Acquirers Feel the Heat of Choke Point, Urge Self-Regulation
The Justice Department's Operation Choke Point isn't really about combatting fraud, says Jason Oxman, CEO of the Electronic Transactions Association. Federal regulators simply don't like high-risk merchants, such as payday lenders and guns dealers, he says.
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A veteran acquiring executive describes recent changes at First Data Corp. as "the awakening of a sleeping giant" that has placed a renewed emphasis on independent sales organizations and sales agents. more »
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Independent Resource Network Corp., a Westbury, N.Y.-based independent sales organization, recently agreed to pay $400,000 and waived its right to funds in a merchant's reserve account to settle a civil suit brought by the Federal Trade Commission. more »
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API Software Inc. has created a mobile app for independent sales organizations to help merchants tabulate the best payment services deals. more »
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American Express Co. is ready for its new small business program, OptBlue, to take the spotlight after several months of testing and a soft launch with acquirers. more »
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As independent sales organizations (ISOs) offer new payment technology and other services to improve merchant relationships, the ISOs have to decide whether to charge a fee—a difficult decision that can differ from one merchant to another. more »
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Ten years from now, members of the acquiring industry may have fond recollections of the nation's transition to mobile payments, says Brian Mooney, CEO of Bank of America Merchant Services. more »
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The future belongs to mobile payments, but that future remains unclear, as many competing technologies are vying for consumers' attention. more »
The settlement of the Visa and MasterCard class action interchange swipe fee case has spawned a new type of company—the third-party claims filing company. more »
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The Princeton, N.J.-based processor Heartland Payment Systems is moving its sales headquarters to a new building in Edmond, Okla. more »
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Global Payments Inc. has completed its $420 million purchase of Payment Processing Inc., a provider of payments technology and services for smaller merchants. more »
Mark Pyke
TSYS has increased its stake in its Central Payment joint venture from 60% to 75%. Cpay founders Matt and Zach Hyman, twin brothers who own the remaining portion of the venture, have agreed to stay on as co-managing directors for the next three years. more »
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At first, Pedro Alarcon felt reluctant to help fund his restaurant by signing up for a merchant cash advance from a company that wasn't a bank. But he'd had so much difficulty getting a conventional loan that the pitch from a company called AdvanceMe sounded too good to be true. more »

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