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November 27, 2013

Happy Thanksgiving from PaymentsNews.com!

Fall Colors 2012
We hope our American readers have a wonderful Thanksgiving!

We've certainly got a lot to be thankful for!

Best,
Scott Loftesness @sjl
Editor
PaymentsNews.com - @paymentsnews

SimplyTapp Announces Series A Funding From Lightspeed Venture Partners

SimplyTapp 140pxSimplyTapp has announced that it has raised its Series A round led by Lightspeed Venture Partners and continued support from Blue Sky Capital.

Lightspeed gives us the backing we need to grow the company at just the right time," said Doug Yeager, CEO of SimplyTapp. "They really understand the space and share our vision for the future of mobile enabled payments. We are thrilled to have them as our partner."

SimplyTapp Inc. was founded in 2011 by Doug Yeager and Ted Fifelski for the purpose of breaking down the barriers in the mobile payments ecosystem for developers. The company created Host Card Emulation (HCE) and deployed it into the CyanogenMod operating system in early 2012 to bypass the network operator's SIM card to complete a mobile payment at a point of sale terminal. Google launched HCE with the latest Android 4.4, KitKat and now uses HCE within the Google wallet implementation on the Nexus 5.

The SimplyTapp team will bring secure open innovation to developers and issuers that have been dominated by complexity," said Tim Danford of Lightspeed Venture Partners. "HCE is getting significant interest, I'm looking forward to working with the team to build a market leading company."

The company has implemented the first platform that leverages HCE for mobile payments. A main advantage of the platform is the ability to leverage existing POS hardware infrastructure without requiring merchant adaptation. The platform is open to developers and card issuers; allowing for innovation in mainstream card issuance to go beyond PayPal and Stripe. Through secure and open APIs, SimplyTapp enables developers to include HCE payments in their applications. The service automates the process of securely storing issuer's card credentials in the cloud.

PayPal Now Accepts Prepaid Gift Cards

PayPal logo 140pxPayPal has announced that it now supports using prepaid gift cards through PayPal Checkout.

After months of research and investigations, we discovered a patent-pending and innovative way to allow the usage of prepaid gift cards so that you can seamlessly apply them to the purchase of products and services anywhere PayPal is accepted – just in time for the holidays!

PayPal notes that with the addition of prepaid gift card support: "As long as the merchants you are shopping with accept PayPal, you can be assured that you now have extra buying power on top of your existing debit, credit cards or banks."

Visa Launches V.me Across Europe

Visa logo 60pxhVisa Europe has announced that V.me by Visa, the first pan-European digital wallet service to be offered by banks and financial institutions, is now live in the UK, France, Spain and Poland. The UK’s Nationwide Building Society is joined by leading issuers BPCE and LCL in France, with ING Bank Slaski now in pilot in Poland and multiple pilots also underway in Spain. Visa says that other major issuers will launch soon in all four markets, including RBS in the UK.

Steve Perry, Chief Commercial Officer, Visa Europe, says:

V.me by Visa gives merchants and issuers an acceptance mark that will work across Europe. Mobile phones, tablets and the use of digital payments have changed the nature of commerce: consumers want to be able to buy from the merchant of their choice via any device without sharing their card details. That’s why we’re working with our members and merchants to give them the benefit of V.me by Visa’s scale and international reach.”

Offering simple, secure online payments, V.me by Visa is designed to increase consumer confidence in online shopping and reduce the proportion of sales that are abandoned during the checkout process. In the UK any cardholder can sign up to participate in the launch. In other markets the service is currently being offered to a select group of consumers, with wider availability to follow in the coming months. More than 1,400 merchants accept V.me by Visa today, with soon-to-launch retailers including Universal Music in the UK and Allopneus, Aquarelle, Brandalley, Leclerc Drive, Made.com and Pecheur.com in France. By January 2014, up to 4,000 merchants will accept V.me by Visa thanks to strategic partnerships with main services suppliers in the payment industry, notably WorldPay in the UK, as well as Be2bill (Rentabiliweb), Payzen (Lyra Network), Payline by Monext, Paybox (Point VeriFone), SystemPay (Natixis Paiements) and Worldline (Atos subsidiary in e-payment services) in France.

November 22, 2013

Headline News from PaymentsNews.com - November 22, 2013

On the web:

  • Will U.S. consumers and retailers ever be ready for NFC? - Mobile Commerce Daily - “While I wouldn’t say that Google has given up on NFC, they certainly are acknowledging a willingness to work outside of that system as an interim solution,” said Brian Stein, managing director at Pervasive Path, Cleveland, OH.

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 21, 2013

Technology and Security Considerations for Mobile Contactless Payments at the Point-of-Sale in the U.S.

Boston fed logo 140pxThe Federal Reserve Bank of Boston has published a new paper titled "Technology and Security Considerations for Mobile Contactless Payments at the Point-of-Sale in the U.S." based on a meeting held in June of its Mobile Payments Industry Workgroup (MPIW.

The group met with POS terminal providers and smart card providers to address the technological and security considerations impacting the rollout of mobile contactless payments at the point-of-sale (POS) in the U.S.

While the discussions sought to better understand primary technologies that support mobile contactless payments in the U.S.—NFC, cloud, or QR codes, discussions were primarily focused on NFC technology given the experience and background of the panelists and the challenges to its widespread adoption.

The findings in this paper are based on that discussion and include the panelists' views on: technical complexity and cost of NFC adoption; security challenges of mobile payments at POS and tools for addressing related vulnerabilities; and practical considerations for the future.

Google Introduces the Google Wallet Card

Google logo 140pxGoogle has announced the Google Wallet Card - a new physical card that allows Google Waller users in the US to spend from their Google Wallet accounts at MasterCard accepting merchants without having to transfer their balances into their bank accounts. The card is free but must be ordered from Google by the user.

An FAQ about the new Google Wallet Card says that "the Google Wallet Card is accepted at millions of MasterCard locations. Choose either credit or debit at checkout, and if you're prompted for a PIN, enter your Google Wallet PIN." Google also noted that "You cannot use the Google Wallet Card outside the US right now."

Headline News from PaymentsNews.com - November 21, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 20, 2013

U.S. Bank and American Express Announce Card-Issuing Agreement

USBank logo 140pxU.S. Bank and American Express have announced that U.S. Bank will offer credit cards accepted on the American Express network in 2014.

We actively listen to our customers and are focused on delivering the right financial solutions that best meet their needs,” said Pam Joseph, Vice Chairman of U.S. Bank.

“We believe that the American Express network provides a combination of benefits and services that many of our customers want. We’re proud to partner with American Express, a company with a rich history of service that’s dedicated to providing outstanding customer value.”

U.S. Bank is now working with American Express to design programs for U.S. Bank’s customers and expects to begin offering cards on the American Express network by fall 2014. The new American Express-branded cards will be available online, at U.S. Bank’s 3,088 branches and by phone.

Headline News from PaymentsNews.com - November 20, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 19, 2013

Uber Now Accepts PayPal

PayPal logo 140pxUber has announced that it is now accepting PayPal to pay for rides in Germany, Italy, France, the Netherlands and the US. Uber users can now add PayPal as a payment option in the Uber mobile app. [Update: See PayPal's blog post]

TechCrunch reports that "To add your PayPal account you simply enter in your email/password or phone number and pin, and you’ll be logged in." Users won't need to login to PayPal each time.

Uber CEO Travis Kalanick told TechCrunch that "enabling PayPal was the simplest way to allow a universal payments method that is used across the globe by 140 million users."

PayPal CEO David Marcus told Bloomberg: "It’s important to be where disruption occurs. You want to partner with the companies creating an amazing consumer experience.”

Headline News from PaymentsNews.com - November 19, 2013

On the web:

  • Mapping Bitcoin - New York Times Bits Blog - "One striking thing about the map: Bitcoin is increasingly a Chinese craze."
  • Bitcoin: More than Money - Reason.com (Jerry Brito) - "At its core, Bitcoin is a completely decentralized ledger system. It can be thought of as a massive online version of an accountant's book in which transactions are recorded by deducting from one account and adding to another."
  • Buying Your Holiday Gifts With Bitcoin AVC.com (Fred Wilson) - "When the citizens of the world will be able to buy and sell from each other and from retailers of all shapes and sizes via Bitcoin, then we will have truly realized the potential of a global digital currency."
  • Regulators See Value in Bitcoin, and Investors Hasten to Agree - New York Times - "The virtual currency bitcoin took a big step toward the mainstream on Monday as federal authorities signaled their willingness to accept it as a legitimate payment alternative."
  • Authorities See Worth of Bitcoin - Wall St. Journal - "Senior U.S. law-enforcement and regulatory officials said they see benefits in digital forms of money and are making progress in tackling its risks."
  • This Senate hearing is a Bitcoin lovefest - Washington Post - "All three Obama administration officials expressed concern about Bitcoin being used for illicit uses. But they also stressed that Bitcoin has important legitimate uses and that regulators need to be careful not to stifle innovation in virtual currencies."
  • IngoMoney cashes in $8.4M from Camden Partners - Atlanta Business Journal - "Ingo's algorithms decide in real time whether or not it's a safe risk for a customer bank to accept a check."
  • A Day in the Life of Getting Isis Mobile Payments Up & Running - "Since the ISIS mobile payment platform launched nationwide last week, I decided to give it a try."
  • PR Agencies: What the Visa Shakeup Could Mean for the Industry - "But Visa is the first to draw a line in the sand and have their internal workforce add the work of three agencies to their assumedly already packed to-do lists, choosing not to outsource at all."

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 18, 2013

Rajat Taneja Joins Visa Inc. as Executive Vice President of Technology

Visa logo 60pxhVisa Inc. has announced the appointment of Rajat Taneja as Executive Vice President of Technology. In this role, Mr. Taneja will be responsible for Visa's global technology function including development and delivery of innovative products, engineering and technology operations across the company, as well as ongoing research and development. Mr. Taneja will report directly to Charlie Scharf, CEO of Visa Inc.

"Rajat brings over 20 years of experience as an established global technology executive, and I believe he will play a pivotal role in defining how Visa can take advantage of new innovations, collaborate with technology leaders, grow our business and drive even greater value for our merchant and financial institution clients," said Charlie Scharf, CEO of Visa Inc.

"I am confident that Rajat will build on Visa's 50 years of innovation and continue to expand our best-in-class payments network."

Mr. Taneja joins Visa from Electronic Arts where he was Chief Technology Officer responsible for the company's global technology and investment decisions, management of platform engineering, data center operations and global IT. Prior to EA, Mr. Taneja spent 15 years at Microsoft where he last served as Corporate Vice President of the company's commerce division, which included the development and deployment of Microsoft's online commerce and service platforms behind Xbox Live, Windows Phone, Azure, Office 365 and MSN. Mr. Taneja holds a bachelor's degree in electrical engineering from Jadavpur University, India, and an MBA from Washington State University.

American Express Introduces Use Points for Charges on Smartphones

Amex logo 140pxAmerican Express has launched a new Use Points for Charges feature available in the American Express mobile app that gives eligible Card Members the option to redeem Membership Rewards points for practically any purchase, from gas and groceries to clothing and manicures, all on their smartphones.

“We’re committed to making Membership mobile, recognizing a future where decisions on what, where, and how to buy increasingly happen through mobile devices,” said David Yoo, SVP Mobile Products and Services, American Express. “We want to be where our Card Members are so that they can get the most out of Membership every day, and we can do that by connecting our Card products to the mobile devices our Card Members rely on most.”

The company describes how it works:

  • Download or upgrade the free iOS or Android American Express mobile app
  • Make an eligible purchase over $1.00 using your eligible Card enrolled in the Membership Rewards program
  • Open the mobile app and select Use Points for that particular charge once it hits your statement
  • A credit in the amount of the charge is applied to your account

Unlike rewards programs that only allow customers to redeem from a pre-selected list of options, American Express says its Card Members now have the power to design their own rewards program and treat themselves by redeeming points for almost any purchase with an eligible American Express Card.

First Data, Oberthur Partner for EMV in the US

First data logo 140x60pxFirst Data Corporation and Oberthur Technologies have announced "a strategic partnership to manage and promote EMV in the United States."

The companies say their partnership will leverage Oberthur Technologies' expertise, smart cards, and Common Personalization System, along with both companies' card personalization capabilities, to deliver a robust, secure and comprehensive EMV solution. As part of the partnership, Oberthur Technologies has also become First Data’s preferred provider of EMV smart cards.

With this agreement, First Data extends its market leadership with an outstanding solution that provides card issuers with flexibility, security and control,” said Frank Bisignano, CEO, First Data.

“Oberthur Technologies’ industry-leading EMV technology and chips further strengthen our offering. The partnership reflects First Data’s determination to lead the industry in preparing for the U.S. EMV migration and provide its customers a world-class solution.”

First Data has supported EMV for more than a decade. Globally, the company has been an approved EMV transaction processor since 1999. First Data has also successfully personalized and fulfilled a number of U.S. issuers’ EMV chip card portfolios since the move to EMV in the U.S. began.

Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies

The US Senate Committee on Homeland Security and Governmental Affairs is holding a hearing this afternoon in Washington titled "Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies".

Witnesses testifying include representatives from regulatory agencies, the Secret Service and the Department of Justice, public interest groups, the Bitcoin Foundation and others. Copies of their prepared testimony should be posted on the web site before the hearing - which begins at 3 PM Eastern this afternoon.

Tomorrow, the US Senate House Banking, Housing and Urban Affairs committee is holding a hearing on "The Present and Future Impact of Virtual Currency." Witnesses at tomorrow's hearing include: Ms. Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network; and Mr. David Cotney, Commissioner of Banks, Massachusetts Division of Banks, Mr. Anthony Gallippi, Co-founder and CEO, BitPay, Incorporated; Mr. Chris Larsen, Founder and CEO, Ripple Labs; Ms. Sarah Jane Hughes, University Scholar and Fellow in Commercial Law, Indiana University Maurer School of Law; and Mr. Paul Smocer, BITS President, Financial Services Roundtable.

Headline News from PaymentsNews.com - November 18, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 15, 2013

Headline News from PaymentsNews.com - November 15, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 14, 2013

Isis Mobile Wallet Now Available Nationwide

Isis logo 140x60pxIsis has announced the latest version of the Isis Mobile Wallet is now available to consumers for download in the Google Play app store and at thousands of AT&T, T-Mobile and Verizon Wireless retail stores nationwide. The Isis Mobile Wallet allows customers to pay at contactless payment terminals, and to save money through special offers and loyalty cards at participating merchants – all from their Isis Ready® smartphone.

Today's nationwide launch of the Isis Mobile Wallet is a milestone for consumers, merchants and banks. It's the start of a smarter way to pay," said Michael Abbott, chief executive officer, Isis.

"Together, with our partners, we've built a seamless mobile commerce experience. We're pleased to bring the magic and simplicity of the Isis Mobile Wallet to consumers across the U.S."

Starting today, customers with one of the more than 40 Isis Ready smartphones available from AT&T, T-Mobile or Verizon Wireless can receive a free enhanced SIM card from their wireless carrier and download the Isis Mobile Wallet for free from Google Play. The redesigned Isis Mobile Wallet features a simplified user interface with a clean, white background and easy-to-navigate toolbars. Integration with American Express Serve® makes it convenient for Isis Mobile Wallet users to load funds to their American Express Serve Account from a U.S. debit or credit card, bank account, or through direct deposit, as well as pay bills online and send money to friends and family using an American Express Serve Account.*

Headline News from PaymentsNews.com - November 14, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 13, 2013

Skrill to Offer Digital Wallet for Regulated Gambling in New Jersey

Skrill logo 140x60pxSkrill has announced that it has been "approved by the New Jersey Division of Gaming Enforcement (DGE) and will be the only company to offer a digital wallet for regulated gambling in the state of New Jersey." Skrill is now officially authorized to offer its services to gambling operators and enable online gaming in the Garden State. Neil Steinhardt, CEO of Skrill USA commented:
We’re extremely excited about the new opportunities opening up in the US market for gambling merchants and consumers. Skrill’s global reach aligned with local expertise makes us the perfect partner to work with businesses in this market. The Skrill digital wallet offers merchants a tailored solution to process deposits and withdrawals faster, increase conversion rates and provide full chargeback protection. For gaming customers, being able to conduct high-speed, high conversion payments on any device on the go is vital.”
Founded in 2001, Skrill is one of Europe’s largest online payment processors and among the world’s largest independent digital wallet providers. Skrill operates the largest online gambling wallet globally, with 40 different currencies and 100 payment options including debit cards, credit cards, peer to peer transfers, merchant payouts and automated clearing house (ACH) services. In the United States, Skrill operates as Skrill USA, Inc. - a registered money service business (MSB) and licensed money transmitter in the state of New Jersey and various other U.S. states.

Headline News from PaymentsNews.com - November 13, 2013

On Twitter:

On the web:

  • Stress Test Prepares VisaNet for the Most Wonderful Time of the Year - Visa Viewpoints - "This year’s “mug number” – as we like to call it – is 47,000 transaction messages per second, which is a huge step forward from 2012’s peak capacity of 30,000 transaction messages per second!"
  • No plastic, no problem: Square does away with deposit limits for U.S. businesses - GigaOm - "Square is eliminating holds on funds taken from payments where no physical card is present."
  • How Big Banks Killed a Plan to Speed Up Money Transfers - American Banker - "The plan, known as Expedited Processing and Settlement, may not have been a step into 21st Century..."
  • EMV: America, What Took You So Long? - Emerging Payments Strategies (FIS) - "So why has the U.S. not embraced EMV sooner? Part of the reason is because our fraud problem, while significant, has typically been among the lowest rates in the world among highly developed economically mature countries."
  • What Android's KitKat means for NFC - Mobile Payments Today (Cherian Abraham) - "HCE means a lot more for private label issuers — who have a very inspired base of merchants looking to bridge the gap between private label cards and mobile — and now there is an alternative to clumsy, costly and complex orchestrations for provisioning cards."
  • The power of love - TMG Blog - "When I switched credit cards recently, I started feeling love the first time I logged into my personal account page. I noticed that things I had purchased only minutes before were already listed, which was something I’d never seen with my previous provider."
  • The challenge of being a Bitcoin trader - Financial Services Club Blog - "There is not attainable indication that the government understands Bitcoin correctly."

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 12, 2013

NACHA Invites Comments on Proposed Rules to Improve ACH Network Quality

NACHA logo 140pxNACHA has announced two proposed rules that it says are "complementary approaches to improving ACH Network quality by reducing the incidence of exceptions. As components of NACHA’s Risk Management Strategy, the proposed rules are intended to protect the safety, security and integrity of the ACH Network and the consumers, governments, businesses and financial institutions that move their money via ACH."

The NACHA Operating Rules provide for the safe, secure, and efficient exchange of electronic payments,” said Janet O. Estep, president and CEO of NACHA.

“These amendments provide new ways to reduce incidents of returned transactions and exceptions, thus increasing overall ACH Network quality. Through rulemaking efforts such as these, we look to continually improve our processes and strengthen ACH payments.”

The first proposal - the “ACH Network Risk and Enforcement” proposal - would improve NACHA’s ability to identify and enforce the Rules against “outlier” Originators that are responsible for the highest, and most disproportionate, levels of exceptions. The rule would also expand NACHA’s authority to initiate enforcement proceedings against Originators that introduce unauthorized transactions into the ACH Network. Further, the proposal would establish additional standards for the use of the ACH Network to collect debits returned for insufficient funds.

The second proposal - “Improving ACH Network Quality” - would establish economic incentives for Originating Depository Financial Institutions (ODFIs) and their Originators to improve origination quality, and provide partial cost-recovery to Receiving Depository Financial Institutions (RDFIs) for handling exceptions. By establishing economic incentives for specific types of exceptions, ODFIs would have direct incentives to implement processes and tools with their Originators to reduce the number of such returns and exceptions. ODFIs with the highest return rates would have the greatest incentives to work with their Originators to reduce those rates. By reducing exceptions in the ACH Network, the proposed rule would provide a cost-reduction benefit to RDFIs and improve their customers’ experience with ACH payments.

All NACHA Requests for Comments are open for public comment, and NACHA encourages responses from ACH Network participants, including financial institutions, service providers, business users, government entities, associations, and other interested parties. The comment period will last 60 days and end on January 13, 2014.

Bill.com Closes $38 Million in Financing Led by Scale Venture Partners

Billcom logo 140pxBill.com has announced that it has closed $38 million in financing led by new investor Scale Venture Partners (ScaleVP). The round also included participation from Bank of America, American Express, Fifth Third Bank, Pete Kight, founder of CheckFree, and Commerce Ventures, as well as all of Bill.com’s previous investors--August Capital, Napier Park Global Capital, TTV Capital, Jafco Ventures, Emergence Capital and DCM.

We like to invest in companies that take complex problems and make them easy. Bill.com takes the ease of use of consumer online bill pay solutions and adds enterprise features like workflow, access control and approval processes,” said Rory O’Driscoll, partner, Scale Venture Partners.

“Customers who use the product rave about it. It allows them to get a direct handle on cash, which is the lifeblood of any business.”

The company said that the new funds will be used for further investment in the Bill.com Banking Platform to support its rapidly growing banking channel; acceleration of the Bill.com Business Payments Network, which serves all of Bill.com’s subscribers and its partners; customer acquisition; and investment in the core product features and integration with third-party applications to better serve small to medium businesses (SMBs), accountants and bookkeepers.

Heartland to Offer American Express Merchant Financing

HeartlandPayments logo 140pxHeartland Payment Systems has announced that it will be the first processor to distribute American Express Merchant Financing - providing small businesses with access to highly price-competitive alternative financing solutions and be able to obtain loans based on their annual card processing volume.

The core of our business is to deliver solutions that empower our clients to be competitive and profitable,” noted Bob Carr, chairman and CEO of Heartland. “For nearly five years, small business owners have played defense trying to survive through the recession and now are beginning to feel optimistic about infusing new capital into their operations. With American Express’ Merchant Financing, small businesses will be able to obtain crucial financing to grow and compete with larger operations.”

American Express’ Merchant Financing is designed to provide immediate capital to finance short-term investments and be paid back over a 12-month period, thus avoiding long-term debt commitments. In contrast to traditional commercial lending vehicles, Merchant Financing provides convenient access to capital up to $750,000—enabling even more small business owners to finance their growth needs, stay competitive and enhance their businesses. Additionally, Heartland clients will have the flexibility to renew their loans one year after the initial disbursement, which allows them to account for economic conditions and business performance before making additional capital investments.

Headline News from PaymentsNews.com - November 12, 2013

On the web:

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 11, 2013

First Data Merchant Solutions Achieves UK Payment Institution Status

First data logo 140x60pxFirst Data Merchant Solutions, First Data’s direct-to-market payment acceptance business, has announced that it has become a UK Payment Institution after successfully achieving independent membership of the UK Financial Conduct Authority (FCA) as well as the MasterCard and Visa card schemes. As a UK Payment Institution, First Data Merchant Solutions says it is now able "to provide payment acceptance facilities independently and without sponsorship from a bank partner."

Raj Sond, General Manager of First Data Merchant Solutions, commented:

Achieving UK Payment Institution status is great news for First Data Merchant Solutions and its clients. Not only does it lay the groundwork for further expansion in the retail payments space, it gives us greater agility as a business to bring new products to market, leverage our extensive industry relationships and work with an even broader range of merchants in the region.”

First Data has also announced a new agreement with Diners Club International that will enable First Data Merchant Solutions clients to accept all cards on the Discover Global Network including Diners Club and Discover transactions. Discover Global Network is comprised of Discover Card, Diners Club International, BC Global Card, DinaCard and Rupay.

Established in the UK in 2002 the business was re-branded in 2011 to First Data Merchant Solutions, creating FDC's first ‘direct to market’ merchant acquiring business outside of North America.

Headline News from PaymentsNews.com - November 11, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

November 08, 2013

CardCash.com Raises $6 MM in Funding From Guggenheim Partners

CardCash.com, a web-based secondary gift card exchange, has announced that it has secured $6 million in growth financing from Guggenheim Partners. CardCash said it will use the funding to continue to enhance its popular exchange on which consumers can buy, sell, and trade the estimated $30 billion of unused gift cards.

We are excited to form this strategic partnership with Guggenheim Partners as this will help us realize our strategy and vision,” said Elliot Bohm, CEO and co-founder of CardCash.

“With Guggenheim’s investment, we can expand our brand and service to consumers across America.”

Doug Atkin, who heads Guggenheim’s venture and growth investing business, added, “CardCash fits perfectly into our strategy of investing in innovative financial exchanges. The Company has a proven track record and a first-rate management team. We look forward to our partnership and also to helping them continue to build out their exciting business.”

Annual gift card sales exceed $100 billion annually in the United States. As that number continues to grow, nearly 10% of those cards go unspent every year. To help access that locked-up capital, CardCash provides a simple and secure online exchange that allows consumers to convert these unused cards into cash.

Headline News from PaymentsNews.com - November 8, 2013

On the web:

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

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