Merchant

About 20% of approximately 15,000 merchants in the Solveras Payment Solutions portfolio thus far have been notified as part of a program designed to bring them into compliance with Payment Card Industry Data Security Standard, the Arlington, Va.-based independent sales organization says. The initiative began in late February.

Dave and Buster's Holdings Inc., an entertainment and restaurant chain, has settled charges brought by the Federal Trade Commission that the company failed to adequately secure the credit and debit card information of customers, FTC officials said Thursday.

Barrett Burns, president and chief executive at VantageScore Solutions LLC, presented testimony this week before the House Subcommittee on Financial Institutions and Consumer Credit entitled: "Keeping Score on Credit Scores: An Overview of Credit Scores, Credit Reports and Their Impact on Consumers."

The Iowa Senate approved a bill this week to hire a debt collection coordinator with "expert knowledge" of collections and an understanding of the workings of state government. The coordinator would be hired by the governor and confirmed by the Senate for a four-year term.

The Federal Trade Commission on Wednesday testified it has taken steps to follow through on legislation aimed at ensuring consumers' credit reports are accurate, preventing identity theft and giving consumers a better understanding of their credit scores.

An Internal Revenue Service initiative announced earlier this month could spur independent sales organizations and merchant acquirers to assess how they classify their staffs, Holli Hart Targan, president of the Electronic Transactions Association, noted at the Southeast Acquirers Association conference this week in Atlanta.

FrontStream Payments Inc. will double its annual transaction-processing volume to $2 billion following last week’s acquisition of Fast Transact Inc., a Lacey, Wash.-based ISO, FrontStream CEO Emmet Seibels tells ISO&Agent Weekly.

Residuals are a standard form of payments revenue for ISOs and sales agents, but the weak economy, decreased transaction volumes and margin compression are making it more difficult for individuals to subsist on residual income alone. As some agents’ residuals grow tenuous, more salespeople are expressing interest in up-front revenue to bolster their incomes.

Compliance among small merchants with the Payment Card Industry Data Security Standard remains relatively low, but ISOs may be able to increase compliance rates in their portfolios by launching multifaceted campaigns, some industry insiders suggest.

An Internal Revenue Service initiative announced earlier this month could spur independent sales organizations and merchant acquirers to assess how they classify their staffs, Holli Hart Targan, president of the Electronic Transactions Association, noted at the Southeast Acquirers Association conference this week in Atlanta.