Payment Processing Industry News — June 2024

Our team is constantly monitoring the latest news stories in the payments world. From new fees to mergers, acquisitions, regulations, and beyond, here’s a summary of the latest headlines from June.

Worldpay Announces $9.95 Next Day Funding Fee

• Worldpay’s $9.95 per month Next Day Funding Fee goes into effect on August 1, 2024.
• Merchants can opt out of next day funding and switch to Standard funding to avoid the charge.
• However, funding would delay deposits by 24-48 hours after settlement. 

Use this resource to see more Worldpay rate increases and updates. We also have an in-depth Worldpay review that dives deep into our experience with this processor. 

California’s New Surcharge Ban Goes Into Effect July 1st

• Effective July 1, 2024, California businesses are banned from adding service fees, including credit card surcharges, to transactions.
• According to Senate Bill 478, all fees (except for taxes) must be included in the listed price.
• Non-compliance can result in a $1,000 fine per violation.

This is a big news story in the Golden State, and we have a more comprehensive breakdown of California’s surcharge laws that you can refer to for more information. We also have a separate state-by-state guide to credit card surcharging that you can use as a quick reference to brush up on your local laws. 

Federal Judge Rejects $30 Billion Visa/Mastercard Settlement

• On June 25, 2024, Judge Margo Brodie rejected Visa and Mastercard’s $30 billion antitrust settlement.
• It’s likely that Visa and Mastercard will need to come up with more favorable terms for merchants in order for the court to approve it.
• This latest court ruling does not impact the $5.6 billion class action settlement that’s previously been approved.

You can find everything you need to know about the Visa/Mastercard settlement here. 

Stripe Becomes the Primary Global Payments Provider for Accor Hospitality

• On June 11, 2024, Stripe announced that it just became the primary payments provider for Accor.
• Accor Hospitality Group has more than 5,600 locations across 110 countries and represents 40+ hotel brands.
• The partnership allows Accor to implement a centralized system across all properties for online bookings, instead of having to use multiple gateways and different providers (like they did previously).

Stripe Launches New Enterprise Suite in France

• Stripe just launched its biggest product update to the French market since its initial rollout there in 2016.
• Alma (a BNPL provider) is now natively accessible to all Stripe users in France, and CB (France’s leading payment system) is now natively supported on Apple Pay and Stripe terminals.
• Stripe deployed its newest smart reader, newly customized features, and more pre-built integrations.

You can read more about this update straight from Stripe’s newsroom. 

Adyen Partners With SumUp For Global Payments

• Adyen and SumUp’s partnership announcement is focused on accelerating settlements for small businesses worldwide.
• Particularly, millions of smaller businesses in Europe will have quicker access to their funds, helping to provide more control over day-to-day financial management.
• The new settlement process can provide businesses with access to their funds within minutes (compared to days later).

Here’s the official announcement from Adyen with more details. 

Nelly Solutions Adds Adyen Integration For Healthcare Payment Management

• Healthcare providers using Nelly for practice management can now have payment processing available directly into the platform, thanks to a new partnership with Adyen.
• The two companies will begin the roll out in select European markets, with the intention of adding new countries down the road.
• In addition to payment acceptance and practice management, healthcare companies can also use this partnership to issue corporate cards and manage bank accounts with a local IBAN.

Read the full press release here. 

Amex Acquires Tock and Rooam

• American Express announced two new acquisitions in June.
• They entered a purchase agreement to acquire Tock (a reservation, table, and event management provider) from Squarespace.
• Amex also agreed to acquire Rooam, which is a technical partner that works with restaurants, entertainment businesses, and other hospital brands with mobile ordering.

Here’s the June 21st press release from Amex. 

Capital One Partners With Stripe and Adyen For Fraud Prevention

• Capital One is teaming up with rival brands, Adyen and Stripe, in a “Direct Data Share” project aimed at fraud prevention. 
• With each purchase made through these providers, the data will go from a Capital One API through the bank—helping to identify fraud that could have been previously undetected.
• For example, if Stripe processes a payment that’s fraudulent, that same IP address can prevent future fraud if it’s used with Adyen or Capital One (and vice versa).

TechCrunch has a great write-up about this announcement that you can refer to for additional details. 

Luxury Brand Prada Announces New Partnership With Adyen

• Prada Group has chosen Adyen’s payment processing solution to unify omnichannel payments for its customers.
• The partnership is bringing additional checkout features, like Tap to Pay on iPhone and additional contactless payments—without requiring any additional hardware.
• Retail sales associates will also be able to accept payments on the sales floor without having to bring the customer to the register.

Read more here.

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