Fri.Dec 04, 2020

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JPMorgan Forecasts Record Online Holiday Shopping Season

PYMNTS

J.P. Morgan Chase said that brisk Black Friday and Cyber Monday sales are likely indicators of a record-breaking eCommerce holiday shopping season. J.P. Morgan Merchant Services’ combined in-store and eCommerce payments were up 15 percent over last year’s Black Friday weekend, “a sign that the pandemic did little to curtail spending as the holiday shopping season began,” Doug Smith, executive director of J.P.

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Dress Code – It’s Still Business

RitaKeller

“You can have anything you want in life if you dress for it.” – Edith Head. Lighten up, it’s Friday. The following comes from Suzanne Lucas ( @RealEvilHRLady ). It seems a Judge in Florida was fed up with how attorneys appeared for hearings (via Zoom). The following was added to the Bar Association’s website as a pop-up message.

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US Bill Would Ban Stablecoins Not Approved By Gov't

PYMNTS

A new bill introduced in the U.S. Congress would make stablecoins illegal unless they're approved by the government, according to a report by Cointelegraph. Called The Stable Act, the bill will work to protect consumers from new digital payment instruments, citing both stablecoins and Facebook 's Libra ( now Diem ), Cointelegraph reported. The bill text says it will be unlawful for people "to provide any stablecoin-related service, or otherwise engage in any stablecoin-related commercial activit

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A Comprehensive Guide to Power Platform Licensing

Withum

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Banking As A Service — Bring Corporates Into The Digital Age

PYMNTS

Banking as a Service (BaaS) is poised to change the end user experience of corporates as they navigate the daily challenges of cash flow management, supply chain activity and the need to become digital-first. In just one of the most recent announcements , Stripe said it is partnering with several large banks to offer financial services via Stripe Treasury to offer debit cards and bank accounts to online merchants and other enterprises.

B2B 89
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Walgreens Follows Amazon And Walmart Into The Retailer-as-Ad-Agency Trend

PYMNTS

The hot new thing in “Big Retail” is offering in-house advertising on your website to your vendors – because why get paid only once on a purchase if you can get paid twice? In announcing the launch of the Walgreens Advertising Group this week, the giant pharmacy chain said that with the help of more than 9,000 stores and 100+ million loyalty members, it would use “advanced data modeling” to connect brands directly with audiences in a digital ecosystem that “surpasses the industry method of dig

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German Prosecutors Launch Investigation Into Ernst & Young’s Wirecard Audit

PYMNTS

Munich prosecutors have launched an investigation into the Ernst & Young ( EY ) audit of Wirecard AG, compounding the firm’s troubles associated with $2.3 billion that went missing at the payment company. APAS, an independent government body overseeing Germany's auditing industry, sent a letter to prosecutors before a formal investigation was opened, prosecutors told Bloomberg on Friday (Dec. 4).

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Embedded Payments Build Flexibility For Merchants

PYMNTS

We’ll be happy, all of us, to leave 2020 in the rearview mirror. But for payments, the new year will dawn with a combination of disruption and innovation. To that end, as MerchantE Executive Vice President and Chief Product Officer Sandra Blair said in an interview with Karen Webster, the future of payments in 2021 brings omnichannel commerce to the forefront, where merchants still interact with people face to face, or online-only, or a combination of the two … but with constants: embedded payme

B2B 74
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Revolut Launches Acquiring Solution For Business Customers

PYMNTS

Revolut has launched an acquiring solution for its Revolut Business starter pack, which will allow businesses in 13 European countries to accept credit card payments online. The product will feature a 1.3 percent fee for U.K. and EEA consumer cards and a 2.8 percent fee for all other cards. Revolut Business customers using paid plans will receive monthly allowances for free U.K. and EEA card payment acceptance at no additional charge, the company said on Friday (Dec. 4).

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US November Car Sales Fell, But That Doesn’t Reflect Underlying Trends

PYMNTS

Headline data showing a 15 percent drop in November U.S. vehicle sales seem startling, but industry experts say it doesn’t accurately reflect the industry’s true state. That’s because when adjusted for three fewer selling days and one less weekend, there was almost no decline at all — meaning an economically crucial rebound in U.S. car sales is still intact.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Whole Paycheck Tracker: Walmart, Amazon Avoid Most Shipping Issues; Lean On Fulfillment Networks

PYMNTS

In order to get a share of the consumer's whole paycheck, Amazon and Walmart will need to deliver the goods. During a week where that delivery system cracked under pressure for retailers like Gap, L.L.Bean, Macy’s and Nike, it’s worth taking a look at how the two biggest retailers in the world are fulfilling their commitment to the digital-first economy.

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Warner Bros. Just Broke The Movie Business – Can Theaters Rebuild It?

PYMNTS

It will likely go down in history as a day that will live in infamy in the movie business. In an unprecedented move, the Warner Bros. movie studio has announced that it will send 17 films — including expected blockbusters like the “The Matrix 4,” “The Suicide Squad” and “Dune” – to its streaming service, HBO Max, on the same day they hit brick-and-mortar theaters.

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Ripple CEO 'Waiting To See' With Biden Administration Before Leaving US

PYMNTS

Ripple CEO Brad Garlinghouse has walked back his intent to leave the U.S. over uncertain crypto regulations, according to a report by CoinDesk. After the election of President-elect Joe Biden, Garlinghouse has now adopted a wait-and-see approach instead of making a hard decision. “We haven’t put a strict timeline on when we’ll make a decision” on relocating, he said, CoinDesk reported.

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Citi's Mistaken Payment Case Might Be In Wrong Court

PYMNTS

The ongoing case of Citigroup 's accidental $900 million payment to Revlon creditors may now have to be thrown out of court due to a mistake in where the lawsuit was filed, Bloomberg reported. The issue stems from the diversity jurisdiction federal jurors have under Article Three of the U.S. Constitution, which says a case can be heard if it involves more than $75,000 and none of the plaintiffs is a citizen of the same state as the defendants, Bloomberg reported.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Slice Uses APIs To Take A Bite Out Of Address Verification

PYMNTS

Onboarding customers and easing checkout processes are key issues for eCommerce companies. Not getting this right can cost online merchants as much as $4 trillion due to cart abandonment. Requiring too much information at checkout is one of the biggest reasons why consumers lose interest in onboarding and checkout processes, in fact. Mobile shoppers in particular have an average cart abandonment rate of nearly 81 percent.

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Spanish Bank Sabadell Resets After Failed BBVA Merger

PYMNTS

Sabadell is reportedly looking at cutting jobs and striking distribution deals with other European banks after merger talks with fellow Spanish banker BBVA crashed last week, Reuters reported. The two could not agree on a price. After the deal with the larger bank fell through, shares of Sabadell slumped, amid investor concerns over the lender getting hit with bad loans as part of the pandemic-triggered economic crisis.

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ShipMonk Pulls In $290 Million For eCommerce Growth Effort

PYMNTS

ShipMonk has pulled in $290 million in a funding round led by Boston-based Summit Partners as part of an expansion effort. Florida’s ShipMonk, started in 2014, offers eCommerce fulfillment services and technology solutions. “ShipMonk’s customer base has doubled over the past 12 months, and today the company serves more than 1,000 eCommerce businesses,” according to a press release.

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Petco Files For IPO As Demand For Pets Surges During Pandemic 

PYMNTS

Petco has set its sights on going public as the demand for pets and related supplies skyrocket amid the global COVID-19 pandemic, CNBC reported. The Silicon Valley-headquartered company filed an S-1 with the U.S. Securities and Exchange Commission (SEC) on Friday (Dec. 4) for an initial public offering (IPO) for a Nasdaq listing with the ticker "WOOF.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Grab, Sea And Ant Chosen To Receive Digital Banking Licenses In Singapore 

PYMNTS

The Monetary Authority of Singapore (MAS) on Friday (Dec. 4) chose four firms to receive digital banking licenses, including “digital full bank” licenses for Singapore-based Sea Ltd. and a consortium of Southeast Asia’s Grab Holdings and technology group Singtel. Authorities also selected China’s Ant Group and a consortium of Greenland Financial Holdings Group, Linklogis Hong Kong Ltd., and Beijing Co-operative Equity Investment Fund Management Co. to receive “digital wholesale bank” licenses.

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Penta Offers Digital Accounting, Receipt Services

PYMNTS

Customers of digital business banking platform Penta will now have the option to manage accounting and receipts digitally as the company partners with Germany-based DATEV Marketplace , a company news release stated. By being able to access proprietary accounting digitally and directly from their business accounts, Penta customers will now be able to achieve a "perfect symbiosis" between banking and accounting, the release stated.

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Nonfinancial Corporations Sitting On Record Pile Of Cash

PYMNTS

Nonfinancial corporations are sitting on a record amount of cash assets, hitting a record $2.1 trillion at the end of June, up 30 percent over 2019, The Wall Street Journal reported on Friday (Dec. 4), citing a Moody’s report. . AT&T and Delta Air Lines were the biggest cash hoarders, with over $15 billion each at the end of June. The previous record was close to $2 trillion in 2017.

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Apple Offers 15 Pct Commission On Its New App Store Small Business Program

PYMNTS

Apple has opened enrollment for a new App Store Small Business Program , letting developers qualify for a commission rate of 15 percent instead of the usual 30 percent if they earn up to $1 million in a year, according to a report from 9to5Mac. The $1 million number is based on a post-commission basis, the report stated, letting developers join only if their revenues reach $1 million after Apple takes its cut.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Dutch Competition Probe Into Payment Apps Centers On Apple Pay

PYMNTS

Dutch antitrust regulators have launched an investigation into freedom of choice regarding payment apps and is eyeing Apple Pay’s limitations, Bloomberg reported. The Netherlands Authority for Consumers and Markets (ACM) is homing in on contactless payments that can access near-field communication (NFC), which enables users to pay for goods and services by waving their phones across terminals.

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Today In B2B: Intuit Closes Credit Karma Buy; Vaccine Supply Chain Scams

PYMNTS

Today in B2B payments, IBM uncovers a business email scam targeting the vaccine supply chain, while Intuit finalizes its Credit Karma takeover. Plus, SellersFunding expands its solution across borders and Penta expands its accounting offering. SellersFunding Expands Working Capital Services To Canada, UK, EU. SellersFunding , which works in integrated financial services, has announced an expansion of its scope to sellers in other countries like Canada, the United Kingdom and the European Union,

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Today In Payments: Stripe To Offer Banking As A Service To Merchants; Affirm Expands Canadian Presence With PayBright Buy

PYMNTS

In today’s top news, Stripe will offer financial services to merchants on its platform, Affirm acquired BNPL firm PayBright, and J.P. Morgan analysts predict merger and acquisition deals to continue to surge through the holiday season. Stripe to Offer Banking as a Service to Merchants on Its Platform. Stripe announced Stripe Treasury on Thursday (Dec. 4), a new service that will offer debit cards, bank accounts and other financial services to online merchants and vendors using Stripe’s payment p

Retail 61
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Bitcoin Daily: Cubans Use Cryptocurrencies For Remittances In Wake Of US Sanctions; Swiss National Bank, BIS Test CBDC Integration

PYMNTS

About 10,000 Cubans have turned to bitcoin and altcoins, including ethereum and dogecoin, to skirt around U.S. sanctions, according to a report from Deutsche Welle’s Spanish-language service, reported CryptoNews. Cubans overseas use BitRemesas, a crypto exchange, to essentially transfer money to family in Cuba through a middleman, CryptoNews explained.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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With Millions Trapped At Home, Books Are Back, Baby!

PYMNTS

It may be half a world away, but the belated and successful initial public offering (IPO) of Australia’s largest online bookseller this week has sent investors and industry watchers alike scrambling to figure out exactly what the heck is going on in an industry that has seen more than its share of ups and downs in recent years. The trading debut of Booktopia , which has been in business for 16 years, follows failed attempts to go public in 2019 and 2016 and points to changing consumer taste and

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Mastercard's Virtual Mobile Cards, Ghost Kitchens, Geolocation Data Top This Week's News

PYMNTS

This week, Stripe introduced banking services, we get a glimpse of the EU's upcoming Digital Services Act and PYMNTS' data reveals online purchases ruled Black Friday. The Weekender can catch you up. News. Mastercard Intros Mobilized Virtual Cards; Defines Intersection Between Functionality And Security. The virtual card offers a strong value proposition for corporates in the form of enhanced security and control over spend.

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DoorDash Raises Target Price To $90-$95 A Share For Potential $3.14 Billion IPO

PYMNTS

Food delivery platform DoorDash is looking to raise up to $3.14 billion in its hotly anticipated initial public offering (IPO) and has increased its target price to as much as $95 a share, according to a U.S. Securities and Exchange filing Friday (Dec. 4). DoorDash plans to sell 33 million common shares for $90 to $95 apiece, up from its previous price range of $75 to $85 a share.

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DATA: Digital-First Consumers Want The COVID-19 Vaccine, But It Won’t Change Their Digital-First Habits

PYMNTS

The United States is now in what is considered to be the second wave of the COVID-19 pandemic. And while the number of cases and deaths continues to climb, news of vaccine developments from Pfizer, Moderna and AstraZeneca has offered hope to consumers that a vaccine may hit the U.S. market as soon as this month. But what are consumers’ perceptions about the forthcoming COVID-19 vaccines?

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.