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Welcome to Merchant Service Sales
Companies seeking a way to avoid being overcharged for excessive "service charges" and extraneous fees that have plagued the merchant processing industry for years stand to gain some considerable savings benefits by working with Merchant Service Sales.

Fed announces final debit Interchange rules (7/7/2011)
At the Federal Reserve meeting today the final debit card rules where announced and the debit Interchange cap has been raised to 21 cents plus 5 basis points per transaction (not to exceed a sum of these two components).

TCF Drops Suit Against the Fed (7/5/2011)
Just a day after the Federal Reserve Board issued its final rules governing debit card swipe fees, TCF bank withdrew its lawsuit challenging the Fed and the underlying Durbin amendment language that required those rules.

Fed Adopts Swipe Fee Rule, But Raises Fee Cap and Extends Compliance Deadline (7/5/2011)
The Federal Reserve Board on Wednesday adopted the final debit swipe fee rule required by the Durbin amendment to the Dodd-Frank financial reform law, but nearly doubled the allowable swipte fee for most card transactions and extended key compliance deadlines to October 1.

PayPal head predicts mobile payment will replace wallets entirely (7/5/2011)
The president of online payment processor PayPal recently announced that the company had surpassed 100 million active accounts, taking the time to also forecast the death of the wallet.

Merchants angry over swipe fee changes (7/5/2011)
Retailers who process payments via point-of-sale terminals will not be seeing as much savings on swipe fees as the Durbin Amendment originally promised.

AmEx launches YourBuzz for small businesses (7/1/2011)
New York, June 30, 2011 -- American Express OPEN today launched YourBuzz, a free tool to help small businesses manage their online presence, learn what is being said about them and their competitors, and connect with customers in the places where they are most vocal—social media. YourBuzz aggregates conversations across highly influential review sites such as Yelp and CitySearch, and social networks such as Facebook, Foursquare and Twitter, to ensure listings are accurate, build customer relationships, and mitigate the damage that can be done from poor reviews.

$100 million for Square means change for low-end payments (7/1/2011)

Square Inc. received a $100 million shot in the financial arm from the venture capital firm Kleiner Perkins Caufield & Byers and investment manager Tiger Global Management LLC. Square is a startup mobile payment technology firm that allows any Google Inc. Android device or Apple Inc. iPhone or iPad to accept card payments.

The 25 most dangerous software errors in 2011 (6/30/2011)
Department of Homeland Security officials joined the Systems Administration, Networking and Security (SANS) Institute and the MITRE Corp's. Common Weakness Enumeration to release the 2011 list of most widespread, critical errors found in software, which itemizes the 25 most common programming errors that are used to breach critical stored data.

Federal Reserve sets debit interchange at 21 cents (6/30/2011)
A reasonable and proportional interchange transaction fee is 21 cents, plus 1 cent for fraud prevention costs, and a multiplier of 0.05 percentage-points on the cost of every transaction to pay for fraud losses, according to a June 29, 2011, unanimous vote of the Federal Reserve Board of Governors. Twenty-one cents is a dramatic turn around for financial institutions that fought vigorously against the proposed new transaction fee cap.

PCI Council: Validation of Some Mobile Payment Acceptance Apps Now Possible (6/28/2011)
We recognize that merchants have been eagerly awaiting an update from the PCI Security Standards Council on how they can be sure the mobile payment applications they're deploying can accept and process payment cards securely. A list of all PA-DSS validated payment acceptance applications is available on the Council's website.

PCI Council Releases ‘First Step’ Guidelines on Mobile-Acceptance Apps (6/28/2011)
The PCI Security Standards Council on Friday released its first guidelines on mobile-acceptance applications since announcing in November that it had stopped reviewing such products. The Wakefield, Mass.-based Council, which manages the Payment Card Industry data-security standard (PCI), also said it hopes to start forming a broad group of mobile-payments experts next month to help formulate further rules for acceptance apps.

Criminals out to 'swipe' your money (6/28/2011)

Tribune review of federal records shows wide range of debit card skimming

Visa to update forecast after Fed sets debit interchange (6/28/2011)
Visa Inc. said it will update its 2011 financial forecast on July 6, one week after the Federal Reserve Board discloses its final determination of debit interchange rate limits. The Wall Street Reform and Consumer Protection Act of 2010 carries in it an amendment promoted by Sen. Dick Durbin, D-Ill., that requires the Federal Reserve to set interchange rates that are "reasonable and proportional' to costs.

Tester Amendment fails to get 60 votes to study Interchange regulations (6/27/2011)
Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) offered an amendment to the Economic Development Reauthorization bill to delay by 15 months the implementation of the Federal Reserve’s rule regulating debit interchange fees and the vote this afternoon was a close one. They needed 60 votes to avoid a Senate filibuster but only garnered 54 votes.

Verifone Survey Says Discounts, Coupons, Loyalty Will Drive Mobile Payments (6/27/2011)
While it confirms that only a fifth of smart phone owners are interested in using their phones to pay for retail purchases, a new survey sponsored by Verifone says that twice that number (41%) said they would use mobile payments if they were connected to discounts or coupons.

Mobile Commerce Predicted to Grow 39% Per Year Through 2016 (6/27/2011)
While there are plenty of doubts that consumers are ready right now to step and begin using smart phones to pay for merchandise in stores, most observers are convinced that two developments will help change those attitudes — mobile promotions (coupons) and mobile commerce.

Washington getting serious about cyber privacy (6/25/2011)

The bipartisanship of the cyber security bills proposed in Washington demonstrates the move to tighten security on the Internet is gaining momentum. Separate bills addressing cyber security concerns were introduced in June 2011 by Sen. Patrick Leahy, D-Vt.; Sen. Al Franken, D-Minn.; Sen. Ron Wyden, D-Ore.; Rep. Jason Chaffetz, R-Utah; and Rep. Mary Bono Mack, R-Calif.

Privacy in legislative spotlight (6/25/2011)

Congress has deated issues involving consumer privacy, generally, and financial privacy, in particular, for generations. Debate has intensified in recent years, however, because rapidly evolving technologies - such as the Internet and mobile communications - are creating new vulnerabilities.

Protecting consumer data in a mobile world (6/25/2011)

Since ISOs and merchant level salespeople (MLSs) have direct relationships with merchants, they play an important role in ensuring consumer payment data remains secure.

Federal Reserve to talk interchange fees (6/25/2011)
A long anticipated final new rule capping debit card interchange fees is imminent. The Federal Reserve Board's discussion of the final rule will take place Wed., June 29, 2011, at 3:30 p.m. EDT. Under discussion at the meeting will be the Fed's proposed rule governing debit card interchange fees, the fraud prevention adjustment proposed in the new rate, the exclusivity restrictions and other related matters.

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