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InsideGS

Empowering and connecting

today’s payments professionals August 26, 2019 • Issue 19:08:02

https://www.facebook.com/TheGreenSheetInc Moving toward a more
diverse industry
https://www.linkedin.com/company/the-green-sheet which now owns First Data.
advancing women in the workforce. "As a leading global
company, we have a responsibility to leverage our resourc-
es and energy to make a positive impact on our employees,
https://twitter.com/The_Green_Sheet diversity isn't just a good idea; it's become a regulatory im-
our clients and our communities," said Vivian Greentree,
senior vice president for corporate citizenship at Fiserv,
By Patti Murphy
For federally regulated financial services firms, workplace
throug
November 11, 2019 • Issue 19:11:01
mote diversity on their staffs.
perative. The 2010 Dodd-Frank Act, among other things,
individual offices of minority and women inclusion to pro-
Multiple ways to help merchants
here's been a major push in recent years toward
The agencies also were told to develop standards for as-
required federal financial regulatory agencies to establish h natural disasters
greater diversity in the workforce, and merchant
sessing diversity and inclusion programs related to U.S.
acquiring is no exception. In February, which
operations of regulated companies, as well as the service
T is celebrated each year as Black History Month,
African American employees.
providers of those companies. Those standards, published
leading acquirer TSYS held weekly celebrations of the his-
in 2015, are voluntary. However institutions are encouraged
tory and heritage of African Americans, and offered an in-
to assess their inclusion policies and practices annually to
depth blog post highlighting the achievements of several
provide those assessments to their primary financial regu-
lators, and also post the assessments to their websites.
and Southwest, and wildfires in the West among them –
"Celebrating diversity and various cultures has always
and business conduct."
causing an estimated $306 billion in damages, according
KPMG, in a 2016 report, noted that while the standards are
been engrained in TSYS' values," said Ashley Thompson,
Contributed articles inside by: A Federal Reserve report paints a stark picture of efforts
to the National Oceanic and Atmospheric Administration.
recommended practices "failing to adhere to them could in-
government relations analyst at TSYS. "Ensuring diversity
crease reputational risk at a time when many firms are un-
Three hurricanes alone – Harvey, Irma and Maria – cost
of thoughts and backgrounds will only lead to more inno-
vation and encourage effective team collaboration."
local economies on the U.S. mainland $265 billion, NOAA
der regulatory and public scrutiny with respect to culture
brought the total to more than $500 billion.
said. Adding damages from other mainland disasters and
those sustained in Puerto Rico and the U.S. Virgin Islands
Major acquirer First Data Corp. has been nationally recog-
By Patti Murphy
nized for its work maintaining a diverse, inclusive work-
place, and was included in the 2018 Bloomberg Equality
Cover Story Education Index, which tracks commitments by public companies to TOC on page 3 the consequences for their homes and natural disasters. Disasters struck small enterprises across

by small businesses to rebound following these disasters,
hen a disaster hits – like
which were concentrated in nine states: North Carolina,
South Carolina, Georgia, Florida, Michigan, Mississippi,
Arkansas, Texas and California. The report revealed that
suffers. But some suffer
Dee and Emily Karawadra .................................................................32 a hurricane, flood
small businesses in these states were hardest hit: 40 percent
W Business owners, in addi
or wildfire – everyone in the affected area
Successes in 2019 and challenges ahead – Part 2 ...............1 Street Smarts SM This can be daunting. A 2018 survey by Visa revealed the Among affected businesses, 45 percent suffered asset losses
of small firms in the states studied reported losses due to
Adam Atlas ..............................................................................................36 more than others.
recouping lost revenues.
Jeff Fortney .............................................................................................38tion to dealing with
the age and income spectrum, but Hispanic-owned busi-
Hervé Sinelle-Botinelly .......................................................................40 families, face the
tors were hardest hit financially, the Fed reported.
nesses and those in the retail, leisure and hospitality sec-
unenviable task of getting their shops back on line and
In the second article of a two-part series, Green Sheet Advisory Lessons learned from a decade of change ..........................28
Continued on page 30
more than $25,000.
up to $25,000, and 19 percent lost more than $25,000, accord-
cost of rebuilding a small business following a natural di-
Board members reflect on successes of 2019, factors that led to By Dee and Emily Karawadra, Impact PaySystem
ing to the Fed. But foregone revenues, not assets, were the
saster can exceed $859,000. The Federal Emergency Man-
largest source of losses for small business. Sixty-one per-
agement Administration estimates that 40 percent of small
losses are too substantial to overcome.
cent had revenue losses of up to $25,000 and 35 percent lost
businesses never reopen after a disaster, and 25 percent of
those that do reopen fail within a year, because revenue
positive outcomes and challenges ahead in 2020. A look back over the last decade offers insight into business-build-
Contributed articles inside by:
In 2017 the United States experienced 16 natural disasters
– hurricanes in the East, massive flooding in the Midwest
News ing initiatives that worked, including technology investment, new

Brandes Elitch ........................................................................................20
TOC on page 3
Dee and Emily Karawadra .................................................................32
strategies, a focus on service and knowledge building.
Adam Atlas ..............................................................................................36
Jeff Fortney .............................................................................................38
News Briefs: New year, new inspirations .........................................................30 Continued on page 30
Simplified P2PE may broaden merchant adoption .........10 By Nicholas P. Cucci, Fluid Pay LLC
In a new year, people want to do positive things to better them-
PayPal sues CFPB over prepaid card rules ...........................10 selves. Being in an industry that never sleeps, you'll need new
New year to ring in new fraud, experts warn .....................10 ways to spark your team to perform at its highest level.
Cracking down on free trials ......................................................10 Don't sell the same way you shop ...........................................32
By Jeff Fortney, TouchSuite LLC
Color blind gain access to digital banking ..........................10
The way MLSs shop can inform their sales approach for good or ill.
Industry Update ...............................................................................12 Self-awareness is required so a penchant for delays or long delib-
erations as a consumer doesn't cause you to lose sales.
Views New Products
Insider's report on payments:
A look ahead: cash discounts, Boost profits with seamless
faster payments, mobile ..............................................................16 restaurant management ..............................................................35
By Patti Murphy, ProScribes Inc. Detect and protect with AI-enhanced security .................36
As a new year begins, it's common to assess areas of likely industry
focus in the months ahead. Among strong contenders are cash Inspiration
discounting, real-time payments and mobile payments.
Respect is central to business building.................................37
Company Profile Departments
Lending Valley: Letter From the Editors ................................................................... 5
White-glove money consultancy for SMBs .........................22
Readers Speak:
Seeking advice for 2020 ................................................................. 8
Spotlight Innovators ......................................................................18
Resource Guide .................................................................................38
Advertiser Index ...............................................................................46
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