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August 2009 Issue
The bursting of the credit bubble in late 2008 left many industries reeling. Reduced lending andstricter access to credit led to a reduction in spending by both businesses and consumers. Add to that increased government influence in the sector and highly publicized data security breaches, and the merchant processing industry faces a perfect storm of challenges.Several leaders in the electronic transactions business sat down at the 2009 ETA Conference to talk about these challenges and offer some advice and recommendations to companies trying to navigate the storm. That discussion, moderated by First Data’s Michael Hursta, follows.
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Coming Attractions in Technology |
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From encrypted card readers providing card and host authentication at the point of sale, to payments software that also generates personalized consumer rewards and coupons, new technologies coming down the pike will, once again, change the way merchants accept credit card payments. This time, the push is to help protect everyone involved from the devastating effects of data theft and fraud—if merchants spring for the upgrades.
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With all of the development that has occurred in the prepaid card arena over the past few years, it wouldn’t be unreasonable to consider further evolution unlikely. Yet the scope of the prepaid market continues to broaden, with new iterations of closed-loop, privatelabel cards good at a single retailer, as well as of universally accepted open-loop cards, surfacing at seemingly every turn. “We are definitely looking at a moving target,” says Ed Lawrence, managing director of Auriemma Consulting, a Westbury, New York-based financial industry consulting firm.
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Vertical Markets: Field Service |
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Field service may not seem like a lucrative niche for ISOs and MSPs. Yet because key players are becoming increasingly receptive to electronic payment solutions, this relatively untapped segment is ripe for the picking.
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Industry Insider: InvenTrak |
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To be a successful merchant, it isn’t enough to know your market. You have to know how to manage your finances, inventory, and business relationships, too. That’s not always possible for small- and medium-sized merchants, according to Kevin Colaco, founder and CEO of InvenTrak in Concord, California.
“A lot of the people running small- and medium-sized merchants are technicians,” says the industry veteran, who previously founded Paynet Transaction Systems and Camelot Financial. “Most of them started out operating in a space and then moved to starting a business in that space.”
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