As reported in the WSJ, mega banks are “exploring prepaid cards as a way to make up revenue that will likely be lost from federal restrictions on debt cards.” In our blog post under the section “Exemptions for government administered cards & reloadable prepaid cards” we envisioned the compromise exempting reloadable prepaid debit cards from Interchange regulation under the Dodd-Frank financial-overhaul bill would result in “banks moving more and more consumers to exempt prepaid card … more
Small Business Saturday Initiatives include:
A major social media campaign to spread the word about Small Business Saturday and encourage people to give shout-outs for their favorite local shops and restaurants via Facebook and Twitter.
The 1st ten … more
Key U.S. survey findings:
Approximately 39 percent of American invoices were paid "late"
Fifty-two percent of U.S. respondents reported customers had asked for extended payment terms over the last six months. Forty-eight percent had delayed payment without prior agreement.
U.S. respondents' main criteria for selling on credit terms are: "credit check," "track record" and "reputation"
Average domestic payment term: 28 days Average domestic payment duration: 28 days Average foreign payment term: 36 days Average foreign payment duration: 32 days
The most likely impact of overdue invoices was the need to "take specific measures to correct … more
For more on PAYware Mobile, the iPhone reader and service plan pricing visit: http://verifone.merchantrates.com/verifone.aspx more
The Fed is to release a draft of its Interchange rules by January 2011, and issue final rules no later than March 20, 2011. The bank is seeking to stop enforcement of any Interchange rules until the case can be heard. Once the rules are established, others may also initiate lawsuits against the validity of the Amendment.
This litigation may go on for years; with an ultimate decision likely being made in the U.S. Supreme Court. Until then, we may not see … more
Vantage Card Services was awarded the 2010 Small Business Standard of Excellence WebAward for its MerchantRates.com site.
The Web Marketing Association is the producer of the WebAward Competition. Now in its 14th year, the WebAwards is the premier annual website award competition that names the best Web sites in 96 industries while setting the standard of excellence for all website development. Entries were judged on design, copy writing, innovation, content, interactivity, navigation, and use of technology.
MerchantRates.com provides instant merchant Interchange rate quotes and merchant applications. MerchantRates.com also provides educational resources, best practice guides and helpful frequently asked questions and answers. more
The Dodd-Frank financial regulations signed into law in July allow merchants to set a $10 minimum card purchase. Now, announced in a Justice Department consent decree, Visa and MasterCard have agreed that merchants can:
Offer consumers an immediate discount or rebate or a free or discounted product or service for using a particular credit card network, low-cost card within that network or other form of payment;
Express a preference for the use of a particular credit card network, low-cost card within that network or other form of payment;
Promote a particular credit card network, low-cost card within that network or other form of payment … more
Currently, only transactions from a specific group of merchant segments are eligible to qualify for the CPS/Small Ticket program. With this change, the CPS/Small Ticket program will be available to consumer card and commercial card transactions submitted with almost all merchant category codes (MCCs). Current CPS/Small Ticket Interchange applies to … more