Fiserv, a company that provides technology for payments and financial services, has introduced the Fiserv Small Business Index. This unique tool evaluates the performance of businesses in the United States based on state and industry factors. Unlike other indexes, this index stands out because it directly uses data from around 2 million businesses in the […]
Fiserv Launches a Small Business Index Read More »
Invoicing is critical to any business operation. But all of the manual work that goes into it can create a headache for your accounting team. Enter automation, a process that’s helping countless businesses in various industries and sectors. Whether it’s digitizing paper documents or verifying invoices with prior documents, automating financial tasks can significantly help
What You Need to Know About Automated Invoice Processing Read More »
Fiserv aims to broaden its scope in handling processing tasks for merchants in the fiercely competitive payments market of a cost-conscious economy. The bank technology provider has sought a merchant acquirer limited purpose bank charter in Georgia. This move would allow Fiserv to oversee the entire payment process, encompassing the authorization, settlement, and clearing of
Fiserv Pursues Special Purpose Bank Charter Read More »
The Consumer Financial Protection Bureau (CFPB) is working on a plan to lower overdraft fees. These are the fees Americans pay when their bank accounts run dry. As a part of the Biden Administration’s fee-reducing efforts, this could save Americans around $3.5 billion yearly. Overdraft fees from banks and credit unions take billions from Americans
Consumer Financial Protection Bureau To Cut Overdraft Fees To $3 Read More »
Truist Financial plans to reduce its branch network by March as part of its cost-saving strategy. According to recently released data, Truist Financial operated a total of 2006 branches across 17 states and Washington, DC, as of December 29, 2023, and Truist closing branches could amount to around 4% of it. Although TFC has not
Truist Closing 72 Branches by March 2024 Read More »
Visa, the largest global payment system, is making changes to its approach towards surcharges in order to be more stringent towards merchants who impose additional fees on customers using credit cards. In recent months, Visa has reduced the amount that retailers can charge customers when they use Visa cards. Additionally, the company has started conducting
Visa Cracks Down On Businesses Using Surcharge Programs Read More »
Canadian fintech company Nuvei recently revealed its most recent connection with Dynamics 365, an ERP (Enterprise Resource Planning) system supplier designed specifically for small and medium-sized enterprises. Through this partnership, businesses globally may easily incorporate a range of payment options into their current Dynamics 365 Business Central division, including credit card payments, immediate bank transfers,
Nuvei Integrates AR Automation And EPR Payments In Microsoft Dynamics 365 Read More »
In keeping with their goal to transform the digital economy by implementing real-time payments (RTP) on the RTP network, Mastercard and TCH, or The Clearing House, have decided to prolong their multi-year relationship. With the help of this Mastercard TCH partnership, businesses, governments, and consumers will be able to navigate and prosper in the quickly
Mastercard And The Clearing House Announce Extended Collaboration For Real-Time Payments Read More »
The IRS has repeatedly cautioned taxpayers about a rise in aggressive marketing related to questionable or fraudulent claims for the Employee Retention Credit (ERC). Initially, the IRS addressed ERC claims by including them in their Dirty Dozen list. Later, on September 14, 2023, the IRS took immediate action by placing a moratorium on processing new
IRS Unveils Withdrawal Procedure for ERC Claims Read More »
The Employee Retention Credit (ERC) provided crucial support for businesses navigating the challenges of the COVID-19 pandemic and its aftermath. Refund claims for 2020 must be submitted by April 15, 2024, while claims for 2021 have a deadline of April 15, 2025. However, the future of this widely used yet problematic credit is still being
The IRS Moratorium on Employee Retention Credit: What’s Your Next Move? Read More »
The IRS is taking several measures in its ongoing efforts to address false and fraudulent ERC claims. These include an indefinite extension of the moratorium on processing claims, impacting the ERC withdrawal program. Additionally, a legislative deal in progress could conclude the ERC as early as 31st January as part of the 2024 federal budget.
A Look At The Current State of ERC Read More »
If you find yourself among the small business owners anxiously awaiting the processing of your Employee Retention Credit (ERC) claim, you’re part of a sizable group facing the same frustration. The current scenario depicts a staggering Employee Retention Credit backlog of more than a million unprocessed ERC claims! As of the end of November 2023,
IRS Employee Retention Credit Backlog Read More »
Talus Pay is a prominent player providing payment processing services and has recently completed the acquisition of two companies – Clarus Merchant Services and Jobox.ai. Clarus Merchant Services is a top vendor of comprehensive B2B financial services, while Jobox.ai, recognized for its FinTech innovations, specializes in the housing service sector. This is a strategic acquisition
Talus Pay Welcomes 2024 With Not One But Two Strategic Acquisitions! Read More »
Last year, on December 13, 2023, New York introduced Assembly Bill No. 2672 (Act), modifying the existing ban on credit card surcharges. Governor Hochul endorsed two laws designed to safeguard consumers. The first law requires clear notifications to consumers about upcoming automatic renewals for subscriptions, including explicit instructions for cancellation. The second law addresses pricing
Implementation Of Surcharge Law In New York: What Does It Mean For Merchants? Read More »
Small and Medium Businesses (SMBs) are the most important part of most economies, particularly developing countries. Retail SMBs constitute the majority of businesses worldwide, making substantial contributions to job creation and global economic development. SMBs are a crucial client segment for banks, presenting a key opportunity to enhance their revenues, especially during rising interest rates
Why Do One-Third Retail SMBs Opt Out Of Credit Even If They Require It? Read More »
The UK’s Payment Systems Regulator (PSR) has proposed a groundbreaking measure by provisionally suggesting implementing a price cap on cross-border card fees or interchange fees for credit and debit cards. Primarily targeting major U.S. payment technology giants, Mastercard Inc. and Visa Inc., this move is orchestrated to shield UK businesses from potentially excessive interchange fees.
PSR Proposes Cap On Cross-Border Card Fees To Safeguard UK Businesses Read More »
Affirm, a payment network in the US, has joined forces with Blackhawk Network, a digital gift card distributor. This partnership offers consumers more options when buying gift cards, especially as they become popular during the holiday season. Thanks to this collaboration, shoppers can use Affirm to purchase digital gift cards from a wide range of
Nuvei Corporation has rolled out its card-issuing solution in 30 countries worldwide. This means Nuvei’s clients can now provide their customers or staff with physical and digital white-label cards. By combining this new feature with its existing payment services, Nuvei offers itself and its clients a unique advantage. This dual capability brings several advantages, such
Nuvei Launches Card-Issuing Read More »