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As a follow-on to my blog about alternative payments, it looks like one big player is either afraid of the competition – or maybe it is simply making smart business decisions.

Announced yesterday was American Express’ deal to purchase Revolution Money, launched by AOL Co-founder Steve Case’s Revolution LLC in 2007. Continue reading "American Express Acquires Revolution Money"

As a merchant, you accept Visa, MasterCard, American Express and Discover.  You have learned that each card brand has its own set of data security guidelines. So, which one do you follow? Good news! The card industry has made that decision for you.

A Little History

The PCI Security Standards Council (PCI SSC) was formed in December, 2004 by the major card brands (Visa, MasterCard, American Express, Discover and JCB) to educate and enhance the security standards in the credit card industry.  Prior to 2004, each card company had developed their own set of data security standards programs:

Continue reading "CISP, SDP, DISC…What Security Standard Do You Follow?"

Thus far, it seemed the credit card processing industry was impervious to market conditions. But it seems that streak has come to an end when it comes to credit card giant American Express. American Express announced today that it will lay off 7,000 workers, or 10% of their headcount. American Express is also putting a freeze on management salary increases, and have cut their entertainment expenses.

Income has dropped 8.7%, the biggest drop since 1947, and Americans have slowed down spending on everything from cars to appliances. American Express typically charges absorbent fees to merchants to begin with – in some cases double and triple that of Discover, Visa, or MasterCard. So how can they be in trouble?

Continue reading "American Express Is Hit Hard By the Economy"