Did Hamilton Pave the Way For Your Business to Accept Credit Cards?

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Broadway’s Tony Award-winning smash hit Hamilton has finally arrived in Chicago and is the most talked about musical this century. If you’re a fan, you’ve been captivated by the lesser-told story of Alexander Hamilton and his fate as one of America’s Founding Fathers. But, what you may not have known, is that Hamilton is responsible for the ideas that have made way for your business to accept credit cards.

Hamilton: The First Secretary of the Treasury

Admittedly, I’m not a United States history buff, so there was a lot of information about Hamilton of which I was unaware (largely, the information about his personal life was never on my radar until I was bitten by the Hamilton bug). Born in the West Indies in the 1750s to a single mother, Alexander grew up in the Caribbean. Community members took notice of young Alexander for his writing and essays, and so money was raised to send him to the British Colonies to attend school. After his work with George Washington during the Revolutionary War, Hamilton was chosen by our first president to serve the nation as the first secretary of the Treasury, where he helped to create the National Bank and our national currency.

In 1784, Alexander Hamilton founded the first commercial bank – The Bank of New York – which remained the only national bank until 1799 when political foe Aaron Burr created The Bank of The Manhattan Co. (an ancestor of today’s JPMorgan Chase). It was ultimately their disagreement over the banks that brought about the duel which resulted in Hamilton’s death.

Hamilton’s Ideas Led the Way to Accept Credit Cards

Hamilton was known as an ideas man who wrote many essays that ultimately shaped our nation’s finances (see: The Federalist Papers). After the War, Hamilton developed a three-part plan for the country’s financial system. The main part of this plan involved the federal government assuming the states’ debts by issuing bonds. Hamilton then created the national bank as a way for the United States to hold funds, create capital, and encourage the financial growth and stability of the young nation.

If you want to learn more about Alexander Hamilton’s leadership in creating the United States’ financial infrastructure (and you aren’t on the list to see the musical until late 2017), we found this thorough source from the book, Financial Founding Fathers: The Men Who Made America Rich (Robert E. Wright and David J. Cowen).

Find Your Solution

Do not throw away your shot; accept credit cards at your business today to ensure your financial security. Whether you’re a standard risk business or a high risk one, Payline can provide the solutions your business needs.

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