Merchant

With the pandemic driving the need for contactless payment options in health care settings, RevSpring has extended its Deviceless Payments offering to include point-of-service payments — turning payments into mobile transactions and bypassing the need for point of sale terminals.

“We were already shifting to recruiting more problem solvers than people handling transactions,” said Robert Fisher, CEO of Tioga State Bank in New York and incoming chairman of the Independent Community Bankers of America. “That pace of change has accelerated.”

Nonbanks had worried the end of the Paycheck Protection Program Liquidity Facility would hurt their ability to lend to small businesses. On Monday, the Federal Reserve announced the facility would be extended for three months.

The big box retailer is streamlining the way it integrates third-party sellers across multiple channels.

A big funding source for the Paycheck Protection Program is set to expire on March 31. Its demise would pinch nonbanks that are originating and buying loans, especially if Congress continues the PPP beyond this month.

The update, delayed from last year, would be the most substantial change to the interchange rate structure in a decade — and the card networks have not signaled plans to delay it further.

COVID-19 has pushed an increasingly popular, non-traditional POS lending product into the mainstream.

The Small Business Administration is still writing rules for the Paycheck Protection Program two months after its relaunch. Lenders fear they may not have enough time to review those rules before the program’s March 31 expiration date.

The post-pandemic world requires serving multitasking consumers. Checkout.com exec and "Card Forum: Contactless" presenter Bradley Riss discusses how that works in a preview of our virtual conference.

CardX, which enables merchants to add a fee for accepting credit cards, won by showing how its product provides transparency to consumers.