Payments 101, Part 7 – Checks

By |2021-04-06T22:15:00+00:00April 6th, 2021|ACH, Checks, Legal issues, Payments, Payments 101|

This is part of an ongoing series.  For previous installments, go here. Before we wrap up our tour, there is one more payment method we have to cover, which is the check.  The oldest non-cash payment method, it is also the only one that is on the decline, although its death is protracted and uncertain.  [...]

Payments 101, Part 6 – ACH, Wires and Faster Payments

By |2021-03-01T19:30:28+00:00February 26th, 2021|ACH, Payments, Payments 101, Wires|

We are nearing the end of our initial excursion into the basic payment methods with what are the most fundamental ones, albeit the least familiar to the average person.  ACH and wires are the plumbing behind all the other payment types, as well as their own products.  Faster Payments systems are just a refinement, with [...]

Payments 101, Part 5 – Prepaid Cards

By |2021-02-04T20:05:33+00:00February 4th, 2021|Banking as a Service, Payments 101, Prepaid Cards|

Welcome to another installment in my ongoing tour of the major payment methods, how they work, and the issues and controversies surrounding them.  Earlier articles in this series can be found here. In this article, I will be explaining prepaid cards, a variation of debit cards that deserve a full article in their own right.  [...]

Payments 101, Part 4 – Debit Cards

By |2020-12-23T18:11:16+00:00December 23rd, 2020|Debit cards, Legal issues, Payments, Payments 101|

This is part of an ongoing series.  For earlier installments, see The Five Actor Model, Credit Cards, Part One, and Credit Cards, Part Two. In this article, we will dive into debit cards: what they are, how they work, the two different models, and legal issues. Here is the version of the Five-Actor Model I [...]

Payments 101, Part 3 – Credit Cards, Part Two

By |2020-11-18T20:46:01+00:00November 18th, 2020|Payments 101|

(This is part of a continuing series.  Read Part 1 and Part 2.)   Introduction When we left off last time, I said that there there was a major decision by the Reserve Bank of Australia in 2002 that had a dramatic effect on the future of the credit card industry.  In order to fully [...]

Payments 101, Part 2 – Credit Cards

By |2021-01-27T16:24:59+00:00October 21st, 2020|Credit Cards, Payments, Payments 101|

Over the next several weeks, we’ll take a tour of the payment methods outlined in Part 1, and go into their history, which helps us understand their current position in the payments landscape. Credit cards have a particularly rich and dramatic history, as I suggested in the following tweet: Beginning with Diner’s Club in 1950, [...]

Payments 101, Part 1 – The Five Actor Model

By |2021-01-27T16:25:56+00:00September 29th, 2020|Financial, International, Payments, Payments 101|

Payments has been a rapidly evolving space over the past 20 years, and many companies have sought to get into it, even as the incumbents seek to evolve and expand their offerings.  I have noticed, however, a lack of resources to get new employees up to speed on how different payment methods work.  The purpose [...]

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