|
|
|
| The New Color of Money |
| By: Steve Mayes |
With time, our money and monetary system has evolved with the most dramatic change about to take place. The future of money will never look the same again.
Of course, no one uses gold any more as payment for goods and services. Printed bills and coins have been on the decline for some time now. Checks (the most popular modern alternative to cash) have risen in use to 24% of all retail sales. For the first time in 2001 checks took a down-turn in number issued. The primary reason is the introduction of the check card by banks hoping to decrease the use of checks to save money. As much as 20% of the checks still being written are now electronically deposited into the merchant’s bank account just like a credit card transaction. This saves business owners valuable time and hassle especially when the checks are guaranteed, and banks save time in processing.
Credit cards / debit cards / check cards will be undergoing one of the most drastic changes in the evolution of money since their introduction in the 50’s. The new credit/debit cards being introduced will have a microchip embedded in the card instead of the old style magnetic strip. You may have heard them called smart cards. They have been used for years in Europe and the UK . American Express Blue has them. Phone cards and pay phones in the western part of the U.S. now use them too. Magnetic strip technology is over 25 years old. Think about it. Cassette tapes (magnetic strip) were outdated by cd’s (digital). VHS (magnetic strip) outdated by dvd’s (digital) and now our credit cards are going digital.
The difference is that the information is stored on the card (Stored Value) instead of somewhere else (Remote Access). The benefits to credit card companies in fraud prevention savings alone is worth billions of dollars per year. In the near future each computer will be fitted with a smart card reader. E-commerce will then require the card to be present at purchase instead of just the numbers. Personal identification numbers (PIN) will be required to use the smart card, which will also have the capability to store your health info, public record info, etc. With about 264k of memory it is equal to one of the early computers.
Merchants will be required to have credit card terminals that have smart card readers on them. Companies are already marketing terminals that read both the magnetic strip and the micro-chip. My suggestion is to get equipment that is smart card ready now before the prices go up with the demand. The new color of money is digital. If you are not on the superhighway then you are out of business.
About the Author
Steve Mayes is Vice President of Sales & Marketing for USA Card Services in Dallas, TX. He has extensive experience consulting small businesses and has been interview by Success Magazine for outstanding achievements in his field. He can be reached at steve@usacardservices.com |
|
| Keywords: credit, processing credit cards, smart card, credit cards, card, credit card transaction, credit cards /, credit card processing, credit card, cards |
|
| Credit Card Processing News: |
|
credit card processing, merchant accounts, ecommerce, shopping cart software
Provides online home based and small business owners with a merchant account to accept credit cards. Free ecommerce shopping cart. ... A credit card merchant account for immediate transaction ... credit card merchant account with our free online application and ... completion of the online application and approval. ...
Online Merchant Account - Shopping Carts
... set up a payment system online you need a online merchant account. If you expect high volumes of ... your business to your online merchant account provider: articles of Incorporation, a ...
Merchant Accounts - Credit Card Processing | MonsterMerchantAccount
Finally, an Easy Merchant Account Solution! MonsterMerchantAccount, Merchant Account Services - Low Rates, High Approvals, Low Fees, Get started today! Apply Online Now! ... Monster Merchant Account is a merchant account internet provider for real-time or batch credit card ... are required to apply for a merchant account and online payment gateway ...
Payment Processor , Merchant Account Provider
Merchant Account Provider. Reliable And Affordable Web Hosting. A Real Web Host Provider : Packages starting at $6.95. CPanel, MySQL, PHP, FREE Set Up, 24/7 Support. ../lrealhost.html. DomainsBot. We are the #1 Domain List Provider. ... Accept Credit Card Merchant Account. Accept Credit Cards No Merchant Account. Affordable Merchant Account ...
High Risk Merchant Accounts - No-Fee Domestic Credit Card Processing - Internet Merchant Accounts
Merchant accounts for domestic, international, online, internet - high risk and offshore. Retail and online, phone or internet - we do it all. ... need to accept credit card payments online merchant account ... online merchant account credit card merchant account your choices are limitless. Before you partner with a provider take ...
WorldPay - Internet Payment Solutions for Credit and Debit Card Processing By the World's Leading Payment Service ...
... Card Processing By the World's Leading Payment Service Provider. ... All through one merchant account, one payment processing system. ... a query regarding an online payment you have made ...
Cardservice has the payment solution - credit card processing
Cardservice International, Inc. is an industry leader in credit card processing for traditional and Internet businesses. Get A Merchant Account today! ... a merchant account accept checks online Our ... merchant account is easy. how to accept credit cards on line. merchant accounts | online merchant account | merchant account provider ...
Merchant Account Provider - Online
We provide merchant accounts for any type of online businesses. Start accepting credit cards today. Instant activation and no application fee. ... Merchant Account Provider resources on http://www.firstamericanprocessing.com ... processing - merchant service online with First American Processing inc. Merchant Account Provider News ...
|
|
|
