Economy

VeriFone Systems Inc.’s taxi business is taking on increased importance for the point-of-sale terminal maker.

Smooth talk goes only so far. For long-term success at signing up merchants for card services, sales agents should develop a sound general knowledge of how interchange rates work, ISOs agree.

Best Buy In Turkey Opts For Ingenico Shared POS Service

VeriFone Systems Inc.’s new PIN-entry device authentication service adds another element of security by periodically monitoring PIN pads to ensure they are legitimate, the terminal maker announced May 25.

With restaurants accounting for nearly 35% of Heartland Payment Systems Inc.’s merchant base, the payment processor thought it appropriate to introduce its advanced payment-encryption technology this week at the National Restaurant Association’s show in Chicago.

Though legislation that would permit merchants to set minimum and maximum limits on card transactions remains pending in Congress, it is gaining a lot of attention among merchant acquirers and ISOs.

Many acquirers and ISOs view smartphone-based wireless card-acceptance products as a means to reach yet-undiscovered legions of mobile merchants that do not yet take cards for payment. And judging from the discussions among peers at recent industry conferences and the spate of products and services entering the market, the topic is at the forefront of many business plans.

Editor's Note.

The day when the United States joins many other large markets globally in converting to EMV chip-and-PIN cards from magnetic stripe versions will not occur any time soon. But it will come eventually, one observer predicts.

David Leppek, president of Transaction Services LLC, has an opportunity that many in the ISO and acquiring business encounter infrequently in their careers. He has the chance to design his ISO without having to use years-old legacy technology.

An amendment that would give the Federal Reserve Board authority to control debit card interchange rates could have a “neutral to slightly positive” impact on First Data Corp., an executive at the Atlanta-based payment processor told analysts during a May 14 conference call to discuss first quarter earnings.

Paul A. Rianda is an attorney who has specialized in providing legal advice to the bankcard industry for more than 10 years. His e-mail is paul@riandalaw.com.

Processor Approves Way Device

The PIN Transaction Security standard consolidates three formerly separate requirements for PIN-entry devices in an update released today by the Payment Card Industry Security Standards Council.

As competition for clients intensifies and margins grow increasingly thin, many ISOs are seeking ways to reduce costs, increase efficiency and stand out from competitors. One method gaining consideration is the use of digital signatures and contracts.

Smartphone-based transactions represent an opportunity to grow the U.S. card-acceptance market, which largely has become saturated and commoditized because many brick-and-mortar merchants already accept card payments.