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Technology Stocks : CheckFree (CKFR)

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To: Alan Gallaspy who wrote (797)	11/30/1997 7:02:00 AM
From: Brooks Jackson	Read Replies (2) of 8545

Alan: you asked: < If there is a lot of gravy in the trough, then do you not feel that First Data will focus some efforts here? > Yes, of course. Just as Integrion and Intuit and Visa Interactive put in time and money before giving up. CKFR has always said it expects competition, and that at the end of the day there will be two or three dominant players, maybe more. But CKFR has an enormous head start, due to many years of work establishing electronic hookups with thousands of merchants. Nearly 50% of their payment processing is now totally electronic, and therefore VERY cheap. I think Intuit had only gotten up to about five percent electronic before giving up and selling out. Also, read MSFDC's press releases. As noted earlier on this thread, they seem to be aiming their product -- excuse me, their PROMISED product -- mainly at small banks. That's because CKFR already has the big-bank business in the bag for the next 10 years. That's what I mean by "barriers to entry." This isn't a business where a hot new software program or faster disk drive can suddently make one company and sink another. Its a business based largely on shoe leather.

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