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EZ Reader Fingerprint System

EZ Reader Fingerprint System. Anthony Portelli, Max Nachamkin, Lawrence Wu, Shaun Lanza. $48,000,000,000. Executive Summary. Provide customers piece of mind of their security when shopping Market Product to Credit Card Companies: Visa MasterCard American Express. Executive Summary. Goal:

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EZ Reader Fingerprint System

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  1. EZ Reader Fingerprint System Anthony Portelli, Max Nachamkin, Lawrence Wu, Shaun Lanza

  2. $48,000,000,000

  3. Executive Summary • Provide customers piece of mind of their security when shopping • Market Product to Credit Card Companies: • Visa • MasterCard • American Express

  4. Executive Summary • Goal: • To convince credit card companies of this operational change • Will save both consumers and producers headaches with credit card fraud. • Time • Money

  5. Mission Statement • To reduce the Global issue of credit card fraud. • Provide easy solutions for consumers to pay for their products.

  6. Value Proposition • With improving technology, credit card and bank account fraud has been more prevalent than ever. • Consumers lose money • Companies lose valuable time and money to fix fraudulent charges

  7. Product Description • Will be placed in Retail stores • Instead of credit cards, consumers will swipe their fingerprint in order to purchase their goods. • Fingerprint is linked to • Credit card number • Bank Account • Third Party System • Records logs and transactions for consumers

  8. How does it work? • Consumer sets up account with EZReader • Connects Fingerprint to Bank Account • Number One Concern for Consumers • WILL THIS BECOME BIG BROTHER? • Consumers can disconnect from EZReader at anytime • Fingerprint data will be encrypted • Would not be able to decrypt, because no actual fingerprint is stored

  9. Target Market/Value Chain • Major Credit Card Companies • Visa • MasterCard • American Express • According to Hoovers.com • There are over 200 companies that deal with Transacting Processing & Settlement

  10. Target Market/Value Chain • Be sold to Credit Card Companies, in order to implement this product into their system • Then sold to retailers for consumers use • Will be difficult to convince credit card companies, because the change is so drastic

  11. Target Market/Value Chain • Industry • Transacting Processing & Settlement • NAICS Code: 522320 • Major Players in Industry • Visa • MasterCard • American Express • Competitive Advantage • 3rd Party Company • Focus on Product and Software • Can make changes quickly and efficiently

  12. Business Strategy • Must show that our product is feasible to: • Credit Card Companies • Retailers • Consumers • In order to achieve this, we will: • Conduct Security Workshops • E-Seminars • Finally: • Send proposals out to the Credit Card Companies.

  13. Marketing Plan • Contact heads of Credit Card Companies to pitch ideas • Create Public Awareness by: • Featuring idea on popular technology websites • Getting and advertisement on television saying, “The Future of Credit Cards” • Plan to have our product running with one major Credit Card Company by 2013

  14. Financial Plan • To make Money we will: • Sell our product software for a flat fee • Charge a Transaction Fee • Charge a Maintenance Fee • Cost companies less than to fix fraudulent charges

  15. Financial Plan • Companies Benfit: • License product to retailers • Retailers Benefit • Can process more transaction within the given work day • Both Benefit • No Money spent to fix Fraudulent Charges

  16. Situation Analysis • Customers • 1st=Credit Card Companies • Visa • MasterCard • American Express • 2nd=Retailers • Wal-Mart • Target • 3rd=Consumers • Young Adults • Middle-Aged Adults • Elderly People

  17. Situation Analysis • Costs/Climate • Fingerprint scanners range from $50 to a few Hundred Dollars

  18. Situation Analysis • Competitors

  19. SWOT Analysis • Strengths • Product • Safer than Credit Cards • Ends the hassle of carrying multiple credit cards at a time • Quick and easy to use, a simple fingerprint scan is all it takes. • New and innovative product design. • Safe for the environment because it eliminates the use of plastic cards. • Organization • We pay attention to our costs and contain costs wherever possible but not at the expense of quality, safety or the environment. • Strong leadership keeps our company on task and ever-evolving.

  20. SWOT Analysis • Weaknesses • Product • Relatively low brand awareness. • Requires all stores to have these particular scanning devices. • Is not as widely accepted as credit cards. • Organization • Relatively high startup costs. • High operating costs.

  21. SWOT Analysis • Opportunities • Our company has various and innovative ways to improve our scanning technologies. • Various opportunities to partner with existing credit card companies. • Our company is able to branch out into other ventures involved with fingerprint scanning technology.

  22. SWOT Analysis • Threats • Credit card companies are already well established and penetrating that market will be difficult. • Our company may not have stable financial backing due to its radical idea.

  23. Questions/Comments

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