History & Background
The roots of EPS began in the infancy of the industry as they know it today. A little over 20 years ago the only way to become a Merchant (business that accepts credit cards as a form of payment) was to be set-up with a traditional Bank. This was not always an easy or streamlined task as not all Banks had Credit Card "Acquiring" as a service offering and the ones that did were afraid of the responsibility associated with card based transactions. In short, the Banks acted like Banks were known to act, and looked for reasons to say "NO" to Merchant applicants. This was pretty much the rule unless of course the Merchant and individual that owned the business had impeccable credit, personal and business, a "brick-and-mortar" location (physical place where business is transacted), several years of tax returns and financials, and a traditional business entity (the Banks frowned on Sole Proprietors and simple Partnerships).
John Dorsey recognized the opportunity in overcoming the Bank obstacles, and in association with others secured agreements and found a way to market and sell "Merchant Services" to a much broader and more diverse client base. John worked with a company by the name of Peachtree, in the Chicago, IL area, which expanded rapidly to virtually every major city in the continental United States. This created explosive growth of Merchants throughout the country, which also facilitated a massive proliferation of credit card use. The acceptance of cards as a form of payment started down a path to the point they are today, arguably the primary purchase tool used worldwide. Today, the dollar is not as welcome in many countries as it once was, but VISA and MasterCard are easily accepted forms of payment. The merchant accepting the card is paid in their home currency in the exact amount of the sale, and the cardholder pays the exact amount at the current exchange rate. John Dorsey was instrumental in the rapid development of a market that they now, for the most part, take for granted...
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John Dorsey recognized the opportunity in overcoming the Bank obstacles, and in association with others secured agreements and found a way to market and sell "Merchant Services" to a much broader and more diverse client base. John worked with a company by the name of Peachtree, in the Chicago, IL area, which expanded rapidly to virtually every major city in the continental United States. This created explosive growth of Merchants throughout the country, which also facilitated a massive proliferation of credit card use. The acceptance of cards as a form of payment started down a path to the point they are today, arguably the primary purchase tool used worldwide. Today, the dollar is not as welcome in many countries as it once was, but VISA and MasterCard are easily accepted forms of payment. The merchant accepting the card is paid in their home currency in the exact amount of the sale, and the cardholder pays the exact amount at the current exchange rate. John Dorsey was instrumental in the rapid development of a market that they now, for the most part, take for granted...
To Read More About History & Background Click Here