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The Question
What was the biggest innovation in payments system information management before the Internet age? Why?
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" Before the internet-how about going from those manual sliding credit card machines, (where retailers would actually have gather their cc receipts at the end of the night and mail them in to the cc company) to the electronic swipe machines we have now? Occasionally I go in to a store where their machine is down and they are using a manual one - so amazing to think that used to be the norm. Payment information storage, transmission and retrieval have made enormous strides in the past 10 years. "
Posted by Dana Nino, 30/12/2010 10:12am (1 year ago)
From my perspective, a senior executive buying payment offerings for a national retailer, the biggest challenge and opportunity was and remains the ability to negotiate the best deal for the retailer. This entails researching and understanding the bottom line profitability of each deal and ensuring that the retailer gains the greater share of the profits expressed as a "premium" per transaction or a low transaction cost (depending on the payment tender). In our situation this lead one of the most profitable private label card programs in the nation (with reduced risk) and also best in class deals with alternative payment tenders.
Posted by Mark J. Tabak CPA, MBA, 30/12/2010 10:12am (1 year ago)
Those were the days, Drew! $.15 local, $.25 WATS, TURF & AID interchange rates!
Posted by J. Larry Daniels, 30/12/2010 10:12am (1 year ago)
When I sold Credit Cards in the pre (mass/public) internet 80's, getting a reduced interchange for electronic transactions had to be one of the greatest innovations. TMP - terminal migration plan interchange, selling POS equipment (not giving it away!) with credt card acceptance was a piece of cake ! Check 21 and check migration to ACH conversion at the POS was also very significant.
Posted by Drew Freeman, 30/12/2010 10:11am (1 year ago)
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