News

Debitman's new CEO stresses more merchants, issuers, products

April 23, 2006

Digital Transactions: Debitman Card Inc.'s new chief executive sees no significant strategic changes ahead for the PIN debit network, though he says some new products are likely within a year, including a stored-value offering.

"I think the strategy is spot-on," said Michael Grossman, a former Intuit Inc. executive and the former chief executive of software maker LiveCapital, who's officially taken the reigns at San Mateo, Calif.-based Debitman as chief executive. Four-year-old Debitman, which processes PIN-secured transactions on merchant-issued cards and settles them through the automated clearing house, claims more than 200,000 acceptance outlets, including stores belonging to Wal-Mart, Sam's Club, Duane Reade Inc., and Walgreen Co. The company's most prominent selling proposition is that it shares anywhere from 6 to 9 cents of its 15-cent transaction fee with issuing retailers.

Read more