Payment processing

USA Technologies Inc. recently announced that the number of vending machines equipped with its wireless ePort Connect Service technology enabling credit and debit card acceptance has increased 58% within the past year and is on track to hit 100,000 by yearend.

The newest updates to the PCI Data Security Standard and the Payment Application Data Security Standard consist mostly of clarifications and additional guidance, says Bob Russo, general manager of the Payment Card Industry Security Standards Council that oversees the standards.

A unique merchant-funded cardholder rewards program just got a powerful new marketing channel — and, thanks to regulatory reform, a stronger pitch to make to banks.

TechProcess Solutions Ltd. will provide online-payment services to customers of Standard Chartered Bank India under a deal the Mumbai-based company announced last week.

First Data Corp.’s formation of the Banc of America Merchant Services LLC alliance with Bank of America Corp. in June of last year is paying dividends for the transaction processor.

Pivotal Payments says its integration with Pinnacle Cart, e-commerce software Desert Dog Marketing LLC designed for merchants to use on their websites, could help its sales agents increase their revenue by attracting more merchants.

First Data Corp. on Aug. 10 reported a net loss attributable to the company of $171.2 million for the second quarter ended June 30, down from the $195.9 million loss the transaction processor reported during the same period last year. Revenues totaled $2.61 billion, up 18.1% from $2.21 billion, driven by the formation of the Banc of America Merchant Services LLC alliance.

The $3 billion price Advent International Corp. and Bain Capital LLC will pay for an 80% stake in RBS WorldPay, the payment-processing arm of the Royal Bank of Scotland PLC, may point to an imbalance in value between privately held and publicly held payment processors, suggests David J. Koning, a senior research analyst at Milwaukee-based Robert W. Baird & Co.

The mobile banking and payments company ClairMail Inc. said it had strong revenue growth in the second quarter.

Online Resources Corp.'s newest chief executive said the online banking and bill-pay vendor will become a more focused company under his leadership.

The Royal Bank of Scotland Group PLC on Aug. 6 agreed to sell a majority stake in its lucrative processing business, RBS WorldPay, to two private equity firms for more than $3 billion.

ILoveVelvet, a New York-based payment-technology company, says its new Velvet Suite products can enable merchants to use Apple Inc.’s iPhone and iPad devices as retail point-of-sale terminals.

ACH Federal will provide Web-based and customized automated clearinghouse processing services for Manhattan Beach, Calif.-based Beach Business Bank, the Chattanooga, Tenn.-based electronic payments provider announced on Aug. 3.

HSBC Finance Corp. has promoted Patrick “Pat” Burke to CEO of the company’s U.S. consumer finance division. Burke also serves as senior vide president and CEO of HSBC’s credit card and retail business. He succeeds Niall Booker, who was recently promoted to CEO of HSBC North America Holdings Inc.

Global private equity firms Bain Capital and Advent International on Aug. 6 signed an agreement with The Royal Bank of Scotland Group PLC to acquire its subsidiary business, RBS WorldPay, for an enterprise value of up to £2.025 billion (US$3.2 billion or 2.44 billion euros), including a £200 million contingent consideration.

Consumers Credit Union in Waukegan, Ill., has joined the list of financial services companies using Fiserv Inc.'s Acumen account processing software.

Reductions in consumer card use in casinos is adversely affecting Global Cash Access Holdings Inc.’s financial performance, Scott Betts, the company’s president and CEO, informed analysts during an Aug. 4 conference call to discuss second-quarter earnings.

Point-of-sale terminal maker Hypercom Corp. late on Aug. 4 reported revenues of $103.9 million for the second quarter ended June 30, down 1.6% from $105.6 million during the same period last year. However, the Scottsdale, Ariz.-based company reported a $1.26 million net loss, in part because of component shortages that affected revenue; it reported net income of $1.26 million during the same period last year.

Improving same-store sales and a stabilizing economy appear to be helping Heartland Payment Systems Inc. turn itself around financially.

Merchant cash-advance company AmeriMerchant LLC’s merger with CanaFunding LLC this week is enabling independent sales organizations to sell cash-advance services in either the U.S. or Canada, says David Goldin, AmeriMerchant president and CEO.