New Payment Methods Create Processing Challenges

By Keenan, Charles | American Banker, March 16, 1999 | Go to article overview

New Payment Methods Create Processing Challenges


Keenan, Charles, American Banker


WAIKOLOA, Hawaii -

The growing popularity of Internet shopping, merchant loyalty programs, and commercial cards is adding new complexity to the merchant acquiring business, according to the head of Vital Processing Services.

Speaking at the annual meeting of the Electronic Transactions Association last week, Jonathan J. Palmer, president and chief executive officer of the merchant processing firm, said these factors create "so much opportunity in the acquiring business."

Mr. Palmer, a veteran banker who took the helm of Vital last month, said acquirers must be "reliable, responsive, efficient, and strong" to survive in changing circumstances.

Merchant acquirers are a mix of banks and independent sales organizations that facilitate point-of-sale transactions for merchants. As retailers have begun to accept debit cards, on-line payments, and other payment instruments, the companies that serve them have had to widen their scope.

Vital, of Tempe, Ariz., processes transactions for this community. "We want to be able to serve acquirers in order to help them grow faster than the industry," Mr. Palmer said.

Despite recent leadership changes, Vital is poised to capitalize on changes in the payments industry, he said. It is "business as usual" at the company, which will continue to design programs that help clients build volume "better, faster, and cheaper" than competing processors, he said.

Vital, a 50-50 venture of San Francisco-based Visa U.S.A. and Columbus, Ga.-based Total System Services Inc., was formed in 1996. Fred O. Gumbel, its first chief executive, resigned last year; Philip Tomlinson, president of Total and a Vital board member, served as Vital's interim leader until Mr. Palmer was hired.

The former chief technologist and head of retail banking at Barnett Banks Inc. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

New Payment Methods Create Processing Challenges
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.