During the 20th century the most common method of payment, second only to cash transactions, was the personal check. But do you know where checks got started? While there is debate over the origin of personal checks, one thing is certain: Personal checks have a much longer history than many of us might think.

Evidence suggests that the earliest checks were used in the eastern Mediterranean as promissory notes from merchants. These notes notified the bank to make a payment to a particular person or business from a merchant’s account. These handwritten notes were primarily used for business transactions instead of private purchases as is common today. These notes were preferred over carrying large amounts of gold and silver for both security and ease. [FRBAtlanta]

Eventually the use of checks expanded all over Europe as a convenient method of handling merchant transactions throughout the second millennium. Early European checks were often used by banks as bills of exchange. A traveler could deposit funds at one bank and receive a check as proof of deposit. They would then be able to deliver the check to another bank and withdraw the funds after traveling great distances [APCA].

The 19th century marked the beginning of printed and personalized checks from banks, increasing security and making bank cashiers’ lives easier since less information needed to be written by hand [BBC News]. Checkbooks and special paper also made their appearance as technology advanced. Even with the creation of digital methods of payment, checks are still widely used for their simplicity and to give a personal touch to financial exchange.

Check processing technology continues to advance and reduce the risk of loss and fraud from checks. One of the most exciting technological advances is the virtual elimination of bounded checks. For example, Telecheck converts a paper check into an electronic transaction. Business owners can now know if there are sufficient funds to cover the payment. This centuries-old, distinguished form of payment is still going strong and is an important payment option for many consumers.

We love both technology and our nonprofit customers, so we are especially happy when the two things meet! Recently, the Blue Streak Scholarship Fund discovered how useful wireless technology can be for fundraising. Blue Streak effectively utilized wireless terminals enhance their main fundraising event, the Taste of Jubilee.

The Blue Streak Scholarship Fund provides tuition support for most of the students attending Jubilee Schools around Memphis. Founded in 1999 through a multi-million dollar anonymous donation, there are now eight Jubilee Schools serving nearly 1,400 underprivileged students.
In addition to a superb education, Jubilee Schools also provide students with uniforms, meals, health screenings, and tutoring programs. Families can also participate in parenting workshops, job skills training, and literacy programs. “The Jubilee Schools are a positive example of the changes that can be made in people’s lives through the education of our children,” says Kim Fracchia.

In order to meet the needs of these students and families, Blue Streak hosts the Taste of Jubilee event each year. In April, over 28 restaurants supported the fundraiser at the Pink Palace Museum. Nearly 1,300 guests contributed close to $150,000 for the students of the Jubilee Schools. Thanks to wireless technology, guests were able to donate by simply swiping a credit or debit card. Wireless technology also enhanced the silent auction as guests checked out quickly and easily. Since the terminals also accept EBT benefits, everyone in attendance could participate. “Just accepting EBT cards alone expands the ability to raise donations as guests are not limited to cash donations or transactions,” Fracchia observed.

The next Taste of Jubilee event will be held April 19, 2013, at the Pink Palace Museum. We encourage everyone to attend and support this Memphis nonprofit as they provide education for the next generation.

One of the best ways to generate new business and retain customers is to put a loyalty plan in place. Loyalty programs  can take many forms, however the key is that they maintain your relationship with your customer and keep them coming in the door over and over.

One of the earliest instances of a rewards program dates back to the United States in 1793. Shoppers could collect copper tokens from a store owner and later use them to “purchase” products at the store. Throughout the 1800’s other industries began creating loyalty programs of different forms, like awarding certificates or tickets redeemable for certain specialty items or merchandise [Wikipedia].

In the late 19th century, retailers began using reward programs we would be more familiar with, like stamp books and mail-in offers on cereal boxes. However, with the rise of the internet and e-commerce (internal blog link here) different types of loyalty programs were created. A major game changer debuted in 1981 with American Airlines’ launch of the AAdvantage frequent flyer program. Many credit and debit cards now offer rewards programs as well [Wikipedia].

A very popular way to run a loyalty rewards program is to have branded cards for your customers to use when they make a purchase. Unlike punch cards, swiped cards will give you valuable information about your customers’ purchasing habits. Customers are also able to easily track their point level. Our eLoyalty rewards program allow you to set up a program that gives points toward cash or merchandise.

Still not sure a rewards program is right for you? Check out these stats:

• Amount of consumers with at least one loyalty card? Over 75%! [Forbes]
• It’s estimated that a third of consumers actually have more than two loyalty cards. [Forbes]
• The average household in America has a membership with 14 different rewards programs. [Inc.com]

In the words of Frederick F. Reichheld, a leading author on the “loyalty effect” in business, “As a customer’s relationship with the company lengthens, profits rise. And not just by a little. Companies can boost profits by almost 100 percent by retaining just 5 percent more of their customers.” With a loyalty program in place, the rewards you give your customers could help grow your business.

The term e-commerce generally refers to the ability to buy and sell products online. The e-commerce industry has rapidly evolved right along with the increase of internet users around the world. Here’s a brief look at how we came to the point where most retailers choose to sell products online.

Some of the first instances of electronic transactions occurred in the 1970s on internal business networks designed to streamline certain business processes, such as filling customer orders and sending invoices. Once electronic transactions were possible, it was only a matter of time before home computer users would be offered the opportunity to purchase items through the internet.

In the 1980s, CompuServe introduced Electronic Mail, which allowed individuals to purchase products online from 110 different businesses. With a few more developments in internet technology in the early 1990s, including better encryption companies processing credit cards online, the world was truly on its way to buying and selling on the internet.

Globally, eCommerce is a rapidly expanding industry. In China, eCommerce sales rose to $36.6 billion in 2009. Online purchasing per capita in the UK is higher than in the United States and projected to increase 10% by 2015. Some of the most well-known companies in the U.S., Amazon and eBay, are e-commerce sites.

With identity theft and the credit card black market always a concern, safeguarding data remains a high priority for the industry. While these issues can sometimes make business owners hesitant to expand into the virtual world, our solution for online retail is cost-effective, easy to use, and processes secure transactions. eCommerce and online retail sales in the U.S. alone are projected to reach $226 billion in 2012, which represents 12% growth from 2011. If you want to go beyond brick and mortar, today’s the day. More and more people are shopping online than every before, and this is a huge opportunity to grow your business in just a few easy steps.

The Memphis Farmers Market is a downtown shopping must here in our hometown. On Saturday mornings from April through the end of October, the market provides a place to purchase locally sourced produce and foods from area farmers, as well as a well-edited selection of home and garden items from local artisans. MFM provides an enjoyable farmers market experience each week by showcasing local musical talent and providing educational programs on nutrition and healthy eating.

One of the best things about MFM is that they are able to provide fresh, local food for visitors using SNAP/EBT benefits. Visitors can go to the Information Table and swipe a credit or debit card at one of our wireless terminals and receive $5 tokens to spend at any vendor. Since our terminals can process EBT cards, MFM can run also a SNAP/EBT transaction. These visitors are given $1 tokens in exchange for the amount they swipe. These tokens can be used at vendors selling EBT allowed items.

Just accepting EBT cards alone expands the availability of fresh produce and products to a wider community in Memphis. However, MFM is also sponsored by Grow Memphis to match SNAP/EBT benefits up to $10. The matching money is given in $1 Double Greens tokens that can only be spent on fresh produce. So, a shopper who swipes an EBT card for $10 will receive $10 in SNAP/EBT tokens and $10 in Double Greens tokens. All vendors that sell fresh produce are eligible to accept the Double Greens tokens.

“Our mission at Memphis Farmers Market is to improve public access to locally grown foods, educate the community on nutrition and foster a sense of civic pride by assisting farmers and artisans with sustainable business opportunities, while creating a vibrant community-gathering place that supports our local economy. The token program is a vital piece in supporting our mission,” explains Allison Cook, Market Director for MFM.

Due to the token program, visitors are no longer limited to cash only transactions. However, in addition, and perhaps more importantly, buying fresh, local, and healthy food is now an option everyone in Memphis can enjoy.

Our VP of Business Development, Cameron Hunt, recently returned from the 2012 Factoring Conference. While there, we got the scoop on the team that works behind the scenes to make the conference happen every year.

Most of us probably assume that there’s an army of people behind this huge annual event. But in reality, a small group of dedicated organizers make it all happen. So we’d like to introduce you to the team behind the scenes!

Part of the Factoring Conference Team

The IFA and the annual conference got its start from Bert G., Executive Director & Conference Coordinator. He can be thanked for founding the International Factoring Association and growing the Factoring Conference from 58 attendees in 1995 to a chart-topping 645 attendees in 2012. Each year he selects the conference location, lines up the amazing speakers we all enjoy, and coordinates the exhibitors and sponsors.

Heather V. has been with the IFA since 2003 and serves as the Communications Director & Conference Coordinator. She manages the registration process and is the point person for any issues that come up for attendees or exhibitors. She also manages the CLE and CPE accreditations and takes care of paying the bills with her accounting skills.

Michael H. and Barry H. are the hardworking Meeting Planners from Premier Event Resources, which has been working with the IFA for 15 years. They expertly handle the site research and contract negotiations, provide destination information, and manage off site activities.

One of the best things about the IFA Conference team is that it has become a real family affair. Heather’s cousin Mercedes C. helped with the conference back in 2009 to build her resume and she never stopped! Now the Entertainment and Event Manager at LEGOLAND Florida, Mercedes takes a week’s vacation each year to join the conference team. She credits the Factoring Conference with building up her skill set to better manage her team and coordinate events at LEGOLAND.

Heather’s aunt, also named Mercedes, is a bit of a “Jill-of-all-trades” during conference time. She lends a helping hand during registration and anywhere else assistance is needed. She got hooked after helping with some of the speaker sessions at the 2008 Conference in San Diego. She returned in 2012 to work her first full conference.

Finally, the latest family member to be recruited to the Conference Staff was Heather’s other cousin and Mercedes’ sister, Michelle E. She lent a helping hand wherever was needed at her first conference this year and we hope to see her again in 2013.

Well, that’s the group! We thoroughly enjoyed getting to know the team behind the scenes of the Factoring Conference and the IFA. Check out the links for more information about the International Factoring Association and the Factoring Conference.

We are excited to announce a new partnership! OutTouch Ministries and ePaymentAmerica have partnered to integrate ePaymentAmerica’s payment solutions into OutTouch Ministries’ technology portfolio.

OutTouch Ministries is committed to finding churches and ministries the best rates for telecommunications and payment services without sacrificing quality service. By bringing technological advances to the ministries they serve, OTM helps to reduce costs so that funds can be put back into the respective ministries to further proclaim the Gospel. Last year OutTouch saved churches over $500,000.

“In the challenging world of credit card processing, our new partnership with ePaymentAmerica will empower faith-based organization with tools and resources that will help them reduce costs while enhancing electronic giving solutions.  We are excited to be working with the ePaymentAmerica team who is dedicated in helping OTM better assist its faith based clients more effectively,” says Richard Halstead, President of OutTouch Ministries.

ePaymentAmerica offers payment technology that enables OutTouch clients to save time and money in order to spread the Gospel more effectively. Their full line of secure, cutting-edge technology offers simplified and customized solutions for any organization. ePaymentAmerica offers multiple ways to securely accept credit and debit cards as payment, including online payments and donations.

“We are pleased to have partnered with OutTouch Ministries to provide for essential services that help ministries grow, at reduced cost and with increased efficiency,” says Cameron Hunt, VP of Business Development for ePaymentAmerica.

By partnering with ePaymentAmerica, OutTouch Ministries can now offer its clients the technological advances associated with electronic payment systems that reduce costs.

If you would like to learn more about special packages available to OutTouch clients, send your request to outtouch@epaymentamerica.com.

Love OutTouch’s ministry? Follow them on Twitter @OutTouch for their latest updates!

In other factoring news, we are very excited about our new partnership with Bayside Business Solutions. Through this partnership, our payment processing gateway is now integrated with Bayside’s CADENCE portfolio management system.

The CADENCE and ePaymentAmerica integration will now offer CADENCE Collector module users the ability to collect on invoices and see immediate updates to account statuses. Debtors benefit from the payment gateway, as they can also pay invoices directly from Bayside’s CADENCE I PayerWeb module.

The partnership between Bayside Business Solutions and ePaymentAmerica demonstrates how offering your clients and customers multiple ways to pay can increase your collection rates and help get you paid faster.

If you’re a factor heading to the 2012 Conference (or even if you are staying at the office), follow us on Twitter @epaymentamerica for updates on #factorcon.

Business owners rely on networking to grow their business. While referrals may be the most common kind of “networking” business owners do, attending networking events, conferences, and luncheons can do a great deal to get your name out there. You can get leads for your business and identify which local businesses can meet your needs as well.

Practicing good networking habits are a must in the small business world. So, here are our top five suggestions for making lasting connections at any event:

1.. Choose Strategically – Make sure the group or event you choose will meet your networking needs. Find out if the group or event attracts your target prospect. Try checking out the attendee list on LinkedIn or asking a colleague familiar with the group.

2. Make New Introductions – Decide how many new people you will try to meet and avoid spending too much time with your pals. Be a good networker and introduce a new acquaintance to someone you already know to help keep the event moving.

3. Engage in Real Conversations – Be able to state what you do in just a few seconds. Then, engage the other person by asking genuine questions. Examples include, “What do you like most about what you do,” and “What made you get into that line of business?” Truly listen to them and be ready to answer these questions yourself. Having real conversations will make you truly memorable after the event.

4. Get Business Card Savvy – Make sure you bring plenty of business cards to the event and keep them handy! When you receive a card from someone else, make a quick note about them on the back of the card to remind you who the person was later on when you are following up.

5. Pursue Effective Follow-Up – Using LinkedIn is a great way to stay in touch. Connect with a new contact by sharing some thoughts about the speaker or even an article you like that’s related to the event’s theme. Making a personal request to connect can go a long way in gaining new business or referrals.

We’d love to hear your tried-and-true networking tips. Tweet to us @epaymentamerica.com or Like us on Facebook to chat about it!