Interchange under the gun in D.C.
he next battle in the war over interchange fees began on Capitol Hill May 15, 2008, when the Judiciary Committee Antitrust Task Force held a hearing on House of Representatives bill 5546, otherwise known as the Credit Card Fair Fee Act of 2008.
If enacted into law, the bill would allow merchants to negotiate as a group the interchange fees they are charged by Visa Inc. and MasterCard Worldwide, the card brands that set fees per transaction that merchants must pay for accepting electronic payments.
GS 08:05:01 – Lead Story
Fraud busting, electronic style
Fraud in its broadest meaning can be defined as an act of intentional deception that causes an individual to surrender something of personal or professional value to another individual or organization. With the advent of the Internet and wireless technology, that gun is pointed at all our heads. But many of us don't know it.
GS 08:05:01 – News
Prepaid players join for expansion
In April 2008, First Data Corp., the world's biggest merchant acquirer, expanded its prepaid market footprint by acquiring InComm Holdings Inc., one of the largest distributors of stored value gift and prepaid products in the United States. The acquisition should be completed during the second quarter of 2008.
GS 08:05:01 – News
The number of people who networked in planned and spontaneous meetings, visited the 183 exhibitor booths, and attended a range of educational and social events at The Electronic Transactions Association 2008 Annual Meeting & Expo is not yet tallied. But it looks like attendance at the premier industry event was up from a year ago.
GS 08:05:01 – Features
From ATMmartketplace.com There is virtually zero chance that cash will be withdrawn from society within the next generation. That is, in the next 25 years. And in all likelihood, there could easily be another 100 years of cash. People talk vaguely about the cashless society. Some experts seem to believe that plastic and digital forms of money are set to replace cash.
GS 08:05:01 – AgenTalk
For 10 years, George Massey performed as a baritone throughout the United States in some of the most famous operas ever written. Massey retired from singing to raise a family and work as a realtor. An MLS for just a little over a year, Massey believes his background in real estate has made the transition to merchant acquiring much smoother.
GS 08:05:01 – Street Smarts
The payments industry is unique when it comes to training MLSs. Many have said over the years their training left a great deal to be desired. Often the experience has been described as the lunch-and-napkin approach to bankcard 101. Why not explore many of the benefits the ETA offers ISOs and MLSs?
GS 08:05:01 – Views
Welcome to the wireless mainstream
While the payments industry fortunetellers try to predict the "next great thing," the substantial growth that has occurred within an existing POS segment, wireless credit and debit card processing, is discussed. Merchant level salespeople (MLSs) treated wireless as an ancillary arm to their sales portfolios, and merchants were resistant to buying.
GS 08:05:01 – Education
Merchant security is your business
Most security breaches happen when someone hacks into POS or business computer systems and steals cardholder data that merchants stored. It is in the best interest of ISOs and MLSs to counsel merchants to review the security of their systems before a breach happens, regardless of who is liable for merchant security breaches.
GS 08:05:01 – Education
Employee retention begins day one
In the volatile payments industry, with sales reps moving frequently from one job to another, it's hard enough for ISOs to recruit new talent. But once the hire is completed, the job of retaining that MLS is just beginning. Unfortunately, many ISOs forget that fact – on the new hire's first day on the job.
GS 08:05:01 – Inspiration
Consider reality shows that involve teamwork: Friends and strangers are coming together to motivate one another, win prizes and meet their goals. Is your office up for a little friendly sales competition? Here are some tips to help you develop a contest that brings out the best in all participants.