Wednesday, March 7, 2012

Test Drive an Expert: Dan Stavros, CoreCard

Dan Stavros is the EVP of CoreCard - Dan will be our featured expert on the topic of  Software & Processor Evaluation at the 7th Annual Prepaid Expo, taking place this year in Las Vegas, Nevada, on March 12-13, 2012, where attendees will have the opportunity to schedule one-on-one meetings with Dan and other experts from an array of Prepaid specialties.

Dan Stavros
We had a chance to gain some insight from Dan before we head out to Las Vegas next week. Here is what we asked Dan:

What are the most pressing issues/trends in your subject area that prepaid professionals should consider and/or watch closely in the coming year?

Uncertainty – Increasing regulations and how they apply to different segments of prepaid cards can mean a significant change in the direction of the business. Prepaid processors, program managers, software vendors, consultants and other stake holders should keep a close eye on regulatory changes and appropriately adjust their resource allocation and revenue projections.

New market opportunities – The prepaid market is evolving rapidly and opening up new segments where prepaid cards can solve an existing problem or support a new business model.

What are the 3 most commonly asked questions/concerns you hear from clients?

1. What is the overall cost to implement a prepaid card management solution?

2. How soon can I be up and running with new prepaid cards for my customers?

3. I have a new business model and unique needs. Will your software and services be able to support these requirements? Does your organization have capability to quickly customize the software to develop new features as requested by us?

What is/are the most common mistake(s) or oversight(s) people make in the prepaid space related to your area of specialization? 

Thinking too short term – Many people/companies starting out in the prepaid card business look for a solution that meets their immediate needs only. Later they are caught unprepared when the business needs change or regulations impose new restrictions. They should do a scenario analysis to assess how different developments will play out in long term and be flexible and prepared (both in terms of software and the business model).

People /companies venturing into prepaid cards sometimes overestimate the growth/profitability potential from their new prepaid venture. They should understand that acquiring new customers for a new prepaid card program is very difficult and successful programs will generate competition quickly.

They should keep their projections realistic. Also, rather than trying to address broad needs with a general purpose reloadable prepaid card they should find a niche area that needs a prepaid solution and design theirs’ accordingly.

We receive numerous inquiries from startup program managers looking for software or processing services. However, when they fully understand the costs associated with starting a new program they often abandon the idea entirely.

About Dan:

Dan Stavros joined the company in 1984 when it was known as Credit Card Software, Inc. Dan brings more than 30 years of experience in global operations, financial technology development and entrepreneurship. He is responsible for product management and CoreCard’s professional services organization. During his tenure with CoreCard over the last 20 years, Dan oversaw development of the groundbreaking CardPac and Vision21 card management systems and directed the company’s growth and product development strategy in the Asia-Pacific region.

Dan co-founded a series of successful banking software start-ups including TranSys Corporation and Operating Systems, which were sold to PaySys and The Kirchman Corporation, respectively. He also held executive and technical management positions at The Kirchman Corporation, Online Databanc, Inc., and First National Bank of Niles.

Test Drive a Software & Processor Evaluation  Expert

You can schedule a meeting with Dan Stavros at Prepaid Expo here, if you need help evaluating software for in-house use, processors or how to do successful offshore development.

To register, visit
Call: 1 888-670-8200                

* Please mention your priority code when registering to save $100 off the standard and onsite rate: XU2548BLOG.

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