In this episode of the Paycast Network, we sit down with a true legend in the payments and merchant services space: John McCormick. As the Owner and VP of General Credit Forms (GCF) and the founder of the Southeastern Acquires Association (SEAA), John shares his unique journey from an aspiring attorney to a pivotal figure in the evolution of credit card processing.
The Trivia: Where it All Began
Before diving into the deep end of industry history, we kicked things off with some classic payments trivia:
- The First Internet Sale: In 1994, Pizza Hut became the first company to sell a product over the internet via “PizzaNet,” allowing users in Santa Cruz, California, to order a large pepperoni and mushroom pizza.
- The “Knuckle Buster”: Before digital terminals, the standard way to get a duplicate receipt was using an embosser (or knuckle buster). Merchants would place a credit card under a three-part carbon form and slide a heavy metal bar over it to physically emboss the card details onto the paper.
A Career Diverted: From Law to the Family Business
John grew up on a farm with seven siblings. While his father was the chairman of GCF, he initially encouraged his children to find their own paths, anticipating that technology would eventually phase out the need for physical credit forms.
John took that advice to heart:
- Accounting: He became a CPA and worked for Arthur Anderson in Chicago.
- Law School: He eventually moved on to law school.
- The Turning Point: Between his first and second years of law school, GCF began acquiring companies. John stepped in to help with the due diligence for the acquisition of Golden Business Forms in 1993.
A mentor and attorney, Mr. Slonebaum, gave John a piece of advice that changed his life:
“When you’re 80 years old and you look back on your life, you’re not going to say, ‘Boy, I wish I’d spent more time in the courtroom.’ But I bet you’ll say, ‘I wish I’d spent more time with my old man.'”
John took that advice and spent the next 30 years working alongside his father.
The Origins and Evolution of General Credit Forms (GCF)
Founded in 1973, GCF was originally created by a bank consortium called CSI. Because the equipment to process credit cards was massive IBM machinery, they needed specialized forms based on the old IBM punch card size. When the banks realized owning a printing company was a conflict of interest, John’s father—then a paper salesman—bought the company.
Key Milestones in GCF History:
| Milestone | Description |
| The “Safety Perf” | GCF’s first patent, which allowed carbon forms to split easily when the customer copy was snapped out. |
| Patents | John’s father eventually secured 10 patents on the production of forms and rolls. |
| Distribution Shift | As banks moved away from maintaining their own warehouses, GCF transitioned into direct merchant distribution. |
| Product Expansion | The company evolved from three-part slips to receipt rolls and labels to meet changing industry demands. |
Business Philosophy: Listening and Leading
John attributes much of GCF’s longevity to a culture of listening. Whether it was transitioning to warehouse distribution or moving into thermal receipt rolls, the company’s biggest pivots came from listening to what customers actually needed.
John’s Core Lessons for Entrepreneurs:
- Don’t Wait for the Wolves: Quoting Dan Cathy of Chick-fil-A, John notes that if you wait until the wolves are at the gate to change, you’ve waited too long.
- “Sleep Straight in Bed”: John’s father always said he had to “sleep straight in bed at night,” meaning he had to do right by his customers, vendors, and employees to have peace of mind.
- Throw Spaghetti at the Wall: Don’t be afraid to try new ideas, but always know your cutoff point.
- Learn from Failure: John believes we learn far more from our failures and roadblocks than our successes.
The Founding of the SEAA
In 1999, inspired by the Northeast Acquires Association, John co-founded the Southeastern Acquires Association (SEAA). What started as a way to gather ISOs in Florida to play golf and network has grown into a major industry staple. Today, the SEAA continues to bring the payments community together, with John’s family—including his siblings Claudia, Jimmy, and Joe—remaining deeply involved in the business and the association.
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