OC METRO CALENDAR

  • November 2014
    SuMoTuWeThFrSa
    2627282930311
    2345678
    9101112131415
    16171819202122
    23242526272829
    30123456
Add an event

THE BOTTOM LINE
Untitled Page

Mitch Goldstone, continued ...Published: August 01, 2012

Mitch Goldstone's dogged
persistence literally paid off.
And he did, exhibiting the one ingredient above all others that binds successful people: persistence. It is a characteristic shared by über achievers and leaders. Driven by an indomitable spirit, successful entrepreneurs never give up on their dreams of building something great. There is no impediment too daunting. This unflagging attribute is the secret sauce that takes potential to success and beyond. My son-in-law recently received a promotion at his company for his sales performance. In lauding his efforts, management referenced a sticker behind his desk that simply reads, “Never, never, never give up.”
   
Goldstone didn’t. Ultimately, 7 million merchants large and small joined him in a consolidated class action suit that was settled in a Brooklyn federal court. The result: Business owners who file claims under the settlement are expected to generate recoveries of between 30 percent and 40 percent of their total fees paid in a typical year to the card companies. Merchants who qualify will be paid from an escrow account with $6.05 billion set up by the card networks as part of the deal announced last month. Equally important, say Goldstone’s attorneys, “This settlement gives small retailers the freedom to experiment” with how much they charge consumers for using credit cards versus cash to buy a product or service.
   
Goldstone, 49, and his business partner are not waiting for the settlement to get final approval later this year from the court. He has already instituted a price reduction of 2 percent for consumers in anticipation that his credit card fees will now go down. It’s in his DNA to be out front and set the standard.
   
“I want merchants and consumers to walk away winners in this,” he says. “Business is about all sides in the transaction winning. I won’t quit until that happens.”
   
Persistence, indeed.

<<< GO BACK



See Steve Churm's:
Bottom Line videos
Bottom Line Web archive

And while you're here, check out:
OC METRO magazine's current issue and past issues



WHAT DO YOU THINK?

* First Name
* Last Name
* Email
Visual verification

Readers Feedback:

Hey, subtle must be your mildde name. Great post!
Comment at 11/3/2012
What I wouldnt give to have a deabte with you about this. You just say so many things that come from nowhere that Im pretty sure Id have a fair shot. Your blog is great visually, I mean people wont be bored. But others who can see past the videos and the layout wont be so impressed with your generic understanding of this topic.
Comment at 4/16/2013