Dream Payments, First Data and Intuit come together to elevate the payment experience while Verifone and Alipay expand their partnership. And in other news, Visa makes signature optional at qualifying locations while TSYS completes its acquisition of Cayan.
Here’s your weekly news roundup!
Visa makes signature optional for qualified North American transactions. Effective April of this year, all EMV contact or contactless chip-enabled merchants in North America will now have the option of bypassing the signature requirement, according to the company’s post. This new mandate serves as incentive for those merchants that have not already migrated to EMV and supports Visa’s continued initiative to “bring increased security and convenience to the point of sale.”
Since 2011, Visa has deployed more than 460 million EMV chip cards and chip-enabled terminals at more than 2.5 million locations. And the same article touts an impressive 66 percent decline in US fraudulent activity at chip-enabled merchants less than 2 years following the launch.
Dream Payments, First Data and Intuit come together to enhance the customer payment experience. According to the press release, Dream Payments has announced integration with Intuit’s QuickBooks and First Data’s Clover platform to launch Dream Payments POS. With this new functionality, businesses using Clover can now accept any method of payment and simultaneously update all sales data in QuickBooks via integration with QuickBooks Online.
According to Dream Payments CEO Brent Ho-Young, via the same release: “QuickBooks is the world’s number one cloud accounting software for small businesses, and Clover is one of the world’s most powerful lines of smart devices. By combining them through Dream Payments POS, we’re unlocking the cloud and simplifying the most complex aspects of running a successful business — customer experience, payments and accounting. Now businesses of any size can access a powerful commerce platform that traditionally only the largest retailers could afford.”
Effective February 1, Alaska will be accepting applications for the money transmitter license on the Nationwide Multistate Licensing System (NMLS), according to NMLS News.
Alaska joins states such as New York in the use of this portal. As PaymentFacilitator.com has previously reported, use among states of a common infrastructure may help to ease the burden of state-by-state licensing for companies, including some payment facilitators, that wish to operate as money transmitters.
Verifone and Alipay have expanded their partnership to certain Lacoste US retailers. According to the press release, this collaboration comes in effort to capitalize on the traveling Chinese tourism consumer market – a subset of individuals who spent $33 billion in the US alone in 2016 (as reported in the release) and continue to support the global payments ecosystem.
With Verifone’s e355 mobile solution, Lacoste US retail personnel will now be able to check out Chinese consumers from anywhere in the store – and with their own familiar method of payment (Alipay).
TSYS has completed its acquisition of payment technology company Cayan in a cash transaction valued at ~$1.05 billion. Both brands will combine their portfolios under the TSYS umbrella. Cayan brings to the table more than 70,000 merchants and 100+ integrated partners in the US, according to the press release, as well as a notable omnichannel presence and a proprietary platform that offers a unified customers experience.
The same release quotes M. Troy Woods, Chairman, President and Chief Executive Officer, TSYS: “This strategic acquisition builds on our very strong foundation in the acquiring space and will support our goal to become a leading payments solutions provider to small and medium size businesses in the US. The addition of Cayan creates great synergies to identify best-in-class opportunities that will drive revenue. Together, we will continue focusing on developing products, technologies and services that merchants we serve want and need to continue to grow.”