When consumers pay for products and services, today they have a wide variety of options. To make these options work, a variety of companies are involved behind the scenes in the payment transactions: the companies money and information flow through after a consumer purchases something at the checkout register. Consumers may not realize the wide variety of different companies involved.
|Company Type||Cash||Credit Card||Debit Card||Retailer's Prepaid Card (1)||Bank Prepaid Card (2)||Prepaid Card: FSA (3)||Smart Phone|
|Brick-&-mortar retail store||No||Yes||Yes||Yes||Yes||Yes||Yes|
|Online retail website||n/a||Yes||Yes||Yes||Yes||Yes||n/a|
|Retailer's partners &/or affiliates (4)
|Payments Processor (5)||No||Yes||Yes||Yes||Yes (6)
|Healthcare Vendor (7)
|Mobile Device Manufacturer||n/a||n/a||n/a||n/a||n/a||n/a||Yes|
|Mobile Device Operating System Developer (8)||n/a||n/a||n/a||n/a||n/a||n/a||Yes|
|Mobile App Developer (8)||n/a||n/a||n/a||n/a||n/a||n/a||Yes|
- Includes gift cards offered by retailers that are good only at that retailer's stores.
- Includes general-purpose prepaid cards usually offered by banks
- Includes prepaid cards used by employers to adminster healthcare Flexible Spending Accounts
- Includes outsourced vendors that administer a retailer's email marketing programs, cloud-based storage services, customer relationship management databases, mobile marketing services, product fulfillment, and/or data mining services; plus companies that perform co-marketing campaigns
- The bank and/or company that processes the debit/credit card transactions
- Applies to employers that pay employees via a payroll debit cards
- Some employers outsource the administration of their healthcare Flexible Spending Account (FSA) program to an external vendor, and issue participating employees a special prepaid card
- The company that develops and maintains this software mobile devices
What do you think about the above chart?