Retailers

VeriFone Holdings Inc. last week named Chase Paymentech Solutions LLC as one of its preferred merchant processors for users of its mobile phone card reader.

Despite feeling the effects of a down economy, ISOs continue to propel much of Global Payments Inc.’s revenue growth, executives from the payment processor said last week during the company’s fiscal third-quarter earnings conference call with analysts.

From the April 2010 issue of ISO&Agent magazine.

Editor's Note from the April 2010 issue of ISO&Agent magazine.

From the April 2010 issue of ISO&Agent magazine.

From the April 2010 issue of ISO&Agent magazine.

From the April 2010 issue of ISO&Agent magazine.

From the April 2010 issue of ISO&Agent magazine.

A majority of independent sales organization and merchant acquiring salespeople say the nation’s latest recession had an impact on their compensation, the results of the ISO&Agent 2010 Compensation Survey show.

VeriFone Holdings Inc. on April 2 announced the acquisition of TaxiTronic Inc.’s minority ownership in the VeriFone Transportation System joint venture the two companies formed in 2005.

To help small, independent retail chains gain more loyal customers, a United Kingdom-based electronic payments provider is introducing a loyalty scheme that involves a contactless card.

This past weekend’s launch of Apple Inc.’s iPad also saw the introduction of Square Inc.’s payment card-acceptance application for the device.

Global Payments Inc. this summer hopes to begin processing renminbi payment card transactions in China after securing approval to do so from China UnionPay and the People’s Bank of China, the company announced yesterday afternoon during its third-quarter earnings conference call. It has a few hoops to jump through first, however.

A majority of ISO and merchant-acquiring salespeople say the nation’s latest recession had an impact on their compensation, the results of the ISO&Agent 2010 Compensation Survey show.

Speakers at a recent Internal Revenue Service hearing on proposed transaction-reporting requirements that take effect next January largely focused on the potentially detrimental effects their companies may experience from a foreign-merchant rule contained within the law.

Visa Inc. has promoted Elizabeth Buse to group executive, international from global head of product. Jim McCarthy, previously senior sales executive for North America, succeeds Buse. Rupert Keeley, previously group president for several international regions, is leaving the company.

Hoping to cut its payment card acceptance costs, Royal Dutch Shell PLC in January last year launched its own debit card after learning a $20 purchase settled over the automated clearinghouse system would cost the petroleum company about 60% less to accept than traditional credit cards. Thus far, the company says, the product has exceeded expectations.

About 20% of approximately 15,000 merchants in the Solveras Payment Solutions portfolio thus far have been notified as part of a program designed to bring them into compliance with Payment Card Industry Data Security Standard, the Arlington, Va.-based independent sales organization says. The initiative began in late February.

An Internal Revenue Service initiative announced earlier this month could spur independent sales organizations and merchant acquirers to assess how they classify their staffs, Holli Hart Targan, president of the Electronic Transactions Association, noted at the Southeast Acquirers Association conference this week in Atlanta.

FrontStream Payments Inc. will double its annual transaction-processing volume to $2 billion following last week’s acquisition of Fast Transact Inc., a Lacey, Wash.-based ISO, FrontStream CEO Emmet Seibels tells ISO&Agent Weekly.