All articles tagged with #payment processing
Originally Published 5 months ago — by Techdirt.
Mastercard denies involvement in recent censorship of adult games on platforms like Steam, claiming it only enforces existing rules against illegal or offensive content through its payment network, while critics argue the company indirectly influences content restrictions via its processing partners, highlighting ongoing debates over morality and free speech in gaming.
Originally Published 5 months ago — by Hacker News
Mastercard's policy on lawful transactions is ambiguous, allowing for vague discretion that can lead to censorship of certain industries like NSFW games. The article advocates for legal reforms to classify payment networks as common carriers, ensuring non-discrimination and transparency, while criticizing current profit margins and regulatory failures. It discusses the complexities of international law, the limitations of current payment infrastructure, and the need for government-led public services to ensure access and privacy, emphasizing that private companies often externalize costs and restrict access based on political or reputational risks.
Originally Published 6 months ago — by Reuters
Shares of the French payments company Worldline plummeted over 41% after media allegations that it covered up client fraud to protect revenue, despite the company's claims of strengthening controls and conducting a thorough review. The company faces regulatory and reputational challenges, with its stock reaching record lows and a significant loss in market value since 2021.
Originally Published 7 months ago — by PYMNTS.com
Stax Payments CEO Paulette Rowe emphasizes the importance of strategic partnerships, building, or acquiring in the payments industry to enhance profitability and adapt to rapid technological changes, especially AI, while controlling their own processing infrastructure to better serve vertical SaaS markets and emerging niches.
Originally Published 1 year ago — by CNBC
Marqeta's shares plummeted over 30% after the company issued a disappointing forecast for the fourth quarter, predicting revenue growth of 10-12% compared to analysts' expectations of over 17%. The payment processing firm attributed the forecast miss to increased scrutiny in the banking sector and changes in customer programs. Despite a 30% increase in total processing volume, Marqeta's stock has fallen more than 80% from its 2021 peak. The company is also expanding into the buy now, pay later market with its Marqeta Flex product.
Originally Published 1 year ago — by CNBC
eBay will stop accepting American Express globally from August 17 due to high processing fees, citing that customers have other payment options. This decision follows similar merchant disputes with payment processors over fees, such as Amazon's past conflict with Visa. American Express argues that their fees are comparable to other networks and that their cardmembers spend more on eBay.
Originally Published 1 year ago — by The Associated Press
eBay will stop accepting American Express globally from August 17 due to high processing fees, offering customers alternative payment options like Apple Pay, PayPal, Klarna, and Affirm. This decision follows similar merchant disputes with payment processors over fees, such as Amazon's past conflict with Visa. American Express argues that their fees are comparable to other networks and that their cardmembers spend more on eBay.
Originally Published 2 years ago — by CBS News
Customers at major U.S. banks, including Bank of America and Wells Fargo, experienced delays with their direct deposits due to a glitch in payment processing that began on Friday. The issue was not related to cybersecurity and was reportedly resolved by the Federal Reserve, but customers continued to report delays on Monday. Banks such as JPMorgan Chase promised to post scheduled direct deposits as soon as possible and refund any overdraft fees incurred. Customers also reported other issues with funds transfers and online banking.
Originally Published 2 years ago — by Seeking Alpha
PayPal executives discussed key business initiatives in a recent management meeting, including the rollout of PayPal Complete Payments (PCP), a standardized payment processing platform for SMBs, which could drive higher-margin transactions. The company is also focusing on expanding internationally and offering value-added services to increase its market share. PayPal is gradually introducing one-click buying for its 35 million merchants, aiming to increase user adoption and convenience. Additionally, PayPal's leadership in the Buy Now Pay Later (BNPL) market, with a high Net Promoter Score, positions it well for growth. The company plans to communicate pre-approved spending limits to 110 million users to encourage increased usage. Overall, PayPal's focus on fundamentals and strategic initiatives could lead to strong earnings results and potential stock price growth.
Originally Published 2 years ago — by Forbes
PayPal is engaged in a battle for dominance in the payment processing industry, particularly in North America, as it faces competition from Dutch processor Adyen and fintech company Stripe. To gain market share, PayPal has implemented a risky low-price strategy, cutting the cost of its payment services under the Braintree brand. While this strategy has led to significant revenue growth for Braintree, it has also resulted in a drop in gross profit margin. PayPal's new CEO, Alex Chriss, is tasked with maintaining the company's position in the industry while facing increasing competition from alternative payment options like Apple Pay. Additionally, PayPal is facing a class action lawsuit alleging anticompetitive practices in its branded one-click checkout business.
Originally Published 2 years ago — by Investor's Business Daily
Visa's stock broke out for the third time this year, reaching a 19% increase. Despite concerns about slowing consumer spending, Visa and Mastercard have remained strong due to spikes in transaction volume and cross-border payments. Visa reported 9% adjusted earnings growth in Q3, beating expectations, with increases in payments volume and service fee revenues. Visa and Mastercard plan to raise fees for merchants accepting credit cards, starting in October and April. Visa's stock is currently in a base-on-base pattern and has a strong Composite Rating of 93.
Originally Published 2 years ago — by RochesterFirst
Wegmans has issued an alert to customers who made credit card purchases on August 16, stating that some transactions were inadvertently charged twice. The issue does not affect debit card and EBT purchases. Wegmans is working with its processor to reverse the double charges, and customers can expect to see the duplicate charges reversed in the coming days depending on their bank or issuer.
Originally Published 2 years ago — by The Associated Press
An unexplained outage at Chase Bank has caused interruptions for users of the Zelle payment network, leading to complaints on social media. Zelle stated that its network is functioning normally and blamed Chase for experiencing trouble with payment processing. Chase is working to restore full service but has not provided details on the cause or expected duration of the outage.
Originally Published 2 years ago — by The Wall Street Journal
Lawmakers are making another attempt to regulate the fees charged by Visa and Mastercard to merchants for payment processing, with broader support this time around. The proposed legislation would allow merchants to negotiate with payment networks over fees and would also require more transparency in the payment processing industry.
Originally Published 2 years ago — by Yahoo Finance
Visa's Q2 profits rose 14% YoY on an adjusted basis, driven by a global increase in credit and debit card usage. The company processed $2.955 trillion in transactions on its payment network last quarter, up 10% YoY. While Visa's fortunes are still tied deeply to the performance of the global economy, its new CEO remains confident in the company's ability to manage through changing environments. Visa shares rose nearly 2% in after-hours trading.