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Transaction Trends Online |
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In the May Issue of Transaction Trends: 
- Navigating a New Economic Landscape
- Building a Compliance Safety Net
- Pro & Con: Alternative Payments
- And much more...
Visit the Transaction Trends Web Site
Advertise in Transaction Trends Need to reach the most powerful audience in the acquiring industry? Download our media kit and get started right away!
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In The Spotlight |
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Networking Center Is Live! |
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Now that the 2008 Annual Meeting & Expo is history, you can continue your networking through the new Online Networking Center. Find people you met at the meeting & connect with them again online! |
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Featured Stories
Intuit announced Dec. 19 that it will pay approximately $131 million to
acquire electronic payment processing solutions provider Electronic Clearing
House (ECHO). Intuit said the acquisition will help it deliver
solutions that address the most commonly utilized payment options, such as
credit card, debit card, automated clearing house, gift card, check
verification, collection, guarantee, and conversion. The deal is similar to one announced and then withdrawn in early 2007.
Among ECHO's offerings are
check, debit card, and credit card processing, as well as check verification,
collection, guarantee services, and ACH capabilities. Following the deal's
expected closure in the first quarter of 2008, ECHO will become a wholly owned
Intuit subsidiary. "Since our last discussions with ECHO, we've continued to
survey the market and believe today, as we did then, that ECHO is a great
strategic fit for Intuit," said Intuit small business group general manager Brad
Smith.
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Amex, First Data Sign Processing Deal |
American Express and First Data Corp. have signed an
agreement under which First Data will offer American Express Card acceptance as
part of an integrated solution for small- and medium-sized merchants. Specific
terms and conditions of the agreement are not being disclosed.
Under the agreement, American Express will retain the
acceptance contract with participating merchants, establish merchant pricing,
and receive the same transactional information it does today. First Data will
provide payment processing services to merchants on behalf of American Express
for American Express card transactions under the new agreement. New merchants
who sign up for the program will receive an easy, cost-effective, all-in-one
solution with the convenience of a single source for statements, settlement and
customer service for all major card brands. The program will be available to
merchants that are new to American Express Card acceptance in the second
quarter of 2008.
"First Data continues to bring innovation to the
marketplace that is focused on customer-based solutions," said Brian
Mooney, president of First Data Merchant Services. "Through our
relationship with American Express, merchants will benefit from a single
payment for all major card transactions, consolidated statements, a single
point of contact for all customer service, and a one stop shop for all their
payment needs."
"This innovative program with First Data offers small
to mid-size merchants the choice of a new way to streamline payment acceptance
so that they can focus more time on serving customers and growing their
business," said Kim Goodman, executive vice president, Merchant Services
North America, American Express. "Consumers will also enjoy the
convenience of being able to use the American Express Card at even more
locations and the opportunity to earn valuable rewards whenever they use their
Card."
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Electronic payments leaving checks behind |
The number of checks we write keeps going down and electronic payments are increasing, according to a Federal Reserve study released Monday. The study found that more than
two-thirds of noncash payments were made electronically in 2006, up from 50 percent in 2003, the last year
studied by the Fed.
In 2006, the Fed counted 62.7 billion electronic payments in
the United States,
compared to 30.6 billion checks paid. The electronic payments had a value of
$34.1 trillion, while the checks paid had a value of $41.7 trillion.
The annual growth rate of electronic payment transactions
was 12.4 percent from 2003 to 2006, compared to a 6.4 percent annual decline
for checks. One of the biggest drivers of increasing electronic payments came
from debit card transactions.
The Fed has been cutting back check-processing
operations in recent years as a result of the increasing use of electronic
payments. The Charlotte Fed branch will shift work to Atlanta in the second quarter of 2009. A
small staff will remain to print so-called "substitute checks" --
hard copies of electronically shipped checks.
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Keeping Up With ETA |
Committee Application Deadline Is Now May 12
If you would like to be considered for membership on one of ETA's standing committees, now is the time to put your hat in the ring. The deadline for applications has been extended to May 12, 2008.
Committee applications for the 2008-2009 program year were distributed in the ETA packet at the Annual Meeting and by email. To be considered for a committee position, you must return the application by May 12, 2008.
For a committee application, click here.
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ETA Members Only |
Login here to access your member information, membership status and member-only content.
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Upcoming Events |
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Strategic Leadership &
Networking Forum
October 21-23, 2008
Chicago, IL 2009 ETA Annual
Meeting & Expo
April 21-23, 2009 Las Vegas, NV |
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Tel: 202.828.2635