ISOs

Joining the growing ranks of payments processors rolling out advanced data-encryption services to help protect cardholders at the point of sale, Elavon Inc. on June 20 announced a portfolio of products and services it has dubbed Safe-T Suite.

ISOs and agents should provide meaningful information instead of aggressive sales pitches when using social media – such as Facebook, LinkedIn and Twitter – to communicate with customers, experts agree.

PayLeap LLC has appointed Rod R. Katzfey chief operating officer with responsibility for business operations, business development, sales and customer care, according to the Warsaw, Ind.-based processor.

WASHINGTON–The Federal Reserve Board is scheduled to issue its final rule on a controversial swipe fee provision next week, according to a public notice released June 21.

Harbor Community Bank has signed an agreement to receive credit card acceptance, check-guarantee and recurring-payments services for hundreds of business clients through US Merchant Services Inc., the companies announced June 16.

Bluebird Soft Inc. plans to unveil a portable point-of-sale terminal this week at the Retail Asia Expo in Hong Kong, the mobile computing manufacturer announced June 14.

ISOs are benefiting from the recent formation of TSYS Merchant Solutions, which was created when Total System Services Inc., or TSYS, bought First National Merchant Solutions from First National Bank of Omaha, the top executive of the combined company said in a June 17 phone interview.

Women’s Network in Electronic Transactions, or W.net, is seeking contributions to help continue its work of providing information, mentoring and networking opportunities for women in the acquiring business.

The Federal Reserve’s proposed cap on debit fees should be barred because it is “discriminatory” in that it singles out the nation’s biggest banks and credit unions, lawyers for Minnesota’s TCF Bank told a federal appeals court June 16.

Visa and MasterCard have developed services for merchants to determine which cards cost more to accept — rekindling the debate over whether small banks will suffer under the Durbin amendment. ISOs and agents will receive the services for free and may mark them up and sell them to merchants.

Heartland Payment Systems Inc.’s merchant clients could save up to $2,000 annually as a result of pending limits on debit card interchange fees, an executive at the processing company said June 16.

Lawyers for Minnesota’s TCF Bank will tell a federal appeals court in St. Louis this morning that the Fed’s proposed cap on debit fees amounts to an unconstitutional “taking” of its assets.

Fifth Third Processing Solutions has changed its name to Vantiv LLC, the company announced June 15.

Payment-terminal manufacturer Ingenico S.A. will provide 40,000 of its EFT930G payment terminals to Indonesia-based PT Bank Mandiri Tbk under a deal the companies announced June 14.

Merchant groups say a U.S. Justice Department settlement does not go far enough to prevent Visa Inc. and MasterCard Worldwide from engaging in anti-competitive practices.

When Congress threatened to cap the interchange fees that banks collect on debit card transactions, the industry argued that such a move would force it to kill off its own debit rewards schemes. As it turns out, the demise of those programs might inconvenience consumers but is unlikely to deal the industry much of a financial blow.

NEW YORK – The Department of Justice filed papers yesterday to implement the settlement of its antitrust suit against Visa and MasterCard, which will prevent the two card networks from barring merchants from steering transactions to lower-cost cards.

Tyfone Inc. has received a patent for programming add-on smart cards in a mobile phone to function as a payment account.

American Express Co. is making its boldest move yet in the prepaid market by introducing a reloadable card that carries almost no fees.

A federal appeals court in Philadelphia has dismissed a suit by Diebold Inc. requesting its insurer cover $6 million in losses from the theft by ATM supplier Tri-States Armored Services of some $50 million of cash it was supposed to be using to replenish ATMs.