We've delved into many aspects of ISO/MLS contracts in our Education section, so a wealth of information exists for those who peruse our website's archives. However, this is such a foundational issue for anyone seeking to sustain a career in payments we decided to give it front-page visibility. MLSs who build profitable merchant portfolios know how to understand merchant pain points and sell solutions that address them. But most are not attorneys, which can cause problems if they enter contract negotiations solo and green. Their fortunes typically are tied to the particulars of contracts they sign with upstream partners. And those contracts are anything but simple. The lead article in this issue delves into the importance of reading the fine print in those contracts and pitfalls to watch out for.
ISO/MLS contracts aren't the only payments-related contracts full of fine print. Partnerships of an increasing variety and scope abound in our business. Each is based on a contract, as well. One significant partnership covered recently in breaking news was the all-in-one SMB solution jointly launched by TSYS and T-Mobile. Additional partnerships of note are mentioned in Industry Update, along with briefs on recent awards and milestones, legislative actions, research, acquisitions, and appointments in our sphere.
Further highlights from the news include findings from the Fed that debit payments are growing at a slower pace than previously, and along with that have come increased fraud losses; a new federal initiative called for government and private sectors to expand AI research and deployments to stay apace with global AI innovation; the second annual Broker Fair returned to New York City with expanded offerings for a burgeoning group of agents and innovators; and Ingenico took on a leading role in helping large merchants reach Russian consumers.
Also herein, our contributing writers offer perspectives on the hero's journey (yes, it applies to payments professionals); how to remedy misunderstandings between operations and sales staff; the importance of taking command of your words so you don't inadvertently kill deals; a big legal reversal in the world of non-sports-related gambling; and opportunities to be found in serving U.S. petroleum retailers.
Also included are resources to help spark new ideas, inspire more connections and empower more action to foster continued success both for you, our readers, and the industry as a whole. Let us know how we're doing at email@example.com, and keep sending your news to firstname.lastname@example.org.
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