Retailers

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.

VeriFone Holdings Inc. has changed its name. The point-of-sale terminal maker now is called VeriFone Systems Inc., the San Jose, Calif.-based company announced May 18.

IPayment Inc., a Nashville, Tenn.-based payment processor, is reselling Roam Data Inc.’s RoamPay mobile-payment services, Roam Data says. RoamPay can be loaded onto cell phones and used to accept credit and debit card payments.

VeriFone Holdings Inc. Monday said it has purchased Orange Logic Ltd., a South Korea-based point-of-sale terminal maker.

Payments-industry players are vowing to begin lobbying members of Congress in hopes of blocking further progress of an interchange-regulation amendment to the financial-reform bill the Senate passed on May 13 that they believe would have devastating consequences.

After years of trying, Sen. Richard Durbin, D-Ill., finally succeeded Thursday in passing a measure that would restrict interchange fees.

With fierce competition for merchants and slim margins in the U.S. acquiring market, more ISOs are expressing interest in penetrating the largely unsaturated Canadian market, according to Federated Payments, an ISO with operations in the U.S. and Canada.

Merchant acquirers should be as concerned as the card brands over proposed legislation that would alter merchant fees, according to the Electronic Transactions Association, a Washington, D.C.-based trade group representing the acquiring industry.

Merchant acquirers should be as concerned as the card brands over proposed legislation that would alter merchant fees, according to the Electronic Transactions Association, a Washington, D.C.-based trade group representing the acquiring industry.

Hypercom Corp.’s newest point-of-sale products could help the company improve its profit margins, some analysts predict.

With fierce competition for merchants and slim margins in the U.S. acquiring market, more ISOs are expressing interest in penetrating the largely unsaturated Canadian market, according to Federated Payments, an independent sales organization with operations in the U.S. and Canada.

Hypercom Corp. in the coming weeks will announce the first point-of-sale terminal produced under the company’s “joint development manufacturing model.” It plans to make the terminal available for sale later this summer, a spokesperson tells PaymentsSource.

MasterCard Worldwide has promoted Ajay Banga, president and chief operating officer, to chief executive officer, effective July 1. Banga also was named a member of MasterCard’s board of directors. Banga succeeds Joseph W. Selander, who will become executive vice chairman until his retirement on Dec. 31. MasterCard also promoted Alfredo Gangotena to chief marketing officer from global products and solution lead for MasterCard in Europe. Gangotena replaces Lawrence Flanagan, who is retiring.

With sales growth in Europe and the Asia Pacific, Hypercom Corp. on May 5 reported a $375,000 first quarter profit; the Scottsdale, Ariz.-based payment-terminal maker reported a $9.9 million loss during the same period last year.

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

Citing a desire to remain competitive and drive issuer participation and innovation in its network, Visa Inc. in April increased the interchange rate it applies to purchases switched through its Interlink PIN-debit electronic funds transfer network.

The PCI Security Standards Council, which oversees data-security standards for the payments industry, is responding to inquiries from payments companies for more staff training by launching an internal security assessor certification program, a council spokesperson tells PaymentsSource.

Apple Inc. could be in the hunt to acquire Vivotech Inc., a Santa Clara, Calif.-based company specializing in contactless payments, Bloomberg News reported today.