USA Technologies has inked a deal with Standard Change Makers to incorporate “e-Port” into Standard’s line of token dispensing equipment. Standard Change Makers, a leading manufacturer and global supplier of coin changers and token and ticket dispensing equipment in nine countries, spanning three continents, has incorporated the e-Port(TM) cashless payment system into their token dispensing product line.Details
A new survey found that 58% of respondents ages 35 or younger are reluctant to make large purchases in the coming months because of their level of credit card debt. The NFO World Group study also found that “chronic revolvers” grew six percent in 2002. The study also indicates that 33% of consumers under the age of 35 are “uncomfortable with my ability to handle the amount of debt I have”. Even more — 42% — say they “spend too much when using credit cards.” Among consumers who pay off balances, half the time the new card with a low APR goes unused after the rate expires. But about one-half of consumers who transfer high balances to the new card often still have those balances when the card moves to a higher interest rate. To retain new customers, card issuers are extending low rates for longer periods; nearly a quarter of the offers extend the low rate for ten months or more, up from three to six months a year ago. However, only one in five consumers opened one of these new accounts in 2002, and they are largely credit-savvy consumers who usually pay off their monthly balances.Details
Toronto-based Home Trust has signed a deal to offer VISA credit
card acceptance services to Canadian merchants through First Data. The
contract will take effective early next year. Under terms of the deal,
First Data will provide Home Trust with processing, risk management, and
sales and marketing expertise through a Canadian subsidiary, CardSolve
International. A referral arrangement between CardSolve and First Data Loan
Company, Canada – a MasterCard member – will provide Home Trust merchants
with a solution offering both VISA and MasterCard acceptance, as well as
other card payment methods.
First Data currently serves more than 90,000 merchants throughout Canada.
VISA International has reportedly entered a deal with China UnionPay Co.
to expand the acceptance of foreign issued VISA payments cards at retail
locations throughout China. The Shanghai Daily says the partnership will
initially focus on Guangzhou and Beijing. The newspaper says less than
50,000 of the 300,000 POS terminals in China accept overseas-issued VISA cards.
Cardholder Management Services, a subsidiary of CardWorks, has signed a multi-year extension to an agreement with First Data for card processing and merchant processing following the recent increase of its customer base from 300,000 accounts to 2.5 million accounts. Founded in 1987 to provide servicing and operational support to credit card issuers, CMS is the largest privately-held servicer of MasterCard and Visa.Details
Waterloo, Ontario-based RDM Corporation reported net income for the
quarter ending September 30th of $434,000 compared to a net loss of
$307,000 in the same period in 2001. Over the past twelve months revenues
for the Company’s Electronic Payments Solutions revenue grew to $2.7
million, reflecting revenues from electronic payment systems contracts. For
the 12 months ended September 30th, revenues increased by more than 90% to
$13.1 million versus $6.8 million for the same period in the prior
year. RDM has pioneered electronic cheque conversion systems and web-based
payment archive services for banks, retailers,
payment processors and government agencies.
Thales and Oberthur Card Systems are joining forces to develop smart
card-based technologies and solutions for financial services,
identification/government, and physical/network security. The partnership
will bring together Oberthur Card Systems’ expertise in smart card
technologies, peripherals and mass personalization solutions with Thales’
global security offerings in the networking and communications, transaction
and payment, and enterprise and ID markets. With its exclusive transaction
security products, EMV payment terminals and associated products, Thales
holds a unique global leadership position in the provision of the security
cornerstones for EMV. Oberthur Card Systems is the number one supplier of
banking cards and has a worldwide capability with industrial facilities and
personalization centers. Combining these strengths, Thales and Oberthur
will deliver a smooth migration to EMV, full interoperability and secure,
end-to-end solutions for standard and value-added services.
CO-based Equitex, former marketer of the now-defunct “Net 1st MasterCard,” reported yesterday a third quarter net loss, before income taxes, of $2.4 million, due largely to the impairment of an FDIC receivable of $2.1 million. Following the closure of Net First National Bank by regulators in March, Equitex filed a claim with the FDIC for all funds due from Net First to its Key Financial Systems subsidiary. The total amount of the claim was $4,311,027. Last month, the FDIC notified Key that it had determined to disallow all but $111,734 of the total claim. The Company decided this week to file a lawsuit in the United States District Court for the Southern District of Florida seeking to recover $4,311,027, the full amount of its claim. Equitex runs four companies including Key Financial Systems, Nova Financial Systems, Chex Services, and Denaris Corporation. The Equitex companies market and service credit card products and also provide cash access services to casinos and other gaming facilities. For complete details on Equitex’s 3Q/02 performance visit CardData ([www.carddata.com]). (CF Library 3/11/02; 8/19/02)
Dallas-based Paymentech has released an online merchant exception item solution to give business owners the upper hand in dealing with credit card chargeback or retrieval issues. With “Re$pond,” a merchant can quickly receive, view and respond to retrievals and chargebacks. Responses can be in the form of text messages and/or scanned images of sales receipts or other documentation. Notifications are automatically returned with information regarding process confirmation or advising of further requirements. “Re$pond” also provides all documentation associated with a particular chargeback and the ability to manage exception items right from the business computer. The new system is Internet-based, can be accessed and supported 24 hours a day and is integrated into “Re$ource Online,” Paymentech’s proprietary, Web-based reporting tool.Details
A new study suggests that financial services companies need to allocate a minimum of six percent of their total national marketing and business resources to reach the Hispanic market by 2007. The study also revealed that in addition to looking at total national marketing and business spending targets, companies should make even greater resource allocations based on Hispanic population density and language preference in key Hispanic markets. For example, a company marketing credit cards to Hispanics in Los Angeles should be allocating 24% of their total national marketing and business spending budgets; in Miami 25%; in Houston 14%; and in New York 11%. The research, by the Association of Hispanic Advertising Agencies, says the 40 million U.S. Hispanic consumers have an estimated buying power of $630 billion.Details
VA-based SunCom has become the first AT&T wireless carrier to offer gift cards through a partnership with First Data’s ValueLINK subsidiary. The gift cards can be purchased in any denomination from $5 to $500, then given as gifts and used like cash. Each card can be used repeatedly until its balance reaches zero. Customers will be able to check their balance by calling an 800 number on the back of the card.Details