Cardtronics Founder Clinard Recieves ATMIA Award

Tuesday 11 November 2003 09:29 CET | News

ATMIA, an ATM industry association alliance, has bestowed its 2003 Lifetime Achievement Award on Cardtronics founder Ralph Clinard.

Clinard started Cardtronics in 1989 that has since become the nations largest independent owner/operator of ATMs. Today, the Houston-based companys nationwide network totals more than 12,500 ATMs and includes accounts from some of the nations largest and most respected retailers. In the mid-1980s, Clinard took early retirement from Exxon and opened a lavish, upscale French restaurant in Houston. At the same time, he invested heavily in the Houston-area real estate market. When the oil bust hit, he lost the restaurant, his investment properties and fell into deep financial debt. While attempting to liquidate his restaurant equipment, he discovered he could sell the credit card terminal and printer back to its original owner, since there was a market for this equipment. The success of the sale sparked his interest and led to his decision to enter the credit card merchant services industry and learn the point-of-sale transaction business. Motivated by a strong entrepreneurial spirit, Clinard started his own one-man business ? Cardtronics ? by using knowledge gained during his 29- year engineering career with Exxon. He designed and patented the first scrip machine, a simple cash-back device that replicated the basic function of all modern ATMs. Under Clinards guidance, Cardtronics flourished from a one-man shop to more than 100 employees. His original focus evolved from merchant credit and debit card processing to providing high quality ATM services to mom and pop locations, one store at a time. Now, Cardtronics, through major acquisitions of ATM portfolios, is fast becoming the preferred choice for large, national retailers and petroleum/convenience store chains. Clinard retired from Cardtronics in June 2003. He retains a position on the companys board of directors after turning over the reigns of the company to his handpicked successor, Jack Antonini.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce