Payment Processing History:
In 1841, the new Province of Canada declared that its dollar was adequate to one-tenth the gold Eagle coin which was 10 U.S. dollar and was worth 5 s. (5 shillings) in local currency. Hand-to-hand exchange of cash was always required.
In 1914 (73 years later) A Union company from the West had begun issuing charge cards to its frequent customers. Charge cards (known as credit cards today) became more popular by the 1920s, specifically to sell fuel to a growing number of automobile owners.
In 1938 several companies began to accept each other’s cards. This allowed electronic dealings, but was very limited and had many security flaws. Move forward another 56 years the “Debit/Bank” card was introduced.
Since its national launch in 1994, Interac Direct Payment has become so widespread that, as of 2001, more transactions in Canada were completed using debit cards than cash. This popularity could also be partially due to two main factors: the convenience of not having to hold cash, and therefore the availability of automated bank machines (ABMs) and Direct Payment merchants on the network. This method is more secured and convenient for all…what else might be better?
In 1998 the Canadian government deregulated the payment (Visa, MasterCard, Amex, Debit) processing industry. This allowed independent company to enter the very lucrative world of banking. We also call this industry a “penny” industry thanks to the very fact that for each penny processed the (your) business makes money.
Now, in January 2009, Canadians will have yet one more new “SMART” technology that’s far more advanced and secure than the other sort of payment…M-Commerce (or Mobile Commerce) or SelfBank.
M-Commerce will provide the liberty for anyone to use their cellular or mobile to become a walking virtual ATM and/or storefront to transact business. Everyone are going to be free from the physical locations of banks and ATMs; your mobile is sensible when you’re on the go and busy together with your everyday life! Anywhere and anytime you’ll send, buy, and pay online wirelessly to anyone, anywhere. No more paying exuberant fees to transfer money worldwide! No more waiting 24 hours for your funds! No more trying to seek out the closest bank so as to require out money! Now, all you would like is your mobile phone!
If you’re curious about starting a business, i might quickly join the ranks of the many smart entrepreneurs who are making this sort of franchise opportunity a high priority on their list! to feature , thanks to the technology being so new, there are many advantages to start out this sort of business…the start-up cost in most cases is extremely low and therefore the growth potential is vast! mention being at the proper place at the proper time!
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