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Table of Contents

Lead Story

Transportation payments in transition

News

Industry Update

Financial reform bill passes Senate, interchange targeted

Why won't Apple take cash for iPads?

PCI SSC unveils new PTS requirements

Trade Association News

Selling Prepaid

Prepaid in brief

Prepaid's role in monetizing social media

A new benefits option for Floridians

Views

The drive to innovate

Scott Henry
VeriFone Inc.

Canada: An untapped marketplace

Jeffrey Shavitz
Charge Card Systems Inc.

Education

Street SmartsSM:
What does a merchant get for a PCI fee? - Part 1

Ken Musante
Eureka Payments LLC

The art of cross-marketing: How to maximize existing client relationships and boost sales

Peggy Bekavac Olson
Strategic Marketing

Consult your way to success

Tom Hennigan
Retail Cloud

Digging into PCI - Part 12: Maintain a policy that addresses information security for employees and contractors

Tim Cranny
Panoptic Security Inc.

A primer on accountability

Jeff Fortney
Clearent LLC

How to use technology to redefine today's economy

Daniel Burrus
Burrus Research Associates Inc.

Company Profile

NETSURION (formerly Vendor Safe Technologies)

New Products

Skimming alert system

VeriFone PED Authentication Service
Verifone Inc.

End-to-end bulwark

E3 Secure
Heartland Payment Systems Inc.

Inspiration

Change - it never changes

Departments

Forum

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

June 14, 2010  •  Issue 10:06:01

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The drive to innovate

By Scott Henry

Cost-cutting in the face of economic adversity will only get you so far. At some point, you have to break out of the bunker and invest in innovation and new services to grow your business.

During an economic downturn, the general instinct is to huddle down, limit investments in market expansion and wait out the bad times. But staying current with market and industry developments helps businesses take advantage of future trends and needs.

One foot in the future

Businesses that roar out of a recession are those that not only focus on core products, but also look toward innovative solutions that meet the changing needs of customers. When things pick up again, these companies are prepared for increased customer spending and have a jump on competitors by having pushed the envelope on their offerings.

This approach requires one foot in the past and one foot in the future, which is a posture customers truly value: they want to see their product and service suppliers keep pace with the latest developments - but without abandoning their existing investments.

As a payment technology supplier, we constantly assess our current and future directions. We know that acquirers have a vested stake in smooth migration between technology generations, have invested in software and training, incurred the "soft costs" of product and customer support services, and want to leverage those investments.

Guidelines for innovation

Our research into how payment systems are used today and how changing industry standards and challenges may impact usage tomorrow has led us to four key principles for innovation:

Innovation fuels business growth. But there's a right way and a wrong way to innovate. So press forward with innovative technology, but also maintain backward compatibility that bridges the gap between current and next-generation technology.

Scott Henry is Director, North America Product Marketing, for VeriFone Inc. He can be reached at