Retailers

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.

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.

Shortages of key components cost Hypercom Corp. $6 million in second-quarter product revenue, despite strong demand for the company’s point-of-sale products and services, says Philippe Tartavull, Hypercom CEO and president, during an Aug. 4 conference call to discuss earnings with analysts.

Mindbody, a San Luis Opisbo, Calif.-based company that makes business-management software for health-and-fitness businesses, has become an independent sales organization to improve its profit margin and to secure more control over its relationships with merchants, says Rick Stollmeyer, Mindbody founder and CEO.

All U.S. merchant processors likely will benefit from anticipated reductions in debit card interchange rates once the Federal Reserve Board next year finishes its rate-setting task mandated by the Dodd-Frank financial-reform bill President Obama signed into law in July. But they will need to be careful in how they share their savings, Paul Garcia, chairman and CEO of Global Payments Inc., told analysts July 27 while discussing the company’s fiscal fourth quarter earnings.

IPay POS Credit Card Terminal, the new version of the mobile-payment acceptance application called ProcessAway, now works with multiple gateways and comes with a card reader to accommodate card-present transactions, according to Randy Palermo, who developed the application that works on Apple Inc.’s iPhone.

SparkBase Adding Facebook, Twitter, FourSquare Integration

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

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.

A new product designed to reduce the potential for card skimming will be available by early November, says Bellatrix Systems Inc., developer of the Card At Table Service.

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.

ACH Federal LLC, an automated clearinghouse transaction processor, will refer merchants wanting credit and debit card transaction-processing services to PDX Enterprise Solutions, a Portland, Ore.-based independent sales organization, ACH Federal announced July 28.

Mindbody, a San Luis Opisbo, Calif.-based company that makes business-management software for health-and-fitness businesses, has become an independent sales organization to improve its profit margin and to secure more control over its relationships with merchants, says Rick Stollmeyer, Mindbody founder and CEO.

Ingenico S.A.’s strategy of building recurring, services-based revenue appears to be paying off.

ProPay is introducing a secure virtual terminal that can help small merchants improve their data security.

IPay POS Credit Card Terminal, the new version of the mobile-payment acceptance application called ProcessAway, now works with multiple gateways and comes with a card reader to accommodate card-present transactions, according to Randy Palermo, who developed the application that works on Apple Inc.’s iPhone.

Portability rights, which entitle sales agents to take merchant accounts with them when leaving one ISO for another, are gaining greater importance in today’s still-sluggish economy.

Efforts to grow internationally appear to be paying off for Total System Services Inc., as are indications the economy is improving.

National Processing Co., a Louisville, Ky.-based merchant acquirer, announced July 26 plans to resell integrated point-of-sale payment software made by Datacap Systems Inc.