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Letter from the editor

s 2025's final quarter gets into full swing,
retailers, payments providers and small busi-
nesses alike are bracing for a holiday season
A that promises to be faster, smarter and cost-
lier. Inflation, tariffs and shifting consumer habits are
reshaping spending patterns within and outside of U.S.
borders, according to new analyses from the Mastercard
Economics Institute and Constant Contact. Online and
mobile sales continue to surge, propelled by younger
generations who favor convenience, flexible payments
and personalized recommendations. At the same time,
small businesses are adapting with ingenuity, raising
prices where they must, embracing AI-powered market-
ing, and doubling down on email and video to keep cus-
tomers engaged. As this issue's lead article points out,
this holiday rush may look different from years past, but
its momentum, creativity and resilience reflect an indus-
try that never stops evolving.

Given the fast pace of payments, news is breaking al-
most daily. Herein we've highlighted several recent sto-
ries, including the Federal Reserve's plan to raise Fed-
Now’s transaction limit to $10 million to support larger
instant-payment use cases and meet growing demand;
Google and PayPal's multiyear partnership to merge AI
technology with payment services, advancing “agentic
commerce” and deepening PayPal’s integration across
Google platforms; conflicting federal court rulings in
Kentucky and North Dakota that have created uncer-
tainty over the Federal Reserve’s debit interchange cap
set under the Durbin Amendment; a proposed federal
settlement to resolve lawsuits accusing Discover of mis-
classifying certain consumer cards as commercial cards,
leading to excess interchange fees; PayPal's repositioning
itself as a core connector in digital commerce through
BNPL asset sales, blockchain expansion, crypto pay-
ments and AI partnerships with Google; and North Car-
olina lawmakers' advancement of a bill to cap credit card
surcharges at 2 percent, joining other states that regulate
or restrict such fees.

In addition, our contributors have dug into compelling,
timely topics, including processors and ISOs facing po-
tential liability when merchants make subscription can-
cellations overly difficult; cloud-native POS platforms
helping independent retailers handle peak demand with
real-time inventory, fast checkout, analytics and more;
timeless sales strategies that boost skills, improve ratios,
and help salespeople customize presentations; and gen-
erative AI's reshaping of B2B payments, streamlining
workflows, reducing fraud and improving cash flow.

Plus you'll find updates on new products and recent
milestones in payments. To spread news of your com-
pany's achievements, please email a press release to
press@greensheet.com. For questions or comments, contact
us at greensheet@greensheet.com.
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