Norm Asand was actively involved in payment processing for more than 15 years as a lead underwriter for a major acquiring bank in the EU. We are fortunate that Norm decided retirement was boring and decided to join our staff! His insights into the industry are invaluable, and always an interesting read! And yes - he promises us a pic soon!
Norm's email here at online payment news is NormA@onlinepaymentnews.com
With the Bitcoin community still trying to sort out the effects of the recent shut down of Bitcoin Savings & Trust, it looks as though a new hack attack has hit Bitcoin exchange, Bitfloor, for $240k as their servers were compromised. Bitcoin Savings and Trust shut down recently with little more than the following announcement from the ‘founder’: “The decision was based on the general size and overall time required to manage the transactions. As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system. On the 14th [...]
An innovative new flat monthly fee of $275 was announced today by Square for small businesses that process less than $250,000 per year, with transactions of up to $400 in value. “For 62 years, merchants have suffered complicated, expensive processing fees. Square is the first company to rethink electronic payment pricing with the merchant in mind. We are giving merchants affordable, predictable pricing, ” said Square CEO and co-founder Jack Dorsey. “With one monthly price, merchants know that the sales they’ve processed in a day is the same amount deposited in the bank.” The new program should show significant savings for merchants that do over $100k in swipe payments annually, [...]
It appears that the competition between PayPal and Square may be heating up as McDonald’s recently launched a mobile payments service test featuring PayPal at 30 locations in France. At the Orlando franchisee conference earlier this year, McDonald’s demo’d a similar mobile PayPal solution, hinting that it was among new technology that could be launched within the next 24 months. PayPal, owned by eBay Inc., has already signed up at least 15 major retailers to accept PayPal payments in their stores. The ist includes Office Depot and Home Depot, but McDonald’s, with more than 30,000 locations would be a major win for PayPal, an Ebay, Inc company. Related stories: McDonald’s, PayPal [...]
Fandango Adds PayPal As Payment Option – Fandango iPhone and Android phone users will now have PayPal as a new payment optionThursday 22 December 2011 | 12:22 PM CET ‘s new partnership with PayPal means that smartphone moviegoers will be able to purchase movie tickets through its iPhone and Android ticketing and movie schedule apps. The new PayPal mobile phone option is meant to work along side ’s Mobile Ticket app, which lets the theater ticket-taker scan the mobile barcode, instead of the usual paper ticket. Fandango movie goers first choose the show time and the quantity of tickets they want to purchase, the select Paypal as their payment method at [...]
EESPA announced at their first annual meeting December 13 2011 that a key goal of the newly formed group would be to raise the profile of electronic invoicing throughout Europe. The newly formed European e-Invoicing Service Providers Association (EESPA) is a new trade association for the e-invoicing industry and currently includes more than 30 service providers including Accelya France, Anachron, Atos Worldline, Basware, Bottomline Technologies, Crossgate, Fundtech, GXS, Itella,Nordea Bank, OB10, SIX Paynet, Tieto and Tradeshift. EESPA member Esa Tihilä of Basware Corporation was elected first Chair of EESPA , and Charles Bryant of OB10 shall serve as Vice-Chair, in addition to 9 Executive Committee members, picked from other European e-invoicing companies. [...]
Xoom Adds Mobile Option San Francisco based alternative payments company, Xoom, just launched a new mobile app,which offers Xoom customer’s the same features of the main Xoom website, including the ability to check the status of a transaction, send money, and even check the current foreign exchange rates. The new app can be accessed at m.xoom.com and was developed in partnership with Usablenet. Xoom is very popular among workers in the U.S. that send money ‘home’ to other countries, and now offers coverage in 30 countries. Money can be sent to a bank account or the recipient can receive cash at the local office. International money remittance companies understand that most of the core [...]