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EMBrACE ThE Over the past 2 years the wider taxi industry and the payment systems that support it have come into the spotlight for Government inquiry and reform. We have seen: 1. The Victorian Taxi Inquiry, whose report is to be tabled in Parliament by 12 Dec 2012; 2. The IPART Inquiry into licensing practices in NSW; 3. The ACCC conviction of Cabcharge in 2010 with fines of $15m for Sect 46 Breaches; 4. The RBA’s review of Card Surcharging; 5. The QLD Government’s review of ways of integrating payments, dispatch and meters; and its review of its TSS program (the equivalent of the M40). The breadth of these regulatory and government initiatives, in particular the comprehensive nature of the Victorian Inquiry, has caused uncertainty and concern among many in the industry. This is because we all grow comfortable with the way things are. It is instructive to look outside the taxi industry to compare significant Government reforms. In the past 30 years we have seen the: 1. Deregulation of banking - Once we had 6 national banks offering 4 products to retail consumers and only a handful more to business. Now we have 26 banks with the “majors” offering over 200 products to retail consumers alone. It is argued by some that these reforms didn’t go far enough. 2. Reform and competition in telecommunications to release the single supplier dominance of Telstra lowered phone and internet costs and opened new ways for all of us to do business. 3. Competition in electricity that removed inefficient state owned monopolies. I worked on two of these major reforms. I was involved in the establishment of Optus as part of telecommunications reform and secondly in the reform of the electricity industry in Victoria. What I learned is that these reforms have created new business indus- 28 |November 2012 try structures, new business practices and new products and services. Productivity grew, the economy became stronger and consumers were better served. The current reforms proposed for taxis have the potential to deliver similar wide-ranging benefits to drivers, operators and most importantly to passengers. It’s obvious to all that Governments have the opinion that the taxi industry, of which I am a participant, has a pattern of trying to resist change and to protect the status quo. Public perception of the industry is that it is tired of sub-standard service quality, and service delivery and significant change is overdue. The Taxi Inquiry has reviewed many of the issues that drivers, operators and the VTA have flagged over the years. These include bailment, insurance and assignment processes, all of which are key drivers in industry behaviour. In addition, it has opened a comprehensive review of the industry’s approach to technology, dispatch, payments, all part of the industry’s fulfillment capability. It is clear that despite the industry’s view, the industry has failed in many of these areas. The industry has for too long been limited by the constraints of legacy systems, legacy technology and legacy infrastructure in these key areas. This has locked in business models that are failing, where the only change possible is tinkering at the margins whilst locking in Operators and Drivers to antiquated technologies and inefficient cost structures. Overall the Taxi Inquiry’s reforms are designed to cause the fundamental value network of the industry to be reshaped over the next 4 to 5 years. The challenge for the industry and its participants is to embrace the opportunity presented by reform. Find ways to lead reform within the Government’s reform framework. Survival should not be the mantra of the industry. It should be, to embrace reform, create world’s best practice and be the example of quality taxi service delivery that others aspire to emulate. Taxi Talk - Voice of the Taxi Industry
The cabfare approach When we started CabFare we did so with a clean slate. We came from outside the industry. We listened to people in the industry, talked to passengers, operators and drivers. What emerged was a desire for a different approach. What we found was an industry plagued with: 1. High card merchant service fees due to high level of fraud thriving on card not present transactions (paper dockets) which also led to significantly high levels of chargebacks; 2. Payment systems that didn’t integrate with other service systems; 3. Store and forward electronic payment systems that allowed stolen credit card transactions; 4. Operators and drivers lacked visibility of key business metrics through the lack of business information systems; 5. A belief that the dominant industry payment platform was leading edge when clearly it lagged when compared with other industries. Passengers wanted a fast, simple and secure transaction experience that delivered an itemised Tax Invoice with a copy available to view in real time online, and NO paper dockets. So we have built and delivered the safest, simplest and most secure system for all. It ensures that when a fare is paid with a valid credit, debit or charge card a driver gets paid, the passenger can view the transaction receipt online within seconds of the transaction completed, and the operator can view their fleet performance in real time. This is done within a security envelope that meets the requirements of the Australian banking system, so no card data is stored inside CabFare, and all without paper dockets. Innovation and change is in our DNA. We think outside the box so we believe it’s time for change. Going forward, we will embrace the opportunity the various inquiries deliver and be the change agents we believe the industry needs and customers demand. Over the coming months we will release new products and innovations. These will enhance the driver, operator and most importantly the passenger experience. For example with Tyro, our payment partner, we will challenge the existing payment paradigm with its reliance on paper and plastic. We believe that new technology can be harnessed to deliver a safer more reliable Passenger experience. For CabFare, as we embrace the opportunity, our aim remains to continue to make payments and taxi travel safer, simpler and more secure for all. david hamilton CabFare D Operators Take your business to the next level • The EFTPOS system that allows Operators to manage all transactions in their fleet by driver or by vehicle • View transactions in real-time on your smartphone, iPad or PC • Embrace the most secure EFTPOS system with the lowest chargebacks Fast . Simple . Secure www.cabfare.com.au 1300 721 966 @cabfare Taxi Talk - Voice of the Taxi Industry November 2012 | 29
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