Merchant

The fees banks charge to merchants have skyrocketed because people are making more purchases using their credit cards during the pandemic. Lawmakers can cap these fees before they further eat into retailers' profits.

Citizens Financial Group has branded its point of sale lending software as Citizens Pay, saying it wants to more clearly define it as a merchant tool for "budget-friendly payment options" for customers who want a transparent and predictable way to finance purchases.

Bankers have several unanswered questions about the Paycheck Protection Program before it reopens to select lenders on Monday. Among them: When will forms be available, and which portal will the Small Business Administration use?

The COVID-19 pandemic of 2020 saw some businesses become big winners — such as Zoom, Home Depot and payments companies like PayPal — while other businesses suffered heavily, most notably the travel and hospitality industries. Credit card issuers also suffered, as demand lagged heavily for new cards and their overall spending dropped considerably during the year.

President-elect Joe Biden picked California official Isabel Casillas Guzman to lead the Small Business Administration, according to people familiar with the decision.

Community banks will have access to allocated funds and at least two days of exclusive portal access when the Small Business Administration relaunches the Paycheck Protection Program.

American Express has spent years refining a decision-making engine that can tailor products and services to cardholders' needs in real time.

Security firm Intezer Labs is warning consumers using cryptocurrency wallet apps that a new malware strain is attacking and draining those wallets of crypto assets.

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

Even early in the pandemic, it was apparent that acquirers needed digital onboarding, electronic payments and automated chargeback solutions to keep their footing in an acquiring landscape already facing disruption.