|READ KINDLE ♭ Payments Systems in the U.S. ⚖ eBooks or Kindle ePUB free
This book explains in very simple terms all the payment systems in the US, the value chain, pros and cons of each system and the main players in each segment Light reading and easy to follow Valuable content if you work with financial services The does not mention bitcoin so I m sure a third edition will come out at some point. I have nothing to compare it to, but this seemed to me a very comprehensive review of payments systems at large I liked how they covered everything from check ACH to credit debit to cash systems, as well as several chapters of general overview I also appreciated that it was written by a third party consulting firm rather than by the banks or payment networks e.g Visa , and they even took the time to cover perspectives on payments systems users versus providers As someone completely new to the payments industry, I found this very educational and well written I m not giving it 3 stars because I have any serious criticisms of the book, but considering the subject matter, I wouldn t necessarily say I really liked it. The book calls itself a Guide for the Payments Professional It doesn t meet that bar and so I reduced by star Had it called itself A Guide for the Non Payments Professional or A basic Introduction for the Payments Professional I think it would be a four star version of that What does it get right A Useful overview of each major payments system ACH, checks, credit, wire, cash, and wire transfer B Usage statistics across various payment categories though these same insights are recycled in about half the chapters in the book C Frameworks to understand providers in each payments system e.g., acquiring bank, processor D Frameworks to understand payments systems, their types open, closed, mixed and functions rules, processes, brand , and basic features ownership, push pull, risk management, network economics e.g., at par, interchange , and regulation Though I do believe, with a little work, this could all be one framework E History The book does not try to present a complete history of payments But it does pay attention to the history and that matters because it gives the reader some sense of how changes occur, what expectations were realized e.g., powerful ecosystem participants find ways to make money over time, regardless of efficiencies , were not realized e.g., complete virtualization of the banking system , and how regulation market economics have worked differently across time and location e.g., rise of signature debit cards and subsequent imposition of the Hatch Act F General observations The authors occasionally make a general observation that is both simple and occasionally counter intuitive and immediately sums up decades of development It s impressive Two examples Consumers choose products that offer convenience and financial rewards, but never those oriented toward security, despite claiming they will do so in opinion pools Merchants choose products that will grow their top line, but seldom those that reduce costs, despite constant complaints about costs, and willingness to negotiate cost within a product If both are as true as the authors claim they are, they are the sort of useful generalizations that elevate detailed introductions.What does it get wrong In short, there isn t enough attention paid to economics, terms, regulation, or legal drivers of development to provide a basic understanding of the industry A Analyses of the economics of specific companies public and private that participate at various points in the payments ecosystem This is important, because the reader can literally read about an entire payments system without being even moderately obvious how much revenue a processor versus an acquiring bank makes and what the margins are on that activity In this case, the authors have substituted being able to tell a story about how something works for an actual understanding of the industry B Consistent definition of terms and thoughtful introduction to those terms For instance, the term processor is used no fewer than a dozen times before it is defined in chapter 9 If this is going to be done, the authors need to at least include a glossary C An appendix on regulation and laws For an industry whose contours have been determined by network rules and government regulation, the book s treatment of these is almost nonexistent in the case of the former and surface level in the case of the latter It isn t enough to simply repeat how important these things are if the authors actually seek to write a guide to the payments industry If I were to reread this book, I would read it out of order I would start with the Introduction and then read Chapters 8 and 9, which provide an overview of the users and providers of payments services This will then orient you much better to understand the information in chapters 2 through 7, which provide a walk through of each basic payments system I found it easier to understand the systems, when I already understood the characters and their motivations. My key points There are 6 core payment systems cash, checking system, credit card and charge system, debit card system, automated cleating house, wire transfer system Open and closed loop payment systems Intermediaries join a single payment system Push Pull payments 3 key payment system functions processing, rules, and brand Great book on payments, but can t find any others to compare to Would be nice if anyone can recommend additional payments related books. This book is a very good overview of how payments work in the US It sheds a great deal of light on a topic that is very unpopular and boring but very important for daily life Moreover, it undescores that we are in a time of very rapid innovation It is rather an expensive book, but I think, for my case, due to my interest in all things money and payments, it was well worth it. |READ KINDLE ⚔ Payments Systems in the U.S. ☢ Written By Two Of The Founding Partners Of Payments Consultancy Glenbrook Partners, Payments Systems In The US Is A Comprehensive Description Of The Systems Cards, Checks, Cash, ACH, Etc That Move Money Between And Among Consumers And Enterprises In The US In Clear And Lively Writing Illustrated With Informative Tables And Illustrations, The Authors Explain What The Systems Are, How They Work, Who Uses Them, Who Provides Them, Who Profits From Them And How They Are Changing Anyone Working In The Payments Industry Or Needing To Use Payments Products Can Benefit From Understanding This The Second Edition Updates Information On Credit Debit Cards, ACH, And Checking Payments Systems, As Well As Providing Perspective On Recent Developments In Emerging And Mobile Payments glenbrook , bootcamps Solid overview of the main payment systems in the US. Eh, alright for general overview Not sure of anything better but it still isn t great.