AURIC Featured in CBS News Moneywatch: Facebook Libra

The missing "catalyst"
"This is only going to accelerate the mass usage of cryptocurrency or digital currency. … I think this is the catalyst everyone's been looking for," said Chris Ligan, vice president of acquisitions for Auric, a credit card processing company. "JPMorgan Chase made their big announcement, and that had barely any effects. This, this is huge." Added Ligan: "Particularly with Facebook's marketing announcements. … You see a lot of speculators getting back in the market." 

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AURIC Idea Team
AURIC featured in US News + World Report : High-Perk Credit Cards are Reserved for the Elite

How Do You Get an Invite for an Exclusive Credit Card?

Details are few because issuers are tight-lipped about these cards. Anecdotal data shows you might need millions in private banking assets or the means to charge six figures each year.

"You've got to spend more than what (the vast majority) of Americans earn in a year to qualify," says Chris Ligan, vice president of acquisitions at Auric, a credit card processing company. US News & World Report

You might need more than deep pockets, too. You may need to be a royal family member or have celebrity status.

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AURIC Idea Team
Kroger - Nation's Largest Supermarket Chain - Widens Ban on Visa Credit Cards

Kroger is responding to the growing popularity of premium cards, which come with higher swipe fees for merchants, Chief Financial Officer Mike Schlotman said in an interview. Banks including JPMorgan Chase & Co., American Express Co. and Citigroup Inc. have been offering ever increasing rewards on their high-end credit cards as a way to entice affluent customers.

“Premium-rewards cards carry significantly higher fees, and they entice the customer to use those,” Schlotman said. “When you’re in a business that has a margin of 2 percent or less, a 1 percent higher fee has a meaningful effect to the bottom line.”

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AURIC Idea Team
[UPDATE] Visa/Mastercard settle $6 billion with merchants...then passes cost back to merchants with an April price increase.

(Reuters) - Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions from this April, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Recently, the two companies along with several U.S. banks, had to pay over $6 billion to settle a lawsuit brought by merchants who accused the credit card companies of violating federal antitrust laws by forcing merchants to pay swipe fees and prohibiting them from directing consumers toward other methods of payment.

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AURIC Idea Team
Shoppers Love Rewards Credit Cards. Retailers Hate Them.

The retailers are trying to end the card networks’ “honor all cards” rule, which requires merchants that accept Visa- or Mastercard-branded credit cards to take all of them. If merchants could pick and choose among Visa or Mastercard credit cards, those with the highest merchant fees—and most generous rewards—likely would be on the chopping block. Some 92% of all U.S. credit-card purchase volume is currently charged on rewards credit cards, up from 86% in 2013 and 67% in 2008, according to estimates from Mercator Advisory Group Inc., a payments research and consulting firm.

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California Now Surcharge Friendly (Officially)

SMALL BUSINESS WIN! SUPREME COURT SAYS BANNING SURCHARGE UNCONSTITUTIONAL

Business owners of the Golden State's $2.3 trillion economy can finally be relieved of rising credit card fees using Rate Lock Zero by Auric. Although government, utilities, and gas stations have been imposing surcharges on cardholders for years, independent business owners can finally do so without worrying about the ambiguity of its legality.

 

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