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NewsWelcome to our News section. Here you can get the latest information about what’s new at VMS and within the industry. November 18, 2009 American Express Reports an Increase in Credit Card UsageAmerican Express reported an increase in credit card spending again this past October. This could signify an increase in consumer confidence on the economy. Spending has improved steadily and declines in usage are beginning to slow, which all could represent an upswing just in time for the holiday - of course this are all great signs for the economy. July 2, 2009 Fire shuts down payment processorJuly 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. June 30, 2009 TJX settlement reachedOn 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 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 Velocity Merchant Services Greensheet Magazine!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 Product Retirement Tranz LineATTENTION: Please be advised that the following products will retire on March 1, 2009.
March 9, 2009 It's a card, card worldAccording 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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