Among the many changes the payments industry has undergone over the years is the approach to aggregators. The word "aggregator" may remain a turnoff for many, but with a new name, payment facilitator (or PayFac), and a rapidly transforming playing field, payment companies, old and new, are embracing what was once dismissed, and with impressive results. This issue's lead article takes a deep dive into the world of payment facilitators, shining a light on their history, current activities and future potential.
This issue abounds with other meaty topics, as well. Writers contributing to our Education section have addressed in insightful and disarmingly honest prose how to recognize when you are working with a great leader and learn to put your ego aside; what merchant cash advance is and why it, instead of payment processing, can be a primary service to lead with when pitching to merchants; the millennial generation's unique approach to payments and the legal ramifications that can arise when doing business in new ways; the need to collaborate to safeguard data, and be protected from anti-trust and other government actions when doing so; and authentication in the United States and how much more secure transactions would be if a unified, multifactor approach were adopted.
In the Views section, you'll find a strong argument for why agents should fulfill their fiduciary responsibility and disclose to underwriters all relevant information about merchants applying for merchant accounts, as well as an enlightening look at new technologies and practices that are transforming merchant showrooms across the land.
We've also included news and features on the business risks associated with tax fraud; the conflicts regarding merchant surcharging that may go all the way to the Supreme Court, continued merchant appeals to further lower debit interchange, this time in light of the high liability costs merchants have borne since the Oct. 1, 2015, EMV liability shift; and details on Amazon's new Payments Partner Program.
Also within these pages are company and industry leader profiles, new product stories, and briefs on retail innovations; industry research; new e-commerce guidelines and EMV updates; and payment company funding, expansions, awards, rebrandings, partnerships, acquisitions, appointments, and more.
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