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Welcome to our News section. Here you can get the latest information about what’s new at VMS and within the industry.
VMS Spotlighted in Transaction Trends magazine, July 2011 Issue
Borrowing $1,000 from her father and working in the basement of her parents’ home, she founded Velocity Merchant Services (VMS). Today, VMS has 70 employees housed in its recently purchased 30,000-square-foot office building in Downers Grove Illinois. By the end of the calendar year, the company hopes to have 120 employees on its rolls.
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June 15, 2011
We take pride in the hands-on industry experience we’re able to offer students through trusted relationships we’ve built with local businesses. Five students from DeVry University’s Addison Campus, for example, recently had the chance to work with Velocity Merchant Services (VMS), one of the largest direct payment processors for small to medium-sized businesses in the nation.
View the Press Release
February 15, 2011
Over the last four months, five students from DeVry University’s Addison campus worked with Velocity Merchant Services (VMS), one of the largest direct payment processors for small to medium-sized businesses in the nation, to generate and implement sound ideas to improve the processor’s operational efficiency.
View the Press Release | View this article on DeVry's site
December 15th, 2010
Velocity Merchant Services, one of the nation's largest direct processors of credit card transactions, has moved into their new, larger office location in Downers Grove, IL to support the processor's recent growth and has resultantly created many new local jobs.
View the Press Release
November 30, 2010
The proposed regulations reflect the enactment of section 6050W and related
changes in the law made by the Housing Assistance Tax Act of 2008 that require
payment settlement organizations to report payments in settlement of payment
card and third party network transactions for each calendar year.
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July 2, 2009
July 2, 2009, fire that deadened the power supply at payment processor Authorize.Net's building in Seattle, Wash., shut down the payment platforms of about 240,000 e-commerce merchants. Power was fully restored after 12 hours, and none of the building's technology was damaged in the fire, according to CyberSource Corp., parent company to Authorize.Net.
Power went out at 11:10 p.m. Thursday night and was restored at 11:00 a.m. the next morning, noted Bruce Frymire, Corporate Communications Director for CyberSource. He said he didn't know how long the fire itself lasted, nor did he know the extent of the damage done to the building.
"I don't know enough to speculate on that," he said. "I saw pictures of the impact to the lower floor, and it appeared to be pretty serious – but I don't know the extent."
Representatives at Authorize.Net could not be reached for comment.
Frymire said the transaction networks of all of Authorize.Net's merchants – almost all of whom are Internet retailers – were shut down during the outage, and consumers who attempted to make online purchases were shown an error message.
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June 30, 2009
On June 25, 2009 TJX Companies Inc. announced it had reached a multi-part settlement with 41 Attorneys General representing multiple states, over the criminal acquisition of cardholder data in its system in 2005 and 2006. In January 2007 TJX reported the breach of its computer system, which compromised millions of credit and debit card numbers.
TJX has held the settlement amount in reserve since 2007.
"Under this settlement, TJX and the Attorneys General have agreed to take leadership roles in exploring new technologies and approaches to solving the systemic problems in the U.S. payment card industry that continue to plague businesses and institutions and that make consumers in the United States worldwide targets for increasing cyber crime," said Jeffrey Naylor, Chief Financial and Administrative Officer for TJX.
According to the terms of the settlement, TJX will:
Supply $2.5 million to establish a new Data Security Fund for the plaintiff states
Pay $5.5 million, plus an additional $1.75 million to cover the states' investigative expenses
Certify that its computer system meets the detailed data security requirements outlined by the states
Encourage the development of new technologies to help secure the U.S. payment system
"It's a lot of money – there's no question about it," said Steve Eazell, Vice President of Sales and Marketing for Secure Payment Systems, a Calif.-based ISO. "Is it enough for me to say well I feel safe at T.J. Maxx now?"
He added, "T.J. Maxx wasn't the only one that got breached, but they were the first ones that made national headlines. They probably got hit the hardest because they were the first one that made national attention … I think it's unfair to hold them as accountable as they did, to that level."
March 26, 2009
An in-depth interview with Dema Barakat, President and Founder of VMS in one of the Payment Industry's most widely read magazines
View the Full Article Here...
February 26, 2009
ATTENTION: Please be advised that the following products will retire on March 1, 2009.
Reason for retirement:
• Vendor ending support of all application updates
• Manufacturer's Discontinuance of replacement parts for hardware
• Non-Compliance
• Vendor Call Center ending support of product assistance
Please note; VMS will continue to accommodate file build requests, which is within our current guidelines of support, until March 1, 2009.
March 9, 2009
According to the 2008 Study of Consumer Payment Preferences, a nationwide survey conducted by BAI Research and Hitachi Consulting Corp., cash use is dropping as consumers continue to adopt card-based payment options. Forty-one percent of consumers said they use cash less often than they did two years ago. The study was conducted online in June 2008 using a representative sample of 3,308 U.S. consumers nationwide. Sponsored by First Data Corp., Metavante Technologies Inc., MasterCard Worldwide and Discover Financial Services' Pulse network, it explored the increasing use of credit, debit, gift and prepaid cards. "More and more consumers are substituting card-based payments in place of cash," said Ajay Nagarkatte, Managing Director of BAI Research. "Of those who have reduced their cash use, 97 percent are shifting to credit, debit, or gift and prepaid cards instead."
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