Thursday, August 04, 2011

'Market Money' To Go Electronic

The Reading Terminal Market's gift certificate program, Market Money, will go from paper to stored value cards -- the ubiquitous "gift cards" issued by credit card companies -- in the near future.

Paul Steinke, the RTM's general manager, said the biggest class of users of Market Money are convention and meeting sponsors, not individuals giving gifts. In May 2010, for example, the International Society of Autism Research purchased $75,000 in Market Money . . . but asked that it be issued in $5 denominations. That work out to 15,000 individual $5 chits market staffers had to count out and package for the meeting sponsors. Going to plastic will save considerable time and money for the market in the future.

Timing of the conversion awaits a decision on which payment system (VISA, Mastercard, etc.) offers the market the best deal.

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