The Associated Press reported today that sales at the nation’s retailers fell for the second month in a row.
The report cited a Commerce Department announcement September 12 that retail sales dropped by 0.3 percent in August, while economists were looking for sales to rise by 0.3 percent, and that revised July sales were off .5 percent, more than had been reported originally.
Economists are noting that rising unemployment, rising fuel prices and falling home pricesare making shoppers more cautious.
The numbers look worse when automotive purchases -- up in August -- are excluded. Non-auto retailers saw sales decline 0.7 percent, the worst showing since December 2007. Commerce sais sales fell at electronics and appliance stores, clothing shops, building and garden stores, and department stores. Gasoline sales also were off despite falling prices.
Precidia, Omega Reach Equipment Deal
Precidia Technologies Inc., a global leader in the design and manufacture of Internet Protocol (IP) payment and networking products, announced today an agreement with OMEGA Processing Solutions, a leading provider of payment processing services. OMEGA will now offer Precidia's TransNet™ integrated payment solution for electronic cash registers (ECRs). TransNet's secure router-based design takes a unique approach to integrated payments, routing to any processor, without additional fees. TransNet is a payment application, which is easily downloaded into a payment router and connected to an existing POS device or PC.
Certified with major processors and ECR manufacturers such as Sharp, TransNet has gained the attention of Independent Sales Organizations (ISOs) like OMEGA, as a new, more flexible integrated payments solution. TransNet puts greater control in the hands of merchants and ISOs with features such as no cost routing to multiple processors, including gift and loyalty. In addition, the solution's management tools decrease support costs and simplify store-level tasks like settlement. TransNet can operate with any POS device, from ECRs to payment terminals and PCs.
With ISOs facing cardholder data security mandates, TransNet offers peace of mind. By housing the TransNet payment application on a secure, firewalled payment router, cardholder data is shielded from attack more effectively. TransNet's PABP (Payment Application Best Practices) validated design also helps merchants meet their cardholder data security requirements, with PCI compliant default settings that cannot be changed by the merchant. OMEGA has introduced TransNet to grocery stores using Sharp cash registers, allowing them to route transactions to processors such as Chase Paymentech and Global Payments.
"In TransNet, we have found a flexible, easily managed and cost effective integrated payment solution for our customers," said Todd McHugh, President of OMEGA Processing Solutions. "The ability to work with multiple processors results in better rates for merchants. In addition, TransNet's merchant-driven design helps maintain PCI compliance, integrate peripherals and manage transactions. The value-added management features complete the offering, simplifying 24/7 support of the merchant."
"OMEGA is an ideal partner for Precidia," said Precidia President Deepak Wanner. "Merchants want to work with partners who understand payments, and ISOs are in the best position to offer this expertise. TransNet's management features enhance the ISO's offering to merchants, with network and diagnostics data. To merchants, the ISO can deliver a customized dashboard with store level data on settlement and transactions, improving their operational efficiency," said Mr. Wanner.
To learn more about Precidia's payment solutions, visit www.precidia.com/payments
About OMEGA Processing Solutions OMEGA Processing Solutions is a full-service electronic payments company providing credit/debit card processing; gift card issuing and processing; check guarantee, free bad check recovery and receivables financing to help businesses with cash flow. OMEGA offers a complete line of point of sale cash register systems sold and serviced by OMEGA employees. OMEGA services a wide variety of industries including retailers, restaurants, and other B2B service establishments across the United States. For more information, visit OMEGA on the Web at http://www.omegap.com.
About Precidia Technologies Precidia Technologies is a global leader in the design and manufacture of Internet Protocol (IP) payment and networking products. With customers in over 85 countries, Precidia offers unique products designed for simple serial networking, as well as a suite which manages the complexity of IP based payments in the retail industry. All of Precidia's products have been designed to maximize the potential of existing equipment, with deployment, monitoring, security and management tools. For more information, visit Precidia on the Web at http://www.precidia.com.
Media Contact Precidia Technologies Tracy King Marketing Communications Manager (613) 592-7557 x.208
EU to Allow Debit Interchange For Now
With European banks reeling from the credit crisis and other economic woes along with their US counterparts, the European Commission said last week it will relax its position on the issue of interchange bank fees and allow them on a "justified and temporary basis" to smooth the launch the EU's Single Europe Payments cross-border direct debit scheme scheduled to take effect in November 2009.
Despite insisting a year ago that so-called "Multilateral Interchange Fees" are a violation of EU competition regulations, the Commission announced that it would now allow them, although only on a limited basis.
"It may prove necessary to have a multilateral interchange fee for cross-border SEPA direct debits in the very initial stage," EU Competition Commissioner Neelie Kroes said in a Sept. 4 statement. "But we will have to be convinced that these fees will be strictly limited in time and objectively justified--that they are, for example, not aimed at providing additional profits to banks."
Acknowledging that the launch of the SEPA bank debit plan for November of 2009 was in danger, European Central Bank Executive Board Member Gertrude Tumpel-Gugerell said that "a European solution has to be found by the banks which is also agreeable to the competition authorities." Tumpel-Gugerell continued," In this respect the idea of maintaining at national level the same interchange fee for national legacy and SEPA schemes during a limited transitional phase should facilitate the rolling out of the SEPA direct debit scheme."
"This would also ensure the necessary level playing-field in the national context for the SEPA direct debit scheme and the national legacy direct debit schemes," Tumpel-Gugerell added. " ... It would not be acceptable that bankers are not able to deliver the SEPA direct debits by November 2009."
Visa Taps Sheedy to Head North America Unit
Visa Inc. said Wednesday that it had named William Sheedy to fill the newly created position of president for North America, where he will oversee Visa's relationships with card issuers, merchants, merchant acquirers, and third-party processors in the United States and Canada.
He will report to Hans Morris, the San Francisco company's president.
Sheedy had been Visa's global head of corporate strategy and business development since October. In that role, he has "overseen strategic and new business initiatives … including marketplace intelligence, mergers and acquisition activities, and cross-regional and cross-functional strategic projects," the company said.
Mr. Sheedy has also worked on Visa's interchange strategy in the United States, worked on the company's recent reorganization and its initial public offering in March.
Joseph Saunders, Visa's chairman and chief executive officer, said in a press release that Mr. Sheedy "brings the ideal blend of payments expertise, strong client relationships, and management skills required to grow Visa's leadership position in North America."
Social Security Debit Card Launched
The U.S. Treasury has announced that Social Security beneficiaries can now sign up to receive their benefits on a special debit card, rather than by check or direct deposit. While anyone receiving Social Security allocations can sign up for the card, it is being touted as a solution for the unbanked. According to the federal agency, nearly four million Social Security recipients do not have bank accounts, placing them at greater risk of check delivery delays due to poor weather, national or local emergencies, and other check related problems such as lost or stolen checks.
Information on the Direct Express Debit MasterCard will be mailed to Social Security recipients this month. There is no cost to sign up for the card and no monthly fee. Cardholders can make purchases and get cash back at no cost wherever Debit MasterCard is accepted. The Direct Express card can also be used to pay bills over the phone and Internet and to get cash at ATMs.
If you're planning to join the leading companies in the payments business in the ETA Annual Meeting exhibiton hall next April, now is the time to reserve your space and make your plans. Everything you need is here .
Electronic Transactions Association
1101 16th Street NW Washington, DC 20036
Toll Free: 800.695.5509 Tel: 202.828.2635
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