Retailers

Visa Inc.’s most recent statistics of merchant compliance with the PCI Data Security Standard shows that 100% of the largest U.S. merchants—those processing more than 1 million annual Visa transactions—have validated their point-of-sale systems as not storing prohibited data.

VeriFone Systems Inc. beat Wall Street’s expectations for its fiscal third quarter ended July 31 based on strong North American sales and a rebounding Latin American market, and executives at the payment-terminal maker predict demand for wireless payment systems and gas-station terminals will help drive future earnings.

Payment-terminal maker VeriFone Systems Inc. on Aug. 24 reported net income of $18.5 million for the fiscal third quarter ended July 31, up 11.5% from $16.6 million during the same period last year. Net revenues totaled $265.5 million, up 25.7% from $211.3 million and a company record, Douglas G. Bergeron, VeriFone CEO, noted in a news release.

Companies that install or manage payment-application software, such as that used in integrated point-of-sale terminals, can best protect their information by following a list of best practices Visa Inc. issued today, the payments company contends.

The merchant-processing unit of Barclaycard UK in July experienced an almost double-digit increase in spending by its merchant clients’ credit and debit card customers in the United Kingdom compared with the same month last year, challenging the notion that consumer confidence has declined, Barclaycard announced recently.

Many PCI compliance programs that independent sales organizations and acquirers offer their merchants are beginning to prove their value, says Deana Rich, president of Van Nuys, Calif.-based Rich Consulting.

Payment processor RBS WorldPay Inc. has class A certified Way Systems Inc.’s way5000 mobile point-of-sale device for use on its network.

Twin brothers Zachary and Matthew Hyman this year have added more than 11,000 merchants to their San Rafael, Calif.-based Central Payment independent sales organization, putting them on track to reprise their success with a previous ISO.

Banco Nacional de Costa Rica ordered more than 13,000 Hypercom Corp. Optimum countertop and mobile payment terminals, which it plans to distribute to merchants throughout Costa Rica.

Visa Inc.’s most recent statistics of merchant compliance with the PCI Data Security Standard shows that 100% of the largest U.S. merchants—those processing more than 1 million annual Visa transactions—have validated their point-of-sale systems as not storing prohibited data.

Certain definitions within new Internal Revenue Service rules requiring payment processors and merchant acquirers to track merchants’ transactions and report them to the IRS beginning next year are creating additional hassles, some industry observers say.

Legions of potential investors are clamoring to buy a piece of the merchant-acquiring business, but most ISOs would prefer not to sell. Both camps appear to believe the industry represents a safe haven in hard times and a promising prospect during a recovery.

Vivotech Adding Encryption To Contactless Transactions

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.

Certain definitions within new Internal Revenue Service rules requiring payment processors and merchant acquirers to track merchants’ transactions and report them to the IRS beginning next year are creating additional hassles, some industry observers say.

Legions of potential investors want to buy a piece of the merchant-acquiring business, but most independent sales organizations would prefer not to sell. Both camps appear to believe the industry represents a safe haven in hard times and promising opportunities during a recovery.

The Internal Revenue Service on Aug. 13 released its rules for how acquirers and processors should report their merchants’ credit, debit and gift card transactions to the agency beginning next year.

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.

Enough is enough. Sales agents sometimes decide to sever their relationships with merchants who break rules, ask clueless questions, make unjustified demands, register wrong-headed complaints or bicker endlessly over prices and fees.

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.