spira de Mexico is a newly formed joint venture company of Grupo Financiero Uno and Invex Grupo Financiero. Spira will also utilize TSYS risk management, portfolio management and reporting tools. Additionally, TSYS de Mexico will support Spira’s production, statement and card personalization needs out of its Toluca, Mexico facility.

Details

Advanta to Offer Interland Website Services

Advanta has signed a multi-year deal to market and promote Interland’s Website creation and marketing services to small businesses. Working with Interland enables Advanta to promote to over 20 million U.S. small businesses the value of online success including the creation of an effective site, executing online marketing programs, and creating e-commerce selling opportunities. Focusing on the small business market and related community, Advanta provides funding and support to small businesses nationwide. It is one of the largest issuers of MasterCard business credit cards to small businesses. Interland, Inc. is a Web hosting and online services company who focuses on helping small to medium businesses become successful by providing services used to promote businesses online.

Details

TSYS to Process for Spira de Mexico

Spira de Mexico, S.A. de C.V. has signed a five-year processing agreement with TSYS. Spira de Mexico is a newly formed joint venture company of Grupo Financiero Uno and Invex Grupo Financiero. Spira will also utilize TSYS risk management, portfolio management and reporting tools. Additionally, TSYS de Mexico will support Spira’s production, statement and card personalization needs out of its Toluca, Mexico facility.

Details

NBS Technologies Acquires Cybernetix Microelectronique

Toronto-based NBS Technologies has agreed to purchase the assets and assume certain liabilities of Cybernetix Microelectronique C$12 million in cash. Marseille, France-based Microelectronique, a subsidiary of Cybernetix, designs and manufactures automated equipment systems for the production, testing and personalization of, smart cards (contact, contactless and dual interface), smart objects, electronic labels and micromodules, as well as RFID products for applications in telecommunications, ID, security, banking and transportation. In addition, Microelectronique designs and manufacturers equipment for
handling, sorting, packing, unpacking, inspection, wet processing,
personalization and testing of semiconductor wafers.

Details

OTI Unloads InterCard Kartensysteme

On Track Innovations has decided to sell its wholly-owned German
subsidiary, InterCard Kartensysteme GmbH for US$2.5 million. The subsidiary is engaged in the sale and support of closed campus systems. OTI says it is considered to be a highly competitive market with relatively low margins and high operating expenses. However, OTI will retain its profitable InterCard Systemelectronic GmbH subsidiary, which provides OEM and electronics manufacturing services. OTI designs,
develops and markets secure contactless microprocessor-based smart card
technology to address the needs of a wide variety of markets.

Details

MasterCard Names its New Technology Chief

MasterCard International has named Roy Dunbar to succeed Jerry McElhatton as president of its Global Technology and Operations. Dunbar comes from Eli Lilly, where he has served for 14 years and oversaw more than 2,700 technology professionals. In 2003, Information Week named Dunbar as CIO of the Year. During his 10 years with MasterCard, McElhatton oversaw the investment of more than $160 million in MasterCard’s core technology as part of the company’s “Systems Enhancement Strategy,” including the building of the Global Technology and Operations headquarters near St. Louis. He also managed the integration with Europay International. MasterCard’s global network authorizes as many as 40 million card transactions and settles as much as $10 billion on a single day.

Details

MasterCard & British Airways Launch a Promotion

MasterCard and British Airways launched a promotion to give MasterCard cardholders flying out of Singapore a complimentary one-way upgrade to “First Class” service. Cardholders are required to purchase a return flight on “Club World” with British Airways. The promotion runs from September 23rd to October 14th. The promotion extends to cardholders traveling from Singapore to Sydney, Melbourne and London. Travel must be completed by November 30th. For details MasterCard cardholders should contact any NATAS travel agent or British Airways.

Details