COVID-19 Checklist
COVID-19 Checklist for Reviewing Merchant Services Statements The global outbreak of coronavirus continues to evolve. With it, industries like merchant services respond to unprecedented times. Some merchant service companies seek to offset decreased volume with hidden fees. For example, card risk and fees fluctuate with more people using prepaid unemployment cards and living on credit. We also notice a global shift in acceptance environments. We all must accommodate [...]
Many Retailers Already Have or Plan to Erase Signature Requirements Soon, the NRF Reports
More than 40% of retail executives surveyed for the National Retail Federation’s latest payments study say they have already dropped signature requirements for payment card transactions or plan to do so before this year is out. Another 13% plan to end signature requirements in 2019.The actions come in the wake of policy changes announced by the four general-purpose card networks late in 2017 and early this year that give [...]
Digital Giving in 2019
Best practices for taking donations online and on location.We’ve all heard of crowdfunding initiatives that have gone viral, like the Relief for Fidencio the paleta man GoFundMe campaign, which raised more than $384,000 for an 89-year-old Chicagoan who sold popsicles from a push-cart. But hoping that a crowdfunding campaign makes headlines and goes viral isn’t a reliable and sustainable way to raise money. So, while crowd funding platforms like GoFundMe have [...]
First Data Plans To Bring Its Popular Clover® Platform to Full-Service Restaurants
First Data Corp. plans to further exploit its fast-growing Clover® point-of-sale hardware and software platform for small and mid-sized businesses by bringing it to full-service restaurants. “Clover has always been strong in small, quick-service restaurants, but the FSR segment needs much deeper functionality and is a large addressable software market that enables Clover to increase its revenue per merchant,” First Data chairman and chief executive Frank Bisignano said [...]
TSYS: Consumers Want Payments Innovation, But Not Always From FinTechs
When TSYS conducted its first consumer payments study seven years ago, the primary focus was on debit vs. credit, according to TSYS’ Gavin Rosenberg. The company was simply looking to gather solid information as the debit market was undergoing significant changes. Fast forward to today, Rosenberg told PYMNTS shortly after the release of TSYS’ seventh U.S. Consumer Payment study, and its purview has changed significantly. Legacy data on [...]
GIACT: Beneficial Ownership Compliance: Ready But Mostly Not
May 11 marks a watershed moment of sorts for financial institutions (FIs), with new requirements for customer due diligence. According to new processes mandated by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department, additional efforts must be spent identifying legal entity customers’ beneficial ownership stakes. As defined by FinCEN, a beneficial owner can include individuals who own at least 25 percent of equity of the [...]
First Data Leads $12M Round In Restaurant POS Startup
Wagering that restaurants are seeking to learn more about their customers, First Data has invested in a restaurant software company. Salido raised $12 million in Series A funding, with First Data as an investor in the round, CNBC reported. While First Data originally thought of acquiring the company, it later decided to become an investor in Salido. First Data declined to comment to CNBC on its interest in [...]
