Breaking Industry News
Breaking News articles for May 2007
New Arkansas law caps early termination fees
Wednesday, May 30, 2007
The Arkansas legislature has weighed in on the long-simmering feud over merchant processing fees. With no fanfare and little public debate, state lawmakers overwhelmingly approved a bill in April that imposes strict disclosure requirements on merchant processing agreements.
Interchange under attack
Thursday, May 24, 2007
It's almost a rite of spring: One or both of the card Associations implement new interchange fee schedules. This forces acquirers and processors to adjust their fees, and the retail sector cries foul.
This year, Visa U.S.A. rolled out a new interchange schedule, effective April 14. Within days, the National Retail Federation was rallying state lawmakers behind efforts to force major changes to interchange.
Free registration for NEAA meeting expires May 23
Thursday, May 24, 2007
The Northeast Acquirers Association (NEAA) is offering an early registration incentive for its upcoming Summer Seminar: All nonvendor attendees who sign up by May 23, 2007, will receive free admission. Those who register after that date (including at the door) will be charged $150. Nonvendor attendees are those "directly providing electronic payment services to retail establishments," said NEAA President Jacques Breton.
Cynergy finds synergy in Abanco gateway
Wednesday, May 09, 2007
Cynergy Data got a 30% boost to its portfolio by buying a 15,000-merchant portfolio from Abanco International. The purchase was completed in late April and included Abanco's payment gateway.
Visa may publish list of registered ISOs
Monday, May 07, 2007
Visa U.S.A. is considering publishing a list of registered ISOs, representatives said during a recent Compliance Day seminar sponsored by the Electronic Transactions Association. The company provided an overview of its Acquirer Risk Program. The program has set a goal to review 95% of acquirers with ISOs by the end of 2007, Ginger Bergman, Director of Visa's Acceptance & Risk Compliance Group, told ISOs. "Don't think we're going after you, because we're not. We recognize the value [ISOs provide] within the payment system, but with that comes increased risk," she said.
ISO in FTC action re-opens for business
Tuesday, May 01, 2007
An ISO's sales tactics can get it into hot water with the Federal Trade Commission. For the second time, the agency has taken action against an ISO for alleged unethical business practices, seizing control of Merchant Processing Inc. of Beaverton, Ore. According to the complaint, agents of MPI failed to disclose the true terms of contracts to some of its merchants. A federal judge ordered a temporary halt April 12 to its operations, forcing the company into receivership while the FTC seeks an injunction against the owners.
