Legislators, merchants and even some payments professionals tend to equate merchant cash advance products with loans. They neither realize this gap in knowledge nor do they grasp how much the area of nonbank finance has expanded and evolved in the past decade. New finance models exist for consumers and businesses alike, and professionals in this sector are rallying current and potential stakeholders to participate in educating legislators and customers, alike, while promoting best practices from within.
This issue's lead article reports on goings on in the nonbank finance sphere, highlighting actions industry leaders are taking in terms of educational events, industry associations, innovations in products and services, and efforts to educate and establish rapport with legislators so they can make informed decisions.
Helping you to make informed decisions is what drives us at The Green Sheet, and to that end, our contributing writers have shared insights on several topics: whether it's new technology or existing technology used in new ways that's driving disruption in payments; the Federal Reserve's plan to build a real-time payment network while failing to support initiatives that could deliver near-instantaneous exchanges of funds with electronified checks; the surprisingly strong impact the simple act of taking control of their presence on online review sites has on merchants' customer retention and profits; the increased merchant stickiness that comes from working with technology partners to provide one integrated solution for all payment-acceptance needs; and how chargeback analytics can improve functions throughout a business, not just chargeback ratios.
Technology also came to the fore in recent news stories posted under Breaking Industry News on www.greensheet.com when Bluefin was awarded a patent for "fingerprint" decryption. Also in the news was Dimitri Akhrin, founder of Bank Associates Merchant Services and IRIS CRM, who was featured on The American Dream Bloomberg TV series; a number of payments industry companies listed on this year's Inc. 5000; Frontline's new CBD merchant acquiring program; the ACLU's stand against cashless stores; and a data breach involving cardholders in Mastercard's "priceless specials" loyalty program.
Recurring features that some readers always turn to first include Industry Update, where individual and company milestones are highlighted; product and company profiles; and the Resource Guide, where pros look for potential partners and service providers. We hope this magazine helps to inform and empower you. Please let us know how we're doing at firstname.lastname@example.org. And do keep sending press releases to email@example.com.
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