The Importance of Merchant Education (pdf format)
The Green Sheet, 00:09:01 – September 2000
In posting this statement many years ago, my grade school teachers had unwittingly identified a truism, which is very applicable to the merchant bank card industry today. To wit, Bank Card Law (BCL) has observed that ignorance causes tremendous, yet preventable, loss to the entire bank card industry every year. Exploring the definition of ignorance, Black’s Law Dictionary defines it as “the want or absence of knowledge, [being] unaware or uninformed.” If BCL had $100 for every time we heard a merchant say, “I didn’t know ________” in connection with losing their merchant account or experiencing a significant monetary loss, we would probably be comfortably retired by now.
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