Payment Processing Industry News – March 2024
Our team here at Merchant Cost Consulting is always keeping our finger on the pulse in the payments world. Whether it’s a processor increase or a card network update, new technology, or an acquisition, we compile the biggest stories each month to share with our readers. Here’s a summary from March:
Fullsteam Payments to Increasing Processing Rates
Effective April 1, 2024, Fullsteam Payments is increasing its processing rates by 0.09% + $0.09% per transaction.
This comes just six months after a 0.14% + $0.14 per transaction increase last October and a 0.14% + $0.14 per transaction increase last May—marking three rate increases in less than one year.
PatientNow to Increase Rates by 0.05%
Healthcare providers using PatientNow Payments can expect a 0.05% increase on all transactions effective April 2024.
TrustCommerce Adds PayPal and Venmo as Payment Options
TrustCommerce, an integrated payments solution for healthcare systems, adds PayPal and Venmo as accepted payment options for patients in the US.
This update will allow patients to pay their healthcare providers online using PayPal and Venmo—two methods they may prefer over alternative payment options.
Tap to Pay on iPhone Now Supports Venmo and PayPal Zettle
Any business using a Venmo business profile or PayPal Zettle can now collect contactless payments and digital wallets using an iPhone without any additional costs or hardware.
Tap to pay is now available on both of these platforms, in an effort to help small businesses adapt to the growing number of Americans who are going cashless.
Fiserv and Amadeus IT Competing to Acquire Shift4
Fiserv, a global financial technology company based in Wisconsin, is competing with Spain-based Amadeus IT to acquire Shift4 Payments.
Shift4 processes more than $200 billion transactions for 200,000 customers annually and is estimated to be worth roughly $7 billion.
The details of this acquisition and potential bidding war have not been officially disclosed.
JP Morgan to Become Member of France’s Cartes Bancaires
JP Morgan has been granted a license to join Cartes Bancaires (CB)—France’s national interbank network. CB was founded in 1984 and has over one million EFTPOS acceptance locations and 46,000+ ATMs across France. They process over 15 billion transactions annually.
With the license approved, JP Morgan will become the first ever US-based bank as a principal member of CB.
PayPal Complete Payments Launches For SMEs in Canada, UK, and Europe
PayPal expanded its reach by launching PayPal Complete Payments designed for small and mid-sized enterprises across the UK, Canada, and over 20 different markets in Europe.
This payments solution will enable businesses to accept credit cards, debit cards, Apple Pay, Google Pay, and over 20+ alternative global payment methods, including PayPal.
Uber Pro Card Launches in Canada With Mastercard and Payfare Partnership
The Uber Pro Card was initially released back in 2022 from Uber and Mastercard. But this month, the rideshare company and card network announced a partnership with Payfare to bring this card to Canada.
It’s for gig workers, drivers, and delivery workers using Uber’s platform in Canada—giving them access to perks like up to 4% on gas and 8% on electric vehicle charging.
The partnership also gives these workers access to instant payments via Uber and Payfare.
Stripe Expands UK Footprint With Tap to Pay on iPhone
Stripe is rolling out a tap to pay on iPhones across the UK.
For businesses currently using Stripe to accept payments, this new feature will be enabled without needing to purchase any additional hardware.
Capital One to Acquire Discover For $35.3 Billion
Capital One announced a blockbuster deal to acquire Discover for $35.3 billion in an all-stock transaction.
The acquisition is not official and will require approval from shareholders and US regulators.
Even if the deal between these two card issuers gets approved, it wouldn’t close until later in 2024 or 2025 at the earliest.
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