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    7 Replies Latest reply on Dec 14, 2007 11:29 PM by Lighthouse24

    Global Money Exchange Technology/Merchant Services Dept.

    eekcaman Newbie
      This small firm has the programming
      knowledge,marketing expertise,and limited people
      resources to/launch/introduce/supply

      the new phenonema "Global Money Exchange Technology" package.
      It lacks "superior knowledge" about a specific requirements
      in the field of finance for the feature-functionality needed for this
      software.Especially, with the USD lost of almost 40% of
      its buying power in world money market.This small firm
      is looking for rich-guidance in its position and
      creativity to adequately reward key players from
      various business entities(i.e. paying royalties and/or
      recieve a percentage of the revenue in exchange for
      the firm's exclusive right to produce and distribute
      the software product Vs Third Party being able to
      commercialize it and develop a wide network of
      What would you do if you were the CEO of this small firm?
      Please advised!

        • Re: Global Money Exchange Technology/Merchant Services Dept.
          LUCKIEST Guide
          What would I do if I were the CEO of this or any small firm. I would contact SCORE. SCORE helps
          people in business SUCCEED . How you ask?? You can visit SCORE in person and talk to a
          counselor (FREE) or go online and ask business questions from experts.
          Do you have a Business and Marketing Plan??
          • Re: Global Money Exchange Technology/Merchant Services Dept.
            Lighthouse24 Ranger

            This enterprise you are describing seems analogous to a three-legged stool. You are a small company providing one leg -- the technology. To launch this technology in the near term, I'd conclude that you must successfully affiliate with at least one international financial partner (the second leg) and at least one global commercial partner (the third leg). Only then does it seem there will be a stable platform for your proposed marketing channel to "sit on."

            Most of the competing technology that I am aware of was originally developed around the needs of a specific commercial partner (usually either an international airline or hotel) and then integrated with Visa-compliant DCC and CCP to provide the financial leg. Those original systems were sometimes expanded and customized to fit related needs in similar enterprises, but they were not really designed for broad commercialization.

            I would think that by building the technology first, you would be employing a more compatible, seamless, and scalable architecture for your software, resulting in more straightforward client integration and more flexible configuration options -- as well as a higher level of security, reliability, and quality assurance. These would be your competitive "selling points" to find the other two "legs" you need.

            With these selling points, you'd likely want to look within a given industry segment (for example, a cruise ship line or global construction firm) for a sizable company that has not already developed or acquired a proprietary global money exchange solution. Instead of looking at the "typical" applications (merchant services for hotels or international business-to-business transactions), I wonder if you might consider more "mundane" yet essential needs -- for example, the international payrolls that cruise lines or contractors must meet, or perhaps shipboard boutique and gift shop purchases (these are just examples). This type of firm could become the "second leg" to pilot and roll out your technology, and the advantages to them would likely include payment chain optimization, risk containment, full audit trail and reconciliation, and real time reporting -- plus secondary streams of revenue from all the other exchange functions that would be built in and enabled as well.

            Because all credit card companies and most international banks recognize PCI accreditation, I would apply for and complete the on-site security audit and certification program to obtain this. Then I would approach the banks or other financial entities that service the "second leg" firm you identified, and present your technology to them. That would establish the "third leg," and allow you to pilot the solution. Once it was launched, you'd be ready to add the "seat" or platform you describe in your question, i.e. the marketing channels and distribution networks.


            So to summarize, as CEO, I would (1) establish your technology's competitive advantage and selling points, (2) identify a target industry, firm, and exchange application for the initial roll out, (3) attain PCI accreditation, (4) approach and affiliate with the applicable financial services provider that serves the targeted commercial firm, (5) pilot, launch, and refine the solution, (6) market the success and benefits of the initial roll-out, and (7) add the market channel and distribution network.


            I know that's a fairly "high altitude" outline, but it's a somewhat complex question for this style of threaded forum. Maybe as your solution evolves, we can examine specific details more thoroughly. In any case, I hope this was helpful. Best wishes!
            1 of 1 people found this helpful
            • Re: Global Money Exchange Technology/Merchant Services Dept.
              LUCKIEST Guide
              It is So interesting reading Lighthouse's answers and educational also.
              Lighthouse, Have any of your writing been published??