Merchant

The small merchants that turn to Square for their card acceptance needs are also among the most reluctant to swap out their hardware for devices that can handle EMV-chip cards, so Square is putting into play a strategy that banks have long used to get consumers on board with new technology.

Total System Services (TSYS), the Columbus, Ga.-based payment processor, has hired Patricia A. Watson to be senior executive vice president and chief information officer, effective Sept. 14.

Fannie Mae and Freddie Mac have a regulatory mandate to shrink. But that's easier said than done, given the government-sponsored enterprises' outsized presence in the mortgage industry, as their latest quarterly results show.

Officials in Mahanoy City, Pa. will direct delinquent garbage accounts to a new collection agency that will charge people an added 25% late fee on all overdue accounts but will collect no additional fees from the city.

Banks are making a big push to court retailers with large stacks of cash, including fast-food chains, gas stations and big-box stores. Regional banks, in particular, are expanding their "smart safe" business — a niche treasury product that retailers use to sort and remotely deposit dollar bills.

Minnesota lawmakers plan to introduce legislation next year to curb payday lending after a previous proposal failed that would have limited the number of loans consumers can take out to four.

The end of the swipe-and-sign era is right around the corner, and merchants such as bars and restaurants could face major risk as of October if they haven't migrated their point of sale systems to accept EMV.

Rather than compete head-on with Square, Intuit is crafting a strategy of providing software that complements Square's offerings for merchants that have more complex needs.

DBA International, an association representing debt buyers, hosted its 2015 Executive Summit this week in Park City, Utah.

Increases in credit card and auto loan balances were not enough to keep overall household debt balances from remaining flat since the first quarter, according to the Federal Reserve Bank of New York’s Household Debt and Credit Report.