Friday, January 21, 2011

Barney Frank Wants to Revoke 12-Cent Cap on Debit-Card Fees

Representative Barney Frank, co-architect of t...Image via Wikipedia

Frank Set to Lead New Bipartisan Effort to Change Durbin Swipe Fee Amendment

(from Convenience Store News on 121-2011)
WASHINGTON, D.C. -- U.S. Representative Barney Frank, one of the authors of last year’s financial reform legislation, said he is ready to work with the Republican majority to force changes in a Federal Reserve proposal to cap debit-card swipe fees, reports Bloomberg News. According to the new swipe fee rules included in an amendment to the Dodd-Frank bill, the Fed proposed capping debit interchange fees charged to merchants at a flat 12 cents for each transaction, replacing a graduated fee that came out to about 1 percent of the transaction price. This authority was granted to the Fed by the so-called Durbin amendment, named after Senator Richard Durbin of Illinois. The Fed must finalize its rules on the cap by April 21 and in effect by July 21 to comply with the legislation. Credit-card interchange fees, which average about 2 percent, remain untouched...
read more»


Related: Frank Says He'll Work to Revoke 12-Cent Cap on Debit-Card Fees 





www.ePINDebit.com www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
Enhanced by Zemanta
Posted by at

epay Partners with Florida’s Turnpike to Add More Than 2,000 New SunPass® Cash-Reloading Locations



LEAWOOD, Kan.--(BUSINESS WIRE)--epay, a division of Euronet Worldwide, Inc. (NASDAQ: EEFT) and a leading prepaid and payments processor in the U.S., along with Florida’s Turnpike Enterprise (FTE), today announced that SunPass customers can now reload their accounts using cash at more than 2,000 epay locations statewide. Customers can also check their SunPass account balance. SunPass is Florida’s electronic prepaid toll program, and is accepted on all toll roads and nearly all bridges in the Sunshine State.
“It is important that we provide as many places as we can for our customers to reload their SunPass accounts, especially as we get close to February, when we will implement all-electronic no cash tolling on the Turnpike Extension in Miami-Dade County.”
“Through our partnership with epay we have nearly tripled the number of SunPass cash replenishment locations from 1,161 to more than 3,100 locations statewide, including more than 450 locations in Miami-Dade,” said FTE Deputy Executive Director Jennifer Olson. “It is important that we provide as many places as we can for our customers to reload their SunPass accounts, especially as we get close to February, when we will implement all-electronic no cash tolling on the Turnpike Extension in Miami-Dade County.”
Reloading an existing SunPass account with epay is easy. Customers just give their SunPass transponder number to the cashier at any participating retailer, along with the amount of money they want to add to the SunPass account plus a $1.50 convenience fee per transaction. Customers then get back a receipt showing the amount added to the SunPass account. Checking SunPass account balances works the same way, except there is no convenience fee.
The new locations offering SunPass cash-reloading services include gas stations, convenience stores, check-cashing stores, wireless dealers, bodegas and more. The locations generally have on their door or window a green and yellow sign with the SunPass logo, clearly advertising to the customer the availability of the service. Customers can go to the SunPass website to find a reload location nearby. It is as simple as entering a ZIP code and choosing a preferred location. Customers can click on a location to view a map and get directions. Many new locations will be added in the near future, for added convenience.
FTE is working with its current vendors, including epay, to provide additional cash-based services to its SunPass customers in the coming months.
“epay is extremely pleased to be partnering with FTE to offer a simple payment method to SunPass cash customers through our innovative technology platform,” said Eric Mettemeyer, Managing Director of epay Americas/APAC. “When customers reload their SunPass account at an epay location, they also have access to other cash-based products, such as prepaid wireless top-ups, bill payments and Internet credits.”
In June 2010, Florida’s Turnpike Enterprise became the first toll agency in the U.S. to provide its customers a program to replenish their transponders with cash at retail locations. FTE is a leader in transportation and continually strives to provide its customers value in the form of safety, service and convenience.
About epay
epay, a Division of Euronet Worldwide, Inc. (NASDAQ: EEFT), is a global processor and distributor of electronic payment solutions – enabling service providers to maximize the sales of their products and services. epay delivers innovative and tailored electronic payment, cash collection solutions including POS systems integration, a full settlement and reporting service and full marketing and distribution service support.
The epay product portfolio includes prepaid mobile top-up, prepaid debit cards, e-wallets, bill payment, gift cards, digital music and other content, money transfer through its sister company RIA, lottery and transport payment solutions including road tolls and public transport.
epay delivers these products through a worldwide network of approximately 266,000 retailer locations and 541,000 points of sale (POS) across a number of markets including Australia, Austria, Brazil, France, Germany, India, Ireland, Italy, New Zealand, Poland, Romania, Spain, Switzerland, UK and the US. Visit www.epayworldwide.com for more information.
About Florida’s Turnpike Enterprise
Florida’s Turnpike Enterprise is part of the Florida Department of Transportation overseeing a 460-mile system of limited-access toll highways: THE FLORIDA’S TURNPIKE, EXTENDING NORTH FROM HOMESTEAD IN MIAMI-DADE COUNTY TO WILDWOOD IN SUMTER COUNTY, THE SEMINOLE EXPRESSWAY AND SOUTHERN CONNECTOR (TOLL 417) IN SEMINOLE, ORANGE AND Osceola COUNTIES, THE BEACHLINE EXPRESSWAY WEST (TOLL 528) IN ORANGE COUNTY, THE POLK PARKWAY (TOLL 570) IN POLK COUNTY, THE VETERANS EXPRESSWAY AND SUNCOAST PARKWAY IN HILLSBOROUGH, PASCO AND HERNANDO COUNTIES (TOLL 589), THE SAWGRASS EXPRESSWAY (TOLL 869) IN BROWARD COUNTY, AND THE Daniel Webster Western Beltway Part C (Toll 429) in Orange County. For information about Florida’s Turnpike, go to www.FloridasTurnpike.com.
About SunPass
SunPass is the Florida Department of Transportation's innovative prepaid toll program. SunPass can be used on Florida's toll roads and most toll bridges. SunPass customers typically pay 25 cents less than cash customers at most toll plazas and exits on Turnpike roads. For information about SunPass®, visit www.SunPass.com.

Contacts

epay
John Livers, 1-913-327-4123
Investor Relations
jlivers@eeft.com
or
Kim Kliethermes, 1-913-327-4247
kkliethermes@epayworldwide.com
Permalink: http://www.businesswire.com/news/home/20110121005912/en/epay-Partners-Florida%E2%80%99s-Turnpike-Add-2000-SunPass%C2%AE
www.ePINDebit.com www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
Posted by at

Industry Speakers Highlight MRC's 2011 Annual Conference Agenda

E-Commerce Payments and Risk Conference to Host Over 50 Unique Sessions


SEATTLE, WA--(ePayment News, January 21, 2011) - The Merchant Risk Council (MRC), a merchant-led trade association focused on electronic commerce risk and payments globally, announced Harry Markopolos, Andreas Weigend and Joseph Menn will address conference delegates at the MRC's 2011 Annual e-Commerce Payments and Risk Conference at the Wynn Las Vegas Resort, March 22-24, 2011. 
Harry Markopolos, financial fraud investigator, will deliver the conference's opening keynote address on Wednesday, March 23. Markopolos received public acclaim for uncovering and repeatedly tipping off the United States Securities & Exchange Commission, in what would become the $70 billion Ponzi scheme and conspiracy of Bernard Madoff. Markopoulos will address and analyze corporate fraud risk in ways that are new to many in the online and retail marketplace. Markopolos has shared his insights on such prominent media outlets as The TodayShow, 60 Minutes and The Daily Show, as well as in major print publications including The Wall Street Journal and The New York Times.
Andreas Weigend, Former Amazon.com chief scientist, will also be addressing general conference attendees on March 23. Weigend is a leading expert in online consumer behavior, and will discuss how consumer information sharing drives e-Commerce. Weigend is currently teaching at both Stanford and UC Berkeley.
Joseph Menn, author of "Fatal System Error" and tech reporter for the Financial Times, provides the conference's closing keynote speech on March 24. "Fatal System Error: The Hunt for the New Crime Lords Who Are Bringing Down the Internet" exposes how cybercrime has become a threat on par with global jihad. Menn has spoken at major security conferences on his findings, which include hard evidence that the governments of Russia and China are protecting and directing the behavior of some of the world's worst cyber-criminals. Menn has also presented at meetings convened by the United States Secret Service and the FDIC.
"We are thrilled to have Harry Markopolos, Andreas Weigend and Joseph Menn join us in Las Vegas for our 2011 annual conference," said Tom Donlea, MRC Director. "These speakers, as well as a vast array of industry presenters, will give our attendees a new and wide-ranging view of the bigger issues that most affect e-Commerce security, operational efficiency and corporate profitability."
In total, the 2011 MRC Platinum Meeting (March 22) and General Conference (March 23-24) will include more than 60 speakers and panelists, 50 unique sessions, and more than 45 payment and risk industry exhibitors -- all delivering unique and valuable insight and information on the growth, diversity and risks associated with global online payment trends and strategies, managing and reducing chargebacks, identifying global cyber threats, and utilizing the newest fraud prevention tools.
Over the past decade, the MRC has evolved from a select group of merchants, networking about online fraud prevention, into the world's foremost organizations dedicated to educating the industry on issues relating to e-Commerce risk and payments. The 2011 Annual Conference unites over 800 of the world's top internet and multi-channel merchants, credit card brands, electronic payment processors and providers, risk management providers, law enforcement agencies and various consultants and educators in discussing how to make shopping on the internet easier, safer and more efficient for all involved.
Markopolos' opening keynote address is sponsored by 41st Parameter. Menn's closing keynote is sponsored by PayPal. The overall conference sponsors are Chase Paymentech and Kount. For registration and exhibition information for this conference, or to receive MRC membership information, please visit the MRC's website at www.merchantriskcouncil.org.
For more information on Harry Markopolos, please visit www.apbspeakers.com.
About the Merchant Risk CouncilThe Merchant Risk Council leads industry networking, education, benchmarking and advocacy programs designed to make electronic commerce more efficient, safe and profitable.
Today, with the power of its member-base, the MRC is the leading trade association for managing payments, preventing online fraud and promoting secure e-Commerce. The MRC is dedicated to working with e-Commerce and multi-channel merchants, payment processors, credit card issuers, credit card brands, alternative payment providers, risk management leaders, and a variety of law enforcement agencies to improve the online shopping channel. The MRC is headquartered in Seattle, Washington.
MEDIA CONTACT:
Jordan Rubin
TELEPHONE: 206.364.2789
EMAIL: Email Contact



www.ePINDebit.com www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
Related articles
Enhanced by Zemanta
Posted by at

Higher One Joins the Secure Vault Payments Network

NEW HAVEN, Conn.--(BUSINESS WIRE)--Higher One Payments, Inc., a leader in providing payment and cashiering solutions to higher education intuitions, announced today that it will join the Secure Vault Payments network to offer the online payment method to its customers.

“Secure Vault Payments will enhance benefits for student and administrator customers at our partner colleges and universities. We have always been committed to continued security enhancements, and Secure Vault Payments will offer greater security and enhancements for real-time authorization of payments,” said Casey McGuane, Chief Service Officer at Higher One.Secure Vault Payments is a safe, secure and private online payment network developed by NACHA — The Electronic Payments Association® and eWise, a provider of online payment & personal financial management solutions.
The only payment method designed specifically for the unique security and convenience requirements of online payments and e-commerce, Secure Vault Payments allows students and parents to make tuition payments to their schools through their financial institution’s online banking site without enrolling, registering or sharing any account information with the school. The financial institution authenticates the student and provides the school with real-time authorization and confirmation of ACH transactions.
“We are pleased to welcome Higher One to the Secure Vault Payments network,” said Richard Brierley-Jones, Executive Vice President of eWise. “As colleges and universities face budget reductions, Higher One’s commitment to providing enhanced services to colleges, universities, students and parents supports their reputation as leaders in higher education services.”
Companies interested in joining the SVP network should contact Dean Seifert, Senior Vice President, eWise at svp@ewise.com.
About Higher One
Higher One Payments, Inc. is a subsidiary of Higher One Holdings, Inc. (NYSE:ONE), a leading company focused on helping college business offices manage operations and provide enhanced service to students. Through a full array of services from refunds, payments, electronic billing, payment plans and more, Higher One works closely with colleges and universities to ensure students receive Financial Aid refunds quickly, can pay tuition and bills online, make on-campus and community purchases, and learn the basics of financial management.
Higher One provides its services to distinguished public and private higher education institutions throughout the country to approximately 5.3 million students. More information about Higher One can be found at HigherOne.com
eWise
eWise is partnering with NACHA to provide the Secure Vault Payments network, utilizing its Online Banking ePayments (OBeP) technology and account management services. eWise is a payments and online financial management solutions provider with a reputation for providing innovative solutions that make transacting online easier and more secure. eWise offices in US, UK, China and Australia support some of the world’s top 50 financial institutions with solutions delivering outstanding, proven ROI for its customers and a better online experience for millions of end-users worldwide. For more information, visit www.ewise.com.

Contacts

eWise
Patti Duncan, 303-256-6276
pduncan@ewise.com
or
Higher One
Elissa D’Orazio Edelman, 212-642-7787
elissa.d'orazio@edelman.com
Permalink: http://www.businesswire.com/news/home/20110120005958/en/Higher-Joins-Secure-Vault-Payments-Network
www.ePINDebit.com www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
Related articles
Enhanced by Zemanta
Posted by at

Online Resources Considering Alternatives to Board-Approved Strategic Growth Plan

CHANTILLY, Va.--(BUSINESS WIRE)--Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced that its Board of Directors is evaluating unsolicited expressions of interest in potential business combinations that it has received from third parties. The Board is considering these alternatives against the long-term strategic growth plan that it recently approved in order to determine whether there is now an option that can deliver greater shareholder value. Under the strategic plan, the Company has enhanced its management team and is currently investing in technology, products and organizational structure to drive revenue growth and margin improvement.
http://www.orcc.com
“Since I arrived as CEO in June, we have worked diligently to develop a long-term plan to put Online Resources back on the path to sustainable growth by investing in new ways to provide exceptional value to our customers”
“Since I arrived as CEO in June, we have worked diligently to develop a long-term plan to put Online Resources back on the path to sustainable growth by investing in new ways to provide exceptional value to our customers,” said Joseph Cowan, President and Chief Executive Officer of Online Resources. “We have a robust and unique set of core assets at Online Resources, and I believe that with the strong team we have in place, we can deliver against the objectives defined in the plan. However, because we have also been approached by other parties, the Company has an obligation to examine other potential value-creating alternatives that may now exist for our shareholders.”
Given this announcement, the Company is postponing its 2011 analyst and investor day event, previously scheduled for Thursday, January 27, 2011. Online Resources currently hopes to provide additional information or commentary in conjunction with the release of its financial results for the fourth quarter of fiscal 2010, planned for early March. However, no specific timetable has been set for completion of this evaluation and there can be no assurance that any transaction will result from the process. Online Resources does not intend to make any further comment until its evaluation is complete.
The Company has retained Raymond James & Associates, Inc. as its financial advisor and Kirkland & Ellis LLP as its legal counsel.
About Online Resources
Online Resources (Nasdaq: ORCC) powers financial interactions between millions of consumers and the Company’s financial institution and biller clients. Backed by its proprietary real-time payments gateway that links banks directly with billers, the Company provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, Online Resources is the largest financial technology provider dedicated to the online channel. For more information, visit www.orcc.com.


www.ePINDebit.com www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
Posted by at

InsurCard Selects Visa® as Preferred Brand for Distribution of Insurance Claim Payments

Moving from paper to plastic reduces insurer costs and delivers convenience for policyholders
SAN FRANCISCO--(BUSINESS WIRE)--Visa Inc. (NYSE: V) and InsurCard, a wholly owned subsidiary of Service Network Design, LLC (SND), today announced an agreement naming Visa as InsurCard’s preferred brand for the delivery of payment for insurance claims. InsurCard provides the insurance industry with card-based solutions for the payment of claims, expanding the penetration of electronic payments in an industry traditionally reliant on check payments.
“Insurance claims often require immediate or recurring payment, which can be cumbersome with traditional checks. Distribution using a Visa Prepaid card saves costs and creates efficiencies for insurers while improving the claimant’s experience”
“InsurCard is changing the insurance landscape by moving claims payments from checks to Visa Prepaid cards,” said Bob Mendte, president, InsurCard. “Insurance claims often require immediate or recurring payment, which can be cumbersome with traditional checks. Distribution using a Visa Prepaid card saves costs and creates efficiencies for insurers while improving the claimant’s experience,” said InsurCard’s Mendte.
InsurCard offers insurers a turnkey program that can lower payment processing costs – saving up to 85% compared to the cost of issuing checks1; improve cash control; enhance fraud protection; and boost customer service.
Policyholders enjoy immediate, secure delivery of funds and avoid waiting for a check in the mail, the need to cash or deposit a check, or waiting for a check to clear. InsurCard Visa Prepaid cards can be used anywhere Visa debit cards are accepted, including ATMs, and are protected against loss or theft by Visa’s Zero Liability2 protection.
“The insurance industry represents a significant opportunity to bring the benefits of digital currency to traditionally paper-based programs,” said Stacy Pourfallah, senior business leader, healthcare and insurance products, Visa Inc. “Insurers can create efficiencies and cut costs while meeting the needs of their customers with timely, secure delivery of funds when they need them most.”
Programs can be customized to meet specific insurer needs. Reloadable cards are a solution for multiple payments to a single claimant for Workers Compensation and Disability Income claims – one card can be reloaded repeatedly, ensuring timely payment at significant cost advantage. For Property claims, InsurCard replaces checks and drafts to provide immediate delivery of funds to policyholders.
The InsurCard Visa Prepaid card is issued by The Bancorp Bank and is specifically designed to meet the stringent requirements of both the insurance and prepaid card industries.
For more than a decade, Visa has invested in growing the prepaid category in the U.S. and around the world. Visa’s flexible platform enables a diverse set of prepaid products meeting highly specific needs. With a focus on migrating paper-based programs and processes to electronic forms of payment, Visa has established more than 10,000 Visa prepaid programs in 110 countries, delivering greater convenience, choice and security to consumers, businesses and governments.
More information about Visa’s wide range of prepaid card services is available at: www.visa.com/prepaid.
1 Source: InsurCard (comparative cost analysis, 2009)
2 Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. Consult issuer specific restrictions, limitations and other details, please consult your issue or visit www.visa.com/security.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.
About InsurCard
InsurCard is a wholly owned subsidiary of Service Network Design LLC. As specialists in insurance operations and systems, SND designed InsurCard to meet the stringent requirements of the insurance industry. For more information about InsurCard visit www.insurcard.com or call 800-708-9887.

Contacts

Visa Inc.
Kate Mulhearn, 415-932-2564
globalmedia@visa.com
or
InsurCard
Richard Meek, 800-708-9887
Permalink: http://www.businesswire.com/news/home/20110120005250/en/InsurCard-Selects-Visa%C2%AE-Preferred-Brand-Distribution-Insurance



www.ePINDebit.com www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
Posted by at

Kohl’s to Partner with First Data on Private Brand Credit Card Processing



Retailer Taps First Data’s Breadth of Services and System Flexibility

ATLANTA--(BUSINESS WIRE)--First Data Corporation, a global leader in electronic commerce and payment processing, today announced it has entered into an agreement with Kohl’s Department Stores (NYSE: KSS) to provide payment processing services for the company’s private brand credit card accounts.
“Choosing a world-class partner for payment processing with an ability to respond to the changing payments landscape was important given the success and ongoing growth of Kohl’s credit card program.”
The multi-year agreement calls for First Data to provide Kohl’s with credit card processing, customer analytics, risk management services and automated customer service workflow tools. Financial terms of the agreement were not disclosed. Kohl’s partnership with First Data will not affect Kohl’s current credit card arrangement with Chase or the company’s previously announced agreement with Capital One.
“We’re pleased to partner with First Data and value their technological capabilities, system flexibility and broad portfolio of innovative services,” said Wes McDonald, Kohl’s senior executive vice president and chief financial officer. “Choosing a world-class partner for payment processing with an ability to respond to the changing payments landscape was important given the success and ongoing growth of Kohl’s credit card program.”
“Helping drive our customers’ success is the ultimate goal of First Data,” said Ed Labry, president, First Data – North America. “Our strategic view of the payments industry, our ability to offer the full spectrum of industry-leading services and the expertise of our dedicated employees all play a role in achieving that success.”
A conversion date is still being determined.
About Kohl’s
Based in Menomonee Falls, Wis., Kohl's (NYSE: KSS) is a family-focused, value-oriented specialty department store offering moderately priced, exclusive and national brand apparel, shoes, accessories, beauty and home products in an exciting shopping environment. Kohl's operates 1,089 stores in 49 states with a commitment to environmental leadership. In support of the communities it serves, Kohl's has raised more than $150 million for children's initiatives nationwide through its Kohl's Cares(R) cause merchandise program, which operates under Kohl's Cares, LLC, a wholly-owned subsidiary of Kohl's Department Stores, Inc. For a list of store locations and information, or for the added convenience of shopping online, visit www.kohls.com.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.

Contacts

Kohl's
Vicki Shamion, 262-703-1464
vicki.shamion@kohls.com
or
Kristen Cunningham, 262-703-7863
kristen.cunningham@kohls.com
or
First Data
Nancy Etheredge, 402-222-6214
nancy.etheredge@firstdata.com
Permalink: http://www.businesswire.com/news/home/20110120005177/en/Kohl%E2%80%99s-Partner-Data-Private-Brand-Credit-Card
www.ePINDebit.com www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
Posted by at
Subscribe to: Posts (Atom)

Disqus for ePayment News