News
Stay up to date with CommerceGate news through our RSS Newsfeed
You can also follow CommerceGate on Twitter
Dont forget to sign up to our newsletter!
2010-07-16
Credit card processing to 'outstrip cash by 2030'
Credit card processing could help to make cash extinct by the year 2030, according to a new survey.
Over half of Brits (52 per cent) think that cash will become redundant within the next 20 years, according research carried out by MyVoucherCodes website.
It seems that credit card processing and the growth of retailers that accept credit cards online has resulted in over four-fifths (83 per cent) of respondents not having written a cheque in five years.
In addition, 82 per cent said that using a card for in-store purchases is easier than carrying cash.
Farhad Farhadi of MyVoucherCodes, commented: "I think it is quite possible that notes and coins could be obsolete within the next twenty years, as debit cards were only introduced in the mid-70s and since then paying by plastic has drastically increased in popularity.
"I wouldn't rule out the idea that in a couple of decade's time, we won't use cash anymore."
The news comes as Visa Europe reports that spending on cards in the UK is back to pre-recessionary levels.
Related news:
2010-02-11
New credit card processing 'biggest online fraud threat'
New online credit card processing registrations are the biggest source of security risk, according to research into online banking.
New online credit card processing registrations are the biggest source of security risk, according to research into online banking.
The Trends in Online Banking: Fraud Prevention and Customer Authentication report from security firm ThreatMetrix revealed that new accounts are the largest threat to financial loss.
Furthermore, nearly two-thirds of the executives questioned said that preventing cyber fraud is more important than customer convenience, an attitude that ThreatMetrix vice-president of marketing Tom Grubb has warned against.
"Companies need to combat online fraud and focus on customer success and satisfaction," he said.
This is set to become even more important, as 65 per cent of respondents predicted an increase in online fraud attempts using stolen or synthetic customer details in the next 18 months.
Online credit card processing and other forms of card-not-present fraud carry the biggest risk of loss, the research showed.
IT security expert Tom Kelchner from Sunbelt Software has also highlighted the need for tight internet security, urging all users to have several layers in place to prevent fraud, including a malware scanner and a firewall.
read more 2010-02-05
Investing in ecommerce strategy 'will lead to success'
Firms that accept credit cards online have been advised to ramp-up their efforts in order to win and keep shoppers.
Firms that accept credit cards online have been advised to ramp-up their efforts in order to win and keep shoppers.
Investing in ecommerce strategy is "the only way to successfully manage and expand your business today", according to ebusiness solution firm Magico.
It pointed out that businesses with a retail outlet and online shopping website will perform best.
"More and more people across the UK and Ireland are reverting to online shopping and the stats speak for themselves," the firm commented.
Operating an ecommerce site and offering online payment processing means customers can see and purchase products 24/7 from around the world, it continued.
Retailers should also bear in mind that if a customer finds their shopping experience positive and enjoyable they will return and tell others.
"If you do not offer a formidable and attractive online shopping solution, no one will visit your site," Irish-based Magico added.
read more 2010-01-27
Woolworths' online sales increase by 41 per cent
Woolworths' online sales increased by 41 per cent during the first half of the year, according to the company's latest financial results.
Woolworths' online sales increased by 41 per cent during the first half of the year, according to the company's latest financial results.
The company has had success with its new online ecommerce strategy, developed in relation to its other retail trading divisions, such as through its online payment processing systems.
Overall, the firm's sales were also improved, rising by six per cent excluding petrol sales.
Woolworths' chief executive officer and managing director Michael Luscombe said that the company was pleased with its half year sales total of $27.2 billion.
He said: "Consumers continue to put their trust in Woolworths' retail brands for value, range and service for all their everyday needs.
"Our business remains strong as we continue to deliver real sales growth above inflation in Australia and New Zealand."
Online sales are expected to increase significantly across the world this year, according to IMRG, following market growth of 14 per cent seen throughout 2009.
read more 2010-01-27
Tpad adopts new online payment processing platform
Tpad is set to launch a new online payment processing platform to enhance customer billing options.
Tpad is set to launch a new online payment processing platform to enhance customer billing options.
The telephony company is dedicated to providing superior customer care and high quality services and is set to enhance its payment options in Europe, UK and the US in order to meet customers' growing expectations for online billing solutions.
Commenting on the enhancement, brand director at Tpad Steven Johns said: "For individuals who have desired to take advantage of the savings that VoIP technology offers but preferred this method of payment over the use of a credit card online, now they have the best of both worlds."
It comes after the Dubai eGovernment announced that use of its online payment processing portal grew last year.
Throughout 2009, more than 8,000 transactions across the Roads and Transport Authority, Dubai Police and the Dubai Electricity and Water Authority were carried out using online billing solutions.
read more 2010-01-26
Calls for agencies to implement online payments
Companies that accept credit cards online should not charge a "convenience" fee because they are counterintuitive.
Companies that accept credit cards online should not charge a "convenience" fee because they are counterintuitive.
This is according to a letter written by George Williams to hattiesburgamerican.com, who wants to see government agencies in the US beginning to promote bill paying online.
"The more online payments are used, valuable employee time will be freed from opening and sorting mail, and thus be able to provide better service to the public," he argued.
Mr Williams went on to say that online payment processing will eliminate the risk of posting errors, because fewer or no cheques will have to sent by mail.
A further advantage, his letter outlined, is that agencies receiving online payments will have faster access to their funds, with transactions usually clearing within a two-hour time period.
Cheques, on the other hand, can take three days to clear - once they have been taken to the bank and processed.
The Daily Mirror recently reported that 20 million people now regularly bank online in the UK, with many using the internet to access transfers, standing orders and direct debits.
read more 2010-01-26
US county treasurers turn to online billing solutions
Treasurers in the Canadian city of Vancouver could soon be able to accept credit cards online as a way of receiving property taxes.
Treasurers in the Canadian city of Vancouver could soon be able to accept credit cards online as a way of receiving property taxes.
The development would see the implementation of online billing solutions and will no doubt be welcomed by homeowners, who under the existing system have to write out a cheque twice a year, the News Tribune reports.
Measures are being proposed under house bill 2926, which could see money be transferred electronically from a homeowner's current account.
Duane Davidson, Benton County's treasurer, told the newspaper that the scheme will help streamline revenue flow.
"It is a win-win situation not only for taxpayers but for county treasurers and also for taxing districts because it evens out the flow," he commented.
Another proposed measure is for counties to email property tax bills rather than print them off and send hard copies, which will allow cost savings to be passed on to taxpayers.
Under recommendations from ehow.com, those wishing to pay property tax online should make sure that they enter information exactly as it appears on their tax bill.
read more 2010-01-22
Russian Railways adopts online payment processing
Russian Railways has adopted an online payment processing system and e-ticketing system for the benefit of customers.
Russian Railways has adopted an online payment processing system and e-ticketing system for the benefit of customers.
The rail provider will now accept credit cards online, including Visa, Visa Electron, MasterCard and Maestro, reports BarentsNova.
Tickets can only be booked online for travel within Russia and are only valid for adult and child tariffs.
According to the news website, the payment system can occasionally be troublesome, but has proved popular with over 20,000 e-tickets having been purchased since the start of December 2009.
The launch of the new system comes ahead of next month's International Regional Rail Business Forum, which will be attended by Russian Railways - the main international partner at the conference.
Online payment processing systems within the rail industry could come up during discussions, which will be focused on problems facing transport and logistics in the 1520mm broad-gauge track sector.
The forum will be attended by heads of railway companies from across Europe, as well as government authority leaders and international associations.
read more 2010-01-21
YouTube launches online payment processing for movies
YouTube is set to introduce online payment processing technology onto its website, allowing customers to pay to watch videos online.
YouTube is set to introduce online payment processing technology onto its website, allowing customers to pay to watch videos online.
The rental service will be introduced this week, but will only make five independent films available to watch at its launch.
All five movies from independent filmmakers are from the upcoming Sundance Film Festival, with YouTube providing the event with some additional publicity.
The move may help to reassure advertisers on the site - from which most of the video portal's revenue is derived - who may feel more comfortable about placing their marketing alongside professionally produced videos.
Speaking to the New York Times, entertainment market manager for YouTube Sara Pollack said that the launch is a "way for filmmakers to connect with audiences".
She added: "YouTube [has] had a very close relationship with the independent film community since we launched."
Consumers can already purchase movies online, through portals launched by Apple iTunes and Amazon.com.
read more 2010-01-20
CPP: 32% of Brits targeted by credit card fraudsters online
Nearly a third of people that are victims of credit or debt card fraud are targeted online, according to new research.
Nearly a third of people that are victims of credit or debt card fraud are targeted online, according to new research.
Some 32 per cent of Britons have fallen victim to credit or debit card fraud online, according to the CPP survey, which will no doubt underline the importance of using websites with secure third party online payment processing systems.
The largest proportion of people suffering card fraud in the UK was located in Cardiff (37 per cent), increasing by 17 per cent since 2007.
Over a quarter of Brits admitted to having fallen victim to card fraud at least once, with the total number of card fraud cases having risen by eight per cent since 2007.
Cardholders must be vigilant and take steps to avoid being targeted by thieves, according to insurance firm CPP's card fraud expert Sarah Blaney.
She explained: "At CPP we have seen high levels of card ID theft, where criminals take over the running of another person's bank account – usually by changing the address details and then requesting a new card and genuine PIN to access the bank account."
Ms Blaney added that these tend to account for around half of card fraud cases.
Earlier this month, online payment processing solutions provider Heartland Payment Systems agreed to pay Visa a $60 million (£37 million) settlement for losses incurred during a 2008 criminal breach, in which criminals hacked into systems and stole tens of millions of credit and debit card records.
read more 2010-01-19
CompSource adopts online payment processing system
US-based CompSource has integrated a third party payment processing platform into its ecommerce website to improve the customer shopping experience.
US-based CompSource has integrated a third party payment processing platform into its ecommerce website to improve the customer shopping experience.
Consumers will be able to take advantage of the new online billing solution, which enables them to pay in a more convenient and secure way.
The new system is expected to complement the online electronic retailer's existing high level of customer service.
Dean Bellone, president of CompSource, said: "Unparalleled customer service is our mission.
"We had to deliver a payment option that supports our clients with the same focus and intensity that we do."
The introduction of the new online payments system is timely, with recent figures from comScore underlining the growing use of the internet as a shopping platform.
Meanwhile, research by Adeptra indicates that nearly one in three experts are attempting to find new ways to deal with online payment fraud, with attacks now taking a matter of minutes, rather than days.
read more Back to top
go back
