| Ever wonder what happens when you use your credit card to pay for gas at the gas pump? Well, it sends a signal that takes seconds to your credit card company for verification and then sends the completed transaction along this electronic financial superhighway that runs all the way to the Federal Reserve Bank in Chicago and then all of the way to your bank or financial institution. It is a part of a matrix or grid that allows countless transactions to occur simultaneously within seconds. Camille Carter, senior account executive with First Data, not only makes her living on this electronic financial super highway, she works for the company that owns the highway. "You see us in many areas under our branded products or our branded companies, but you wouldn't know it is First Data," Carter said during an interview with The Capital City Hues. "For instance, Western Union, which is the biggest wire transfer company out there internationally, is First Data. Recently we divested that corporation to expand that stock. That electronic payment highway is First Data's. TeleCheck is another area, which is one of our branded companies. If you ever use an ATM machine and you pay attention to the debit networks on the ATM machine and you see a little company called STAR, that's us. Here in Wisconsin, we are known as TYME. TYME is very regional. STAR is national. STAR is the electronic fund highway that allows you to use your ATM machine anywhere throughout the world. And that money is transferred via that STAR network. There are areas where you don't see First Data, but we are certainly there moving your funds." Carter, a Michigan State University graduate and Peace Corp veteran, originally got involved in the field because of its flexibility. "I was living in Europe for a little while," Carter said. "This allowed me to have dual residencies. So I would be able to come back, in and out of the States and make sales and then go back to Europe to try and work on some things personally. My position has evolved a great deal over the years into something that is more demanding from a professional standpoint. And of course, I am no longer living internationally. So it just evolved over time." Now, as a senior account executive, Carter sets up credit card systems in businesses both large and small. "I assist businesses with setting up services that involve accepting credit cards and debit cards at their businesses as well as instituting marketing programs via electronic media such as gift card programs or loyalty programs that help businesses to grow and expand their brand or business name to their clientele," Carter said. "I also work with businesses to reduce their liabilities from fraudulent transactions such as bad checks and how to reduce their liabilities in accepting bad credit cards as well. So my business pretty much spans all over the non-cash commerce side of businesses' needs." Carter also helps businesses set up their Internet-related financial transaction capabilities such as accepting credit cards at their websites. On an annual basis, Carter works with approximately 200 businesses and organizations. But she isn't just a set-up person. "I work with my customers beginning with the inception phase," Carter said. "I sit down typically in a consultation with them and find out exactly what their business needs are, consult with them on how to accept credit cards, how to protect themselves in terms of electronic payments, and give them some education, which isn't done that well in my industry because there are a great deal of resellers who are in there to have a quick sell and then go on to their next sell. I continue to work with my customers to make sure my recommendations were a good fit for their business. And then if there are any problems afterwards, if they aren';t experiencing just a pleasant tenure with my organization or the solution that I proposed to them, then they are invited to come back and talk with me. I then assist them in making it right for them and work with them if there are any problems down the line. That's really how I have grown my business and it's been out of loyalty and openness that customers have come back to me on a continuing basis, whether they have a new business or have a problem and ask my assistance in helping them to find a solution." While Carter is the front person who designs the electronic system for her customers, she is backed up by a full complement of customer support and technical staff. While the basics of the electronic financial super highway have been around for years, the industry has been going through a growth spurt in recent years. "Electronic payments have grown and will continue to grow with the debit card," Carter observed. "More and more people are writing fewer and fewer checks. They are carrying less and less cash. And you can use credit cards for a cup of coffee. More and more dollar stores are beginning to accept credit cards. Practically every business, if they aren't accepting credit cards, they are evaluating credit card acceptance. You can pay for cremation and burial services on credit cards. You can buy a Big Mac on a credit card. Our organization processes for McDonalds and we were instrumental in getting them to open electronic payments up within the fast food industry. Of course, being a leader within fast foods, McDonalds really set a precedent for credit cards being accepted for such small average tickets. In the past, it was really not sensible to have a credit card to pay for a hamburger or a coffee. But now, it is inconceivable if those businesses do not accept a credit card for that kind of transaction." The growth has also occurred because the economic forces have been spurring that growth. "You will find that more and more credit card companies are offering rewards and all types of incentives for you to use credit cards for every single necessity that you might have," Carter said. "It's more advantageous for you to use your credit card than it ever has been in the past. And that drives customer spending." "From a bank's standpoint, when you open a checking account, as a standard procedure, you are given a debit card to use in the place of checks and cash," Carter continued. "The banks want you to use more debit cards or an ATM machine because that means they don't have to provide as many human resources for you to come in with all of this cash. They don't have to process a huge number of checks that they had to in the past. So now, people are just following suit to the marketing trends that are set for convenience purposes." For now, Carter is content to making her living on this electronic financial super highway. It allows her to work out of her home and to set her own demanding schedule. But what really drives her is service to her customers. "My philosophy and main goal is to assist business owners and providing them with reliable service that assists them with a good payment strategy for their customers and business," Carter emphasized. Carter is clearly on the road to success. For information on how Camille Carter can help your business with its non-cash financial services, call her at (800) 235-1794, ext. 16553 or e-mail her at camiller.carter@firstdata.com. |
| A look at the financial services sector Working in the money lane By Jonathan Gramling |
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| Camille Carter |
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