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Shaping the Future of Credit Cards

July 8, 2013

As a merchant it is important to keep abreast and know where the future of credit cards is heading. It is with this in mind that we review four important trends of innovation and technological advancement in the credit card space.

Multi-function Cards

A common challenge faced by the global credit card industry is combating attrition and diminishing wallet share, particularly as the use of debit over credit continues to increase. Historically, rewards programs were used to encourage consumers to choose a particular card over another. As these programs decrease in perceived value, issuers are searching for another tactic to encourage customer loyalty. One way is with a single, multi-function card.

Multi-function cards have the capability of giving the holder access to multiple accounts on a single plastic. The most common multi-function card structure gives consumers the ability to access both a debit and credit account on the same card. While multi-function capability has generally been used to enable consumers to choose between credit and debit accounts, the functionality can also allow different categories of accounts or different modes of credit to be accessed. (more…)

Decoding Payment Jargon

July 1, 2013

Jargon within the payments industry can be extremely confusing. Have you ever stumbled through a document that mentions ACH, EMV, CVC and MICR all in the same paragraph? We know the payments industry isn’t the friendliest of authors and, while we can’t make all of the financial institutions, processors and authorizers out there toe the line on a new, friendlier way of speaking, we can give you the tools to speak their language.

Have you ever stumbled through a payments industry document? Jargon and abbreviations can be extremely confusing. We know the payments industry isn’t the easiest to understand, but we can give you the tools to speak their language.

A

ACH: Automated Clearing House. A regional organization used by member banks to electronically transfer funds between members.

AMEX: Abbreviation for American Express®, an organization that issues travel and entertainment cards and acquires transactions. (more…)

5 Pieces of Advice for Entrepreneurial MBAs

June 28, 2013

For entrepreneurs, business school presents a unique set of choices and opportunities that can drastically alter a founder’s chance of success — for better or worse.

I founded Troop ID while I was an MBA candidate at Harvard Business School in February of 2010. And while today we employ 17 people and sign up nearly 1,000 new members daily, our path to success would have been much swifter had I leveraged the resources at my fingertips while in business school.

Here are 5 of my top lessons — many of them learned the hard way — for other MBAs considering entrepreneurship:

1. Research vesting carefully.

If you have a co-founder, then you will inevitably face a choice about how to split ownership of the company. Initially, this will seem simple: 50/50. But what happens when your co-founder – comparing his ramen noodle diet to the average starting salary of your MBA graduating class — decides to take a high-paying corporate job several months later and wants to remain an equal owner? (more…)

Do You Trust Your Employees to Work Remotely?

June 26, 2013 1 Comment

Yahoo’s Marissa Mayer unleashed a firestorm of commentary throughout the business world with her recent announcement that remote working was off the table for the tech company’s staffers, who will now be expected to show up in the office every day.

The move goes against the grain at a time when everybody from the federal government to tech startups is embracing the flexibility and cost savings of working remotely.

As someone who initiated working remotely for my team back when I was an employee, I’ve got a lot of experience with what works – and what doesn’t.

At bottom, the work-at-home issue all comes down to trust. In a recent Regus poll of more than 24,000 global workers, a whopping 88 percent say that managers need to be more accepting of flexible work arrangements, and 85 percent feel their bosses need to show more trust in remote employees. (more…)

What Are Some Ways To Obtain Funding For Your Startup

June 24, 2013

While crowd-funding sites have opened the door for many entrepreneurs that otherwise couldn’t obtain outside financing, it’s still not the best option for everyone. This would apply to entrepreneurs with a highly confidential business model. However, you shouldn’t always consider the absolute worst case scenario when sharing your ideas with others. A crowd-funding site may provide you with instant market feedback that you may not gain from an individual investor or a consortium of angel investors. So, what are your other options?

Explore Angel Networks

Have you reached out to accredited investors in the angel community? Nowadays, there are many online angel communities such as AngelList and Gust that provide early stage companies with immediate access to accredited investors and vice versa. (more…)