Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : PCBM - MASSIVE EXPANSION IN A 2 BILLION DOLLAR INDUSTRY -- Ignore unavailable to you. Want to Upgrade?

To: SCOOBEY-DO who wrote (2173)	6/14/2000 5:18:00 AM
From: LORD ERNIE	Read Replies (1) \| Respond to of 2406

Pinnacle Is Enlisting In The New Smart-Card Revolution Jun. 13, 2000 (Computer Reseller News - CMP via COMTEX) -- New York - Pinnacle Business Management Inc. is joining the smart-card revolution. With the help of SmartNexus Inc., a Los Angeles-based solution provider, Pinnacle will be phasing out its debit cards in favor of chip-based technology. Pinnacle, which advances small loans to customers before payday, currently uses a private-label solution to issue debit cards that consumers can use at an ATM or point of sale, said Bruce Hall, president of Pinnacle, Clearwater, Fla. The SmartNexus solution deploys Visa-branded cards with an onboard chip, he said. "The [payday loan] industry is clearly going toward cards with a brain vs. pieces of plastic with just a magnetic stripe and a name embossed on them," said Hall. "Smart cards leave a lot more room for growth-for us, our customers and the card suppliers." Smart cards also allow for more secure, less costly transactions, for loyalty programs that benefit consumers and merchants alike and for electronic cash applications, said Cynthia Abbott, president of SmartNexus. "The magnetic stripe on debit cards is easily counterfeited. But a smart-card chip is essentially a computer. It scrambles the information so it's difficult to retrieve," Abbott said. "These chips up the ante for counterfeiters." And because smart cards allow for self-contained transactions, telecommunications charges tied to transmitting data from magnetic stripes are eliminated. Merchants can capitalize on smart cards with loyalty programs that draw customers back to their stores for special sales and promotions, said Abbott. That way, consumers get to save money, and proprietors get repeat business, she said. In July, Pinnacle customers will receive "instant issue" cards for ATM and POS use. Customers can then upgrade to "full-service" smart cards at kiosks or online at the SmartNexus Web site. SmartNexus will be integrating the products and services of four third-party partners to deliver Pinnacle's turnkey smart-card solution, said Abbott. For Pinnacle, the SmartNexus solution will pave the way to an expanded business model. The loan company, currently operating in the Southeast United States, plans to cover all regions of the country within the next 12 months. http://www.crn.com/