The notion that credit card acceptance increases merchants' sales more than enough to compensate for costs associated with accepting them has fallen so far by the wayside that it no longer surfaces in discussions related to card-processing costs. Merchants coined the catchy term "swipe fees" and complained long and loud enough to sway legislators, jurists and the public to believe that merchants should not have to pay costs associated with electronic payment acceptance and that people who enjoy the benefits of rewards cards are doing so on the backs of cash-paying consumers.
Undaunted and ingenious, the payments community has harnessed technology and found vehicles to enhance merchant satisfaction while also enabling ISOs and MLSs to make an even better living in today's environment than they did before: cash discounting and surcharging. This issue's lead article takes a look at the increased popularity of cash discounting and surcharging, how they work, and how ISOs and MLSs can capitalize on both to strengthen their residuals while also lowering merchant attrition.
One contributor to this issue pointed out, however, that it takes more than innovation to succeed in this business; it takes heart, too, and the ability to let merchants know you are there for them when the chips are down. Other featured experts explained that merchants' knowledge gaps are also a factor to address, particularly when combatting chargebacks; how next-gen solutions will provide secure, customer-friendly transactions to digitally-savvy merchants; and why overcoming bumps in the onboarding process is essential to ISO success.
Inside you'll also find highlights from news stories recently published under Breaking Industry News at www.greensheet.com. These include the roaring success of the 19th annual Midwest Acquirers Show, which attracted 949 attendees in July; a study spotlighting diversity and consolidation in the fintech ecosystem; ways in which the BNPL market is heating up this year; a ruling in favor of the National ATM Council in a lawsuit against Visa and Mastercard over rights to fair, transparent surcharge pricing; how the global chip shortage is affecting the payments sphere; and the need for more education in the United States about the benefits of open banking.
Updates on numerous individual and professional milestones, along with our latest company and new product profiles are included, as well. Want us to cover your news? Please send a press release highlighting your achievements to firstname.lastname@example.org, and send your questions and suggestions to email@example.com.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next