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Archives / 2009 / September

  • Restaurant Trends: Make your restaurant online order capable

    September 30, 2009
    According to the September 2009 Technomic American Express Market Brief, consumers of all ages have already embraced online ordering. Their research shows online ordering from a computer has become quite popular.

    % of Consumers who have Ordered Online:

    54% of 18-20 year olds46% of 21-2450% of 25-3444% of 35-4423% of 45-5430% of 55-6429% of 65-747% of 75+

    Incentives were found to be effective in luring customers to online ordering. Nearly 58% who have ordered food online note they have done so in response to an offer they saw on a website, while 37% have been influenced by an offer received in an email.

    For those who have ordered online from a computer, seven of 10 (70%) report that their most recent order placed was a repeat order.

    Bottom Line: If you have a web site … more

  • Interchange ruled to be Interest

    September 22, 2009
    According to Bloomberg, after a decade-long battle, a U.S. Tax Court ruled in favor of Capital One Financial Corp. saying that the bank’s income from Interchange fees that merchants pay on customer purchases should be regarded as interest subject to tax-deferral rules. The Internal Revenue Service argued the fees are taxable upon receipt.

    Interchange “compensates lenders for the time value of their money,” Tax Court Judge Harry A. Haines wrote in the decision. “Interchange rates take into account other factors such as credit and fraud risk, processing costs and Visa’s and MasterCard’s efforts to maximize their business.”

    This decision affects an estimated $48 billion in fees U.S. credit-card issuers collect each year.  The court ruled … more

  • The future of peer-to-peer currency?

    September 20, 2009
    A digital currency for Microsoft Outlook? Social Networks? WSJ's Andy Jordan talks to currency renegades tired of big-government centralized cash, and desperate to make their own (legal) money systems.  On the new currency frontier are several examples including Ven and Attent are showcased.    According to Wikipedia, Ven is a virtual currency used by members of Hub Culture to buy, share and trade knowledge, goods and services with anyone in the network and can be spent at any Hub Culture Pavilion. The currency is currently linked to the U.S. dollar at a rate of 10 Ven to the dollar and trades against other major currencies at floating exchange rates. Ven first appeared as an application in Facebook on 4 July, 2007. In late 2008, the currency became tradeable to anyone … more

  • The Merchant Interchange Debate Continues

    September 20, 2009
    This week the National Retail Federation and the Merchants Payments Coalition released a 14-page report, entitled, “’Swipe Fee’ Reform--International Lessons” lobbying in favor of regulating Interchange. Focusing on what other countries are doing around the world and arguing that Interchange fees are ultimately borne by consumers, the MPC’s report can be found at: www.unfaircreditcardfees.com.

    On the same day, as reported in Reuters, The Electronic Payments Coalition issued the following statement: Today, the Electronic Payments Coalition released key evidence from several sources, demonstrating conclusively that consumers would be hurt by interchange regulation in the form of higher fees, fewer benefits, and zero savings at the cash register. Despite the … more

by Ty Hardison

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