On July 31st, the Federal Reserve's rule on debit card fees charged to merchants when cardholders use either a signature debit (check card) or a PIN debit card was overturned. Stating the rate caps initially set under the Durbin Amendment were too high, a U.S. District Judge ordered the Fed to lower the Interchange fees on debit cards further. In his ruling, the Judge said that the Fed was only allowed to consider the incremental cost of processing each individual transaction and not the fixed costs like equipment or other costs like fraud prevention. This leaves the Fed to recalculate the incremental cost of processing a debit transaction for the entire industry. Many experts are predicting a return to the initialing proposed 7 cents to 12 cents per transaction level.
While the Fed has 6 … more
The retail world is undergoing an interesting transformation. It is on the cusp of change from multiple directions as electronic and mobile commerce grow in popularity and new payment tools saturate the market. However, a recent Mashable article mentions that the next step in retail could be into the past.According to the piece, many companies are starting to look into pop-up stores. These are small scale operations located either in larger department stores or in non traditional retail locations. Many of them also set-up shop temporarily like the One Direction store that travels with the band or online only custom suit company Indochino, which has launch events for a few weeks at a time before moving to a new city.According to Angela Wang, the co-founder of Republic Spaces—a … more
Many people believe mobile commerce is the future of retail payment solutions. With the increased functionality and popularity of smartphones, it seems inevitable that consumers will start using the devices to make purchases, even though adoption has been slow.A recent article from Retail Info Systems News examined why the road to mass adoption has been bumpy. The piece cites a study by the IHL Group that found roughly 33 percent of retailers have no plans to adopt any form of mobile POS by the end of 2016. Security concerns, perceptions of difficulty in use and adoption and a feeling that there are no benefits to using the technology are the main deterrents."Mobile payment adoption has proven to be more difficult than a simple 'if you build it, they will come' … 
Mobile commerce should be a priority for retailers. As the popularity and functionality of smartphones and tablets grows, more consumers are using those devices as a tool to enhance the shopping experience. Merchants should take notice and not be afraid to embrace these gadgets in their stores.Nordstrom is one of those forward-thinking companies that has welcomed mobile devices and is using them as a tool to increase efficiency and improve the customer experience. Currently, sales associates on the floor already carry mobile devices to run credit debit transactions from anywhere in the store. Many of them also have tablets which allow them to search inventory levels in local stores and online to help answer customer questions.Jessica Sheibach, group product manager at Nordstrom … 
EMV chip technology has long been considered the next big step for the payment industry. While mobile commerce and the digital wallet are flashier technologies, EMV has already laid down the groundwork that will help it become a popular payment form in the next few years. On top of that, it is already in wide use outside of the U.S.However, a recent court ruling could throw a monkey wrench into those plans. Bank Info Security profiled the case, which was overseen by the U.S. District Court for the District of Columbia. It essentially puts an end to the Federal Reserve's planned 1-cent-per transaction incentive for card issuers that invest in new fraud prevention technology.The ruling has many companies re-evaluating if they want to invest in EMV at this stage. … 
In the payment world, it seems that the mobile wallet has long been the industry's white whale. Many experts have spoken about it, bloggers have created rumors of its existence and consumers have clamored for it, but still it doesn't really exist in the mainstream. So why is this the case?A recent article in the New York Times attempted to answer this question by speaking with several industry experts. Jenna Wortham mentioned that there have been a number of companies making a small push into the mobile wallet market like Starbucks, LevelUp, Square and Apple. The problem is that none of these solutions have been able to capture the minds of a majority of consumers and the problem could be choice."The biggest problem for paying by cell phone is that so many kinds of … 
Stop by any food truck or pop-up business and there is a good chance you will be given the option to make a payment through a mobile device or have your credit card information processed via a smartphone or tablet. Mobile commerce has been established as a crucial component of many organizations, particularly those that lack the resources to obtain large POS systems, but the thought that they are only a tool for smaller companies is wrong. In fact, mobile POS devices can be considered the future of payment solutions for companies of all sizes.According to a recent report called "Revolutionizing Retail with mPOS" by Yankee Group Technology Roadmap, merchants that have done away with the traditional POS counter in favor of a mobile checkout … 
Several years ago, there was a fear that the influx of eCommerce options in the business world would pose a major threat to the brick-and-mortar aspect of retail. When mobile devices hit the scene, that idea was exasperated as more customers were able to get online from any place they chose. However, a trend has emerged that may turn mobile devices and retail stores into allies.According to a recent blog post from the iMedia Connection, the mobile commerce landscape is poised to evolve over the next few years. As more mobile devices find their way into the hands of consumers, the number of people using them to check prices, find store locations and make purchases will rise."We're at a pivotal point in learning how to harness a significant shift in consumer behavior that … 
