Advanta Launches First MasterCard(R) Small Business Credit Card Featuring PayPass(TM) Contactless Payment Technology; 'Tap and Go' Functionality Offers Speed and Convenience to Small Business Owners.PURCHASE, N.Y. & SPRING HOUSE, Pa. -- MasterCard Worldwide and Advanta Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADVNB; ADVNA ADVNA Advanta Corporation (stock symbol) ), one of the nation's largest issuers (through Advanta Bank Corp.) of MasterCard business credit cards to small businesses and business professionals, announced today that they will begin issuing the PayPass(TM)-enabled Advanta MasterCard(R) Small Business card in September. This marks the first small business credit card to be equipped with PayPass contactless payment Contactless payment systems are credit cards, key fobs, or other devices which use RFID for making secure payments. The built in chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. technology. This new small business card can help small business owners and business professionals keep track of their business expenses, while offering the speed and convenience of PayPass' 'tap and go' functionality when making purchases at participating merchants. "The new Advanta MasterCard Small Business credit card with PayPass will deliver immediate benefits to small business owners who routinely find themselves constrained for time and juggling multiple priorities," said Dennis Alter, Advanta's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "With PayPass their purchasing experience will be quick, easy and safe, allowing them to spend more time focused on their business." The new card combines the worldwide acceptance of the existing Advanta MasterCard Small Business card with the added functionality of PayPass contactless payments. This technology allows customers to simply tap their PayPass-enabled Advanta business credit card on a specially-equipped terminal that utilizes a radio frequency (RF) chip to complete their transaction at participating retailers and restaurants. Payment is processed quickly and easily without the hassle of swiping a card, fumbling fum·ble v. fum·bled, fum·bling, fum·bles v.intr. 1. To touch or handle nervously or idly: fumble with a necktie. 2. for cash or signing a receipt. Moments after a customer taps the PayPass-enabled business card, account details are communicated to the terminal and then processed through MasterCard Worldwide's secure network for clearing and settlement. "When MasterCard developed this technology, its benefits were most easily associated with simplifying transactions for the everyday consumer. But it has become very clear that the small business owner can benefit from PayPass just as easily," said Ann Camarillo, executive vice president, MasterCard Worldwide. "Now, small business owners will spend less time standing in line and more time on what it takes to successfully run their business." As of Q2 2006, there were nearly 10 million PayPass cards and devices in the market and approximately 32,000 merchant locations around the world that accept PayPass, including McDonald's, 7 Eleven, CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. , Duane Reade Duane Reade is a chain of drugstores/convenience stores, primarily located in New York City. History Founded in 1960, the chain started with three stores, named after the location of the company's warehouse between Duane and Reade Streets on Broadway in lower Manhattan. , Sheetz and Regal Entertainment Group. Interest in PayPass has not been limited to retail establishments. PayPass technology has proved popular in sports facilities See:
Major League Baseball (MLB) is the highest level of play in North American professional baseball. and National Football League stadiums as well as at numerous golf events. In addition, Advanta is working with MasterCard to identify the merchants that small business owners do business with in order to grow acceptance of contactless payment cards. The Advanta MasterCard Small Business card includes the traditional magnetic stripe A small length of magnetic tape adhered to credit cards, badges, permits, passes and tokens. The tape is read by magnetic stripe readers incorporated into ATMs, identification readers and payment terminals. technology and can be used at the over 24 million MasterCard-acceptance locations around the world. For more information about MasterCard PayPass, visit www.mastercard.com/paypass About Advanta Advanta focuses on the small business market and related community, providing funding and support to the nation's small businesses and business professionals through innovative product offerings and services. Using its direct marketing and information-based expertise, Advanta identifies potential customers and provides a high level of service tailored to the needs of small businesses. Advanta is one of the nation's largest issuers (through Advanta Bank Corp.) of MasterCard business credit cards to small businesses and business professionals. Since 1951, Advanta has pioneered many of the marketing techniques common in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry today, including remote lending and direct mail, affinity and relationship marketing. Learn more about Advanta at www.advanta.com. About MasterCard Worldwide MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes close to 14 billion payments each year, and provides industry-leading analysis and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercardworldwide.com |
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