Not too long ago, the notion of partnering with independent software vendors to integrate payments functions into software devised for purposes beyond payments-related functions seemed novel. Now, in keeping with the ever-changing payments industry's ways, integrations between a range of ISVs and ISOs are proliferating. Indeed, if your company hasn't looked into establishing this type of integration, you may be behind the curve.
This issue's lead article takes a look at how ISOs and payment processors are working with ISVs in a number of verticals and discusses how payments companies considering establishing this type of relationship can go about finding the right partners for their business interests. According to Statista, the United States alone is home to more than 10,000 ISVs, so the opportunity to find a lucrative niche looks good.
The advantages of becoming a niche expert has advantages beyond integrating with an ISV, and one of our contributing writers illuminates the advantages of this business approach. Other contributors explore the distinctions between retail and wholesale ISOs and why having an accomplished sales team isn't by itself sufficient for a retail ISO to become a wholesale ISO; a reminder of why, regardless of the size of your business or how many transactions you process, if you collect, transmit, maintain or transfer card data, you must comply with the PCI DSS; how SWIFT is set to transform the way banks and financial services organizations process cross-border payments; why payments is at the very heart of the coming metaverse; and the headaches merchants endure when an ISO won't release reserve funds after merchant account closure.
News briefs herein highlight several recent stories published at www.greensheet.com, including tech giant Bluefin's acquisition of global processor TECS; a recent report released by Senator Elizabeth Warren, D-Mass., indicating that fraud on person-to-person payment network Zelle is rampant and that most defrauded customers aren’t getting refunded by their banks; payments leaders overall support for the CFPB's new set of open banking guidelines; and The National Retail Federation forecasting holiday retail sales growth at between 6 and 8 percent during November and December, compared with the same two months of 2021.
Of course, you'll find herein company and product profiles along with a range of updates on recent milestones in the payments community. To share your company news, please send a press release to firstname.lastname@example.org; if you have questions or comments, please email us email@example.com.
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