Economy

MOUNT SNOW, VT.–Merchants don’t understand the Payment Card Industry data security standards, and ISOs aren’t doing enough to help them comply with those rules.

MasterCard Worldwide didn’t come right out and say it, but the card brand is encouraging U.S. issuers and merchants to embrace chip-and-PIN technology as part of a switch to EMV smart card security in the next three years.

Visa Inc. chairman and chief executive Joe Saunders on Jan. 31 downplayed concerns over the costs associated with its new digital wallet at the company’s annual shareholder meeting.

For some ISOs, the decision to offer mobile marketing services seems like a no-brainer.

ISOs and agents seem ready to withstand the changes rocking the payment industry.

Social media was created to build relationships. For some it has become the primary way they keep in touch with their social circles. Engagements and romantic breakups are announced via Facebook; pictures of new babies and new pets are shared over Twitter.

Scott Lang wants ISOs and agents using NACHA’s automated clearinghouse network to watch their language, particularly when discussing the service.

ISOs are preaching specialization as they brace for a shakeup caused by giant consumer-facing companies angling for positions in the payments industry.

The Stop Online Piracy Act and the Protect IP Act, two bills that would have relied on payment companies to block funding to websites accused of content theft, were put on hold Jan. 20.

The new president of the Electronic Transactions Association does more than just talk about turning challenges into opportunities.

If the Zappos Retail Inc. data breach has a silver lining, it may be that more merchants, including the shoe-marketing giant, have taken key steps to prevent thieves from stealing customers’ full credit card account numbers, which will blunt potential losses.

A payments gateway offering multiple functions and customization options has become available in recent weeks to independent sales organizations and agents.

Financial Transaction Services LLC wants to help merchants reduce interchange rates on business-to-business transactions and has developed the technology to do it.

Payments processor Total System Services Inc. hopes to boost the growth of merchant-services provider Pivotal Payments Inc. by becoming a preferred service provider, the companies announced Jan. 10.

Three data-security and payment processors have linked technologies to create a cloud-based advanced encryption payment system designed to protect payment card data and provide storage away from Columbia Sportswear Co. point-of-sale terminals.

Clunky desktop point-of-sale terminals are becoming as outdated as shoebox-sized 1980s cell phones.

Priority Payment Systems LLC has become a certified servicing agent of American Express OnePoint, which provides small and midsize merchants with a single source for statements, settlement and customer service for all major card brands.

Maas Global Solutions Corp. is joining forces with Total Systems Services Inc., or TSYS, to bring more services to merchants, giving ISOs and agents an opportunity to capture new business and increase revenue, the companies say.

A strong majority of candidates passed the first examination for the acquiring industry’s new Certified Payments Professional credential.

Acquirers may be wrong if they believe they can coerce small merchants into complying with security standards by charging them fees.