Two years earlier, the card associations announced that transactions over $50 which were processed with a point-of-sale system would get discounted pricing. Early POS systems were priced at $900, which the average merchant could not afford. But something happened in 1982: Verifone rocked the merchant world with a POS terminal that cost only $125, the ZON. This changed everything.Read More
Brandes Elitch is the director of Partner Acquisitions here at CrossCheck, Inc. Apart from that, he has years of experience being involved with the payments and automotive industries.
Elitch (on the right in the above photo) worked in cash management for a Fortune 500 company, consulted for bankcard acquirers, and has sold cash management services for major banks. He was the also the first cash manager at Charles Schwab and directed middle-market sales group at Wells Fargo.
His automotive experience includes being the owner of numerous collectible cars; attending well-known collectible car shows (e.g. Pebble Beach and Concorso Italiano); and authoring Lancia Loraymo and the Loewy Logic of Industrial Design, a comprehensive history of Raymond Loewy’s specially designed car.Read More
CrossCheck started in the check guarantee business way back in 1983. Checks ruled at the time, and nearly every merchant accepted them at the point of sale. Back then, in fact, many merchants did not take credit cards at all. This was due, in part, to the high cost of interchange and because processing a card transaction was much more complicated than taking a check.
Merchants had to put a bulky multi-part carbon form in a knuckle-busting sliding imprinter (aka “Zip Zap machine”), and then sort out the forms and send them out for processing. There is a reason why it was called a “knuckle buster.” By comparison, taking a check was pretty easy, comfortable, and familiar to merchants, and consumers commonly wrote them for purchases at the store.Read More
The MidWest Acquirers Association presents the 17th Annual MWAA Conference on July 17 – 18 at the Renaissance Schaumburg Convention Center Hotel in metropolitan Chicago. ISOs and other members of the acquiring industry will have the opportunity to participate in a variety of inspirational activities such as seminars, keynotes, networking events, a cyber café, and a tradeshow featuring the latest in payments and value-added products and services.
CrossCheck's National Sales Trainer Todd Little and VP of Partner and ISO Relations Travis Powers are attending the conference to discuss the company’s longstanding tradition of lifetime residuals, upfront commissions and buy-rate programs for resellers. ISOs and other payments professionals may visit them at booth UE75 in the exhibit hall and enter a drawing to win a complimentary bottle of Sonoma County wine.Read More
“Today is the slowest technology will be in our lifetime,” said Xerox President and COO Steve Bandrowczak in a Corporate Board Member article. “The pace of change will accelerate and leadership skills and leading through change are going to create a tremendous amount of winners and losers.”
His observation about speed should hold true in places where electricity and internet connections are commonplace while his insights on leadership sound like a corporate application of natural selection.Read More
Of all the different components in the payments ecosystem, only one commands absolute trust among its clients — the banking industry. This is one of the main reasons why merchant referral programs are excellent revenue sources for banks.
After all, a bank is where you keep your money. No matter what form of payment you tender when you buy something, all payments begin and end in a demand deposit account. You know that whenever or wherever you access your bank — branch, ATM or online — it will be open and ready to serve you 7/24/365. You also trust that your statement will balance to the penny and be delivered on time. Aside from the banking industry, I don’t know of any other ecosystem that is 100 percent reliable.Read More
As an ISO/MSP, you are accustomed to people asking for advice about all the things happening in the retail payments space, including questions such as, “What is the most common form of payment?”
And you are probably accustomed to hearing things like:
- No one writes checks anymore.
- Cash is going away.
- Everybody is using mobile payments now.
- Soon we will have real-time payments for everybody.
In April, CrossCheck participated in TRANSACT 2018, the annual conference for the Electronic Transactions Association (ETA), a global trade association representing more than 500 payments technology companies. We were one of more than 200 exhibitors on the 50k square foot trade show floor. In addition, there were 40 educational sessions with about 120 speakers. CrossCheck has always been active in the ETA and we helped found its predecessor, the Bankcard Services Association, so we were present at the beginning.Read More
Produced by the world's largest payments industry trade organization, the Electronic Transactions Association, TRANSACT is an annual payments technology conference for financial institutions, networks, payments companies, technology innovators and resellers of payments processing services. TRANSACT 2018 takes place April 17 – 19, 2018 at the Mandalay Bay Convention Center in Las Vegas.Read More