Visa and JPMorgan Chase & Co. are in the middle of a 10-year merchant services agreement that gives Chase merchants certain advantages with the expected goal of favoring Visa card volume. But it’s not an exclusive arrangement.
Chargeback requests have surged since the start of the coronavirus pandemic, as airlines have canceled flights, performers have postponed concerts and supply chain disruptions have delayed the delivery of many goods.
The days of meeting with mentors and pitching investors in person are at least temporarily over, but fintech incubators, accelerators and boot camps are finding creative ways to replicate these valuable experiences online.
Thanks to their close relationship with the card networks, banks stand to benefit most from deals like Mastercard’s agreement to buy Finicity and Visa’s pending purchase of Plaid. The prospects for fintechs and consumers are dicier.
Payments processors are keeping a portion of payments as a reserve against potential disputes between cardholders and merchants. Small-business owners say the practice is eating into their profits.
Oxygen helps customers obtain business licenses and separate their personal and business lives. Its says its services will be in demand as the pandemic accelerates a shift away from traditional jobs.
More companies will be eligible to apply for the four-year loans, including those with high debt loads; four-year loans will be offered to European banks with rates as low as minus 1% as the eurozone economy tanks.
For the second time in four years regulators are investigating Jes Staley; fintechs have until July 30 to sign agreements on how they access customer data.
Higher rates are looming for transactions on e-commerce sites, while merchants in certain services categories, such as real estate and education, will see fees decline, according to a document Visa sent to banks.
