Payment Processing History:
In 1841, the new Province of Canada declared that its dollar was equal 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 money 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 started 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 may be partially attributable to two main factors: the convenience of not having to carry cash, and 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 could 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 due to the fact that for every penny processed the (your) business makes money.
Now, in January 2009, Canadians will have yet another new “SMART” technology that is much more advanced and secure than any other form of payment…M-Commerce (or Mobile Commerce) or SelfBank.
M-Commerce will provide the freedom for anyone to use their cellular or mobile phone to become a walking virtual ATM and/or storefront to transact business. Everyone will be free from the physical locations of banks and ATMs; your mobile phone makes sense when you’re on the go and busy with your everyday life! Anywhere and anytime you can 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 find the closest bank in order to take out money! Now, all you need is your mobile phone!
If you are interested in starting a business, I would quickly join the ranks of many smart entrepreneurs who are making this type of franchise opportunity a high priority on their list! To add, due to the technology being so new, there are many advantages to start this type of business…the start-up cost in most cases is very low and the growth potential is vast! Talk about being at the right place at the right time!