The Green Sheet Online Edition
June 10, 2013 • Issue 13:06:01
Don't forget Super G
In the Readers Speak section of The Green Sheet, May 13, 2013, issue 13:05:01, we responded to a question about residuals posed by Curt Waite of Merchant Services SCV. In our response, we neglected to mention one of the biggest portfolio buyers in the business, Super G Funding LLC. Darrin Ginsberg, Chief Executive Officer at the company, sent us the following note to let us know:
"In addition to the list of Portfolio Buyers, our company, Super G Funding (www.supergfunding.com) should have been listed in the response to Curt regarding portfolio buyers and/or loan providers for ISOs.
Super G Funding has been buying portfolios for over 10 years and is very active in making Loans to ISOs, agents, and merchant level sales representatives. ISOs should really think thru selling vs. borrowing in their attempt to grow their ISO. Borrowing against your portfolio is much better in most cases as you are not selling your most valuable asset and can leverage your growth."
Ginsberg can be reached by email at email@example.com or by phone at 949-673-2009.
EMV and me
I have been hearing a lot about EMV lately. It seems kind of confusing, with all the deadlines and liability shifts. Where can I go to get a good background on EMV and what it means for my business?
Merchant Level Salesperson
Thank you for your inquiry. Yes, the Europay/MasterCard/Visa (EMV) standard is a complicated subject. The transition to EMV in the United States is currently underway, and it involves upgrading the physical payments infrastructure (such as tabletop and mobile POS terminals, as well as ATMs) to the technology standard used around the world.
EMV is seen as an improvement over mag stripe technology because chip technology is considered harder to counterfeit than mag stripe.
No single U.S. organization is controlling this EMV transition, so there is no "one stop shop" where you can go to educate yourself about EMV. The major card brands (Visa Inc., MasterCard Worldwide, American Express Co., and Discover Financial Services) have instituted deadlines for when they want financial services companies and retailers to have EMV in place.
So the card brands' websites would be a good source of information about EMV. But keep in mind that each card company has a somewhat different road map, which obviously complicates the issue.
Another primary source of information about EMV can be found at the Smart Card Alliance's website, www.smartcardalliance.org. The alliance operates the EMV Migration Forum, which is composed of 120 businesses, at last count, that represent the gamut of financial services, from banks to ATM and POS vendors, to acquirers and processors.
The forum's primary goal is to help speed the EMV transition by providing industry guidance, best practices, coordination and consumer awareness.
The Electronic Transactions Association, www.electran.org, is also active in spurring EMV adoption in the United States. It has sponsored webinars and hosted discussions on the topic at tradeshows, not to mention having devoted much of the ETA Annual Meeting & Expo programming schedules in the last years to all things EMV.
Yet another excellent source for information about EMV can be discovered at The Green Sheet website, www.greensheet.com. We have published many news articles about developments in the EMV movement. And our contributing writers have devoted numerous column inches to the subject. Here is a sampling:
- "EMV: Game on!," Nov. 26, 2012, issue 12:11:02, by Dale S. Laszig, Castles Technology Co. Ltd.
- "Five predictions for 2013," Dec. 24, 2012, issue 12:12:02, by Jeff Fortney, Clearent LLC
- "Sustaining the mPOS (r)evolution," Feb. 11, 2013, issue 13:02:01, by Venkat Kalyanaraman and Sunil Rongala, MRL Posnet Private Ltd.
- "Surveying the financial landscape in 2013," Feb. 11, 2013, issue 13:02:01, by Brandes Elitch, CrossCheck Inc.
- "EMV for U.S. merchants: Effects and side effects of compliance," April 8, 2013, issue 13:04:01, by Peter Helderman, UL LLC
- "Impact of EMV and NFC on acquiring," May 13, 2013, issue 13:05:01, by Jim Bibles, Aperia Solutions
I hope this information is useful to you, Mel. Stay tuned to The Green Sheet for future developments in EMV.
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