Philadelphia Business Journal: Profile on CardConnect President Jeff Shanahan
‘I expect contactless payment methods to become the standard.’
Philadelphia Business Journal Social Capital Profile | August 9, 2013
Jeff Shanahan is president of CardConnect (formerly Financial Transaction Services), which enables clients to accept payments directly through any type of business management software. CardConnect serves many Fortune 500 clients.
When you were a kid, what did you see yourself doing at your age? The same job MacGyver had, though not sure what his actual job was.
You’ve accomplished a lot, what is your greatest single achievement so far? Marrying my beautiful wife Tara and becoming a father to my children.
With modern technology everything moves really fast. How do you see your industry in 10 years? For consumers, I would expect one of the many contactless payment methods, such as mobile wallets using tokenization or bio-metric technology for authentication, to become an overwhelming standard — just like plastic cards did in the ’70s and ’80s.
Today, plastic cards still drive most of the payments from a consumer perspective. In 2012, cash payments still made up 43 percent of all payments. Considering how long it has taken card payments to exceed cash payments, you can understand why a standard is yet to emerge from advancements available for payment methods. Without a massive adoption rate like plastic cards achieved 30-plus years ago, retailers will be reluctant to invest in new payment technologies.
Do you worry that the middle class in America may be disappearing? Yes, because it’s important for many reasons and it’s closely tied to what has made our country such a great place to live. Unfortunately, I think the shrinking middle class is directly correlated to poor fiscal policy and our growing national debt. Some of the policies implemented by our government have exacerbated the issue, such as softening credit policies used to underwrite a mortgage. This created false illusions of excess capital available to our middle class, resulting in overspending and unsustainable debt levels, which led to a deep recession that triggered a massive increase in unemployment. The U.S. middle class has been crushed. We need to reinvest in education to allow our middle class to better align with what America is a global leader in: software, technology and professional services.
When you meet someone, what is the first thing you notice? Their smile.
What habit do you find most annoying in people? When someone under-tips.
What would you do over again? Choose a major during college that was specific enough to gain real expertise upon graduation.
Do you believe the young people of today are prepared for the future? Yes, as an adult, our world is still heavily influenced by the baby-boomer generation. Young people are living in an entirely different reality due to their adoption of technology. In 10 years, they will be adults living in a world where the virtualization they live within today will become the norm. I am not a proponent of the idea that “technology is bad for our youth.”
Which would you rather do, parachute out of plane or be lowered into the ocean in one of those shark cages? Parachuting sounds like fun. Getting lowered into the ocean in shark cage sounds more like a test of your nerves.
What’s your favorite book? “Isaac’s Storm” by Erik Larson.
Favorite singer or band? Simon & Garfunkel.
What’s your favorite movie or TV show, and why? “The Goonies.” I love it and now my kids do, too.
If they made a movie based on your life and company, who do you think should play you? Chevy Chase.
If you had to eat only one type of cuisine, which would it be — and your favorite restaurant? Italian. B Spot in Cleveland (Sorry, Philly!).
Favorite way to spend your free time? I love golfing.
What kind of car do you drive? 2008 Land Rover LR3.
–Compiled by Dell Poncet
Click here to view this profile on the Philadelphia Business Journal.
