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- Back to Square One: Startup Contemplating Sell-OffDespite high-profile financial backing, generous media coverage and a growing customer base, Square is learning the hard way what traditional third-party providers have known for years: payments is a competitive and unforgiving industry. Following a year of big losses, Square is in talks with several of its rivals about potentially selling off its business.
- April 2014 Payments NewsletterThis month, we begin with a look at the results of the 2014 AFP Payments Fraud and Control Survey, sponsored by J.P. Morgan. While corporate fraud decreased overall, card fraud spiked. The good news is that companies are recognizing the threat and adopting additional security measures. Also this month, we bring you our exclusive coverage of the recent NACHA Payments conference in Orlando, Fla.
- Durbin Amendment Isn’t Helping Retailers Much, Study FindsWhen Congress passed the Durbin Amendment back in 2010, their intent was to lower retailers’ interchange fees from accepting debit cards. But a new survey by the Richmond Fed found that, since the rule took effect in 2011, debit acceptance costs for sales $10 or less have actually increased.
- Wal-Mart Accuses Visa, Banks of Colluding over Interchange FeesWal-Mart is suing Visa for $5 billion for allegedly colluding with some of the largest U.S. banks to fix interchange fees for retailers. The suit claims that banks have agreed to not compete with each other for merchant acceptance.
- Strike Back: Appeals Court Overturns Interchange Fee RulingBanks scored a big win last week as the D.C. Circuit Court of Appeals reversed a federal judge’s ruling last summer, which had struck down the Federal Reserve’s cap on debit interchange fees. The appeals court’s said the Fed reasonably interpreted the law, doing its best to overcome the “ambiguity” of the Durbin Amendment.