Skip to main content

AMEX vs CURVE

By

AMEX & Curve


 Curve has been forced to drop Amex from its list of supported payment cards that can integrate into its own prepaid card and connected mobile app.
Curve told the publication that it has offered a full refund to all of its customers because of the sudden change.
Reports said one of Curve’s biggest selling points for its small business and entrepreneur users was that its clients could make purchases on the MasterCard-branded tool using their American Express cards loaded on the solution. That meant merchants that weren’t accepting American Express cards at their POS could accept the MasterCard Curve card, while payers could rack up rewards like air miles via their American Express card programs.
Curve also reportedly allowed users to gain rewards points when they withdrew money from an ATM via their American Express card using the Curve card.

 According to the company, it lost money when purchases were made using an American Express card because it would be charged nearly 3 percent by Amex in swipe fees.
But it wasn’t Curve’s decision, necessarily, to drop support for the card into its product. Reports said American Express asked Curve to stop processing transactions for them because it lacked confidence in Curve’s customer service. Curve said American Express had doubts about how it handles disputes like refunds and chargebacks.
American Express and Curve said they could re-enter an agreement at a later time.
Reports also highlighted the challenges that Curve is facing on a regulatory front. Curve’s solution, because it is geared toward small businesses, is considered a commercial card and is therefore exempt from the interchange fee caps imposed on consumer cards. That’s even though the paycards loaded onto the Curve card could be commercial or consumer.
It allows Curve to charge a 1 percent fee to merchants on top of the 0.2 percent interchange fee charged when consumer cards are used via the Curve card. According to the startup’s chief executive and co-founder Shachar Bialick, the firm monitors spend to ensure that its users are legitimately using Curve for corporate spend.

Folllow @ http://www.beekash.net

Labels:
Location: United Kingdom

Comments

Post a Comment

Popular posts from this blog

A Catalyst For Alternative Payment Methods.

By
The UK e-commerce market is Europe’s largest and is set to reach £90 bn before 2020 (up from £60 bn in 2015). But while e-commerce grows, the preferred consumer payment mechanisms are changing. The Payment Services Directive 2 ( PSD2 ) will come into force in the UK (and the wider EU) within two years and will have a profound effect on retail and commercial banking . While new payment categories like PISP ( Payment Initiation Service Provider ) and AISP (Account Information Service Provider) will transform how consumers interact with their banks and third parties, they also hold the potential to transform e-commerce. A catalyst for alternative payment methods Today, credit and debit cards in particular are the preferred consumer payment method in the UK, with card spending comprising 63% of all e-commerce payments. However, according to WorldPay, alternative payment methods will see their overall share of transactions grow from 37% to 50% by 2019. The implementation of ...
1 comment
Read more

Digital & Mobile Wallet System.

By
The current outlook for adoption of mobile wallets solutions may be a muted one, but there is hope on the horizon – if hardware manufacturers provide truly open and robust access to storing credentials and to interacting with the physical point of sale. One spur to more widespread adoption comes with the continued growth of the cloud as it enables access to all types of transactions across all devices across all venues. The mobile wallet is “more than just a payment method,” according to the white paper, which means that the stakes are high for both financial institutions and retailers, as they need to include mobile shopping in their basket of shopping and banking technology and payment options. The choice is a simple one: to innovate or be disintermediated. The quickest path is to link up in interoperable partnerships that will in turn lead to success at the point of sale. The in-store experience can be enhanced whether mobile wallets are used as part of a standalone pay...
Post a Comment
Read more

Payment Method With Buyer Protection

By
Use a payment method with buyer protection Although debit cards ensure you are using your own cash to make a purchase, many do not offer the same robust buyer protection as other options if something does go wrong. A credit card or a virtual wallet option give you more flexibility when it comes to requesting a chargeback. A chargeback is when a transaction is reversed and a refund is given to you as the buyer. It can either be initiated by your bank on detection of fraudulent activity, or you can initiate a chargeback depending on the situation. Check with your bank for details. Another option that you might consider using to add another layer of protection is a single-use credit card number. These are tied to your regular credit card but provide a unique number to be used for one transaction so your actual credit card number is not compromised. This is particularly useful if there is a breach somewhere along the chain that might reveal your credit card details. Aga...
Post a Comment
Read more