Monthly Archives: June 2013

5 Ways Mobile Technology Will Affect The ATM

This fall, the industry will see its first-ever conference on the subject of ATM and mobile convergence when the ATM & Mobile Executive Summit takes place in Washington, D.C. on Sept. 25-26. The event will be co-hosted by the Electronic Funds Transfer Association and sister publications ATM Marketplace and Mobile Payments Today.

There’s never been anything like this conference. Because until now, there’s never been anything like the ATM industry’s intensifying interest and lengthening list of questions about the subject of mobile-ATM interplay:

“Where is the trend going?”

“What mobile/ATM technologies and business models are working now?”

“How are customers reacting?”

“What about the response of regulators and lawmakers?”

The ATM & Mobile Executive Summit will answer these and other questions with help from highly placed experts, including representatives from the Federal Reserve, the Secret Service, the U.S. Treasury and C-level representatives from companies now making early inroads into the mobile financial segment.

Additional information about speakers, agenda and registration are available at the summit website. For a limited time, attendees who register with the discount code WESTER will receive a discounted price of $850 — $700 off the standard price of $1,550.

In advance of the summit, the sponsoring publications have produced a white paper, “Embracing Mobile at the ATM: Five ways mobile technology will change ATMs,” that addresses some of the basics of mobile and ATM convergence. Following is an excerpt from the paper.

Continue reading

So Long Cash Register, Hello Innovation

Today marks the beginning of “National Small Business Week,” the U.S. Small Business Administration’s (SBA) 50th annual celebration of the essential contribution of entrepreneurs and small business owners to American innovation and economic growth. The courage to create something new; the passion for entrepreneurship; the belief in the power of a good idea — these qualities have always fueled progress and prosperity in this country. Small wonder, then, that a recent poll found that 68 percent of Americans would rather patronize a small business.

I’ve been an entrepreneur since I was 23 years old when I launched my first startup. The struggles and challenges I faced during that time still inform who I am and what I do today, and even now while leading a large company like PayPal, I often look at problems and opportunities through the lens of a startup owner. Two weeks ago, I spent an inspiring day visiting small businesses here in San Francisco and felt first hand their pressures, challenges and passions — which took me back to my early days. Continue reading

Millennials big fans of prepaid cards, payday loans

Quick access to cash and credit is the priority, survey finds.

Millennials shell out for convenience.

That’s what a new survey to be released Friday and given exclusively to USA TODAY suggests when it comes to the generation’s use of alternative financial products that often come with high fees.

The survey of more than 1,000 people ages 18 to 34 by alternative financial products company Think Finance found that while 92% currently use a bank, nearly half, or 45%, say they have also used outside services including prepaid cards, check cashing, pawn shops and payday loans.

For a generation in which many are finding themselves cash-strapped, in debt from student loans and underemployed, convenience appears to trump getting stuck with extra charges when it comes to quick access to cash and credit.

“It’s flexibility and controllability that’s really important for Millennials,” says Ken Rees, president and CEO of Think Finance. “Banks don’t have great products for people who need short-term credit. They’re not really set up for that.”

And he points out that more than 80% of survey respondents said emergency credit options are at least somewhat important to them.

These are options that have been historically known for charging fees — check cashing can cost up to 3% of the amount of the check, and more depending on the company and how much you’re cashing. Most prepaid debit cards come with at least a monthly fee, and more fees for checking the account balance, ATM withdrawal or activation among others, found a survey of prepaid cards by Bankrate.com in April. Continue reading

The Gloucestershire Festival of Polo June 15-16th

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The Gloucestershire Festival of Polo, hosted by the renowned Beaufort Polo Club over the 15-16th of June, is a weekend certainly not to be missed. Tommy Kato, CEO of Merchant Hub, will be participating in the highlight of the polo action on Sunday — the charity polo match, raising money for charity and providing lively and entertaining polo action.

Tickets are selling fast! For more information and to book your tickets now, please visit their websiteFor further information please contact the Events Team: email: events@beaufortpoloclub.co.uk.

Mobile Banking Is Mainstream — What About Security, ROI, Payments?

Sitting alone at the back of a hotel meeting room, Theodore Iacobuzio had a stern message for bankers: “The train is leaving the station,” said Iacobuzio, a MasterCard executive, referring to the emerging mobile payment economy. “You have to get on.”

Earlier that Wednesday, Iacobuzio had spoken on a panel at the Mobile Banking and Commerce Summit in Miami about using data to drive relevant offers to cardholders. Mobile banking and payments are at the forefront of his mind.

After being more than a theory for the past several years, financial services companies have been iterating and tweaking their mobile banking models — offering mobile deposit capture (depositing a check with the snap of a smartphone camera) — for at least the past three. Continue reading

Why Business Credit-Card Holders Should Be Wary

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Most small business owners are aware that their personal finances and business finances are inextricably linked. Apply for a small business loan, and the bank will ask for a personal credit score. Miss a payment on a business credit card, and the issuer is likely to report the transgression on the owner’s personal credit profile. Credit-card issuers can also go after personal assets in the case of default.

Since issuers treat business owners as proxies for their companies, it might seem business credit-card accounts would be afforded the same protections as are personal credit-card holders. Not so, says Odysseas Papadimitriou, chief executive of credit-card comparison website CardHub.com. Four years after Congress passed the Credit Card Accountability, Responsibility, & Disclosure (CARD) Act to make credit-card borrowing more transparent, business owners lack protection that individual consumers get.

Of the eight major credit-card issuers that offer business credit cards, says Papadimitriou in a report released today, only Bank of America (BAC) offers business card holders protection from arbitrary rate hikes on existing balances. At the other seven issuers in the report, “a credit card exec can wake up and say, ‘Today is Sunday, let’s raise rates” says Papadimitriou. Continue reading

Why Business Credit-Card Holders Should Be Wary

Most small business owners are aware that their personal finances and business finances are inextricably linked. Apply for a small business loan, and the bank will ask for a personal credit score. Miss a payment on a business credit card, and the issuer is likely to report the transgression on the owner’s personal credit profile. Credit-card issuers can also go after personal assets in the case of default.

Since issuers treat business owners as proxies for their companies, it might seem business credit-card accounts would be afforded the same protections as are personal credit-card holders. Not so, says Odysseas Papadimitriou, chief executive of credit-card comparison website CardHub.com. Four years after Congress passed the Credit Card Accountability, Responsibility, & Disclosure (CARD) Act to make credit-card borrowing more transparent, business owners lack protection that individual consumers get. Continue reading