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Letter from the editor

onversations about transparency, account-
ability and merchant trust continue to evolve
as new business models emerge, technology
C reshapes the payments sphere and indus-
try leaders continue examining what responsible sales
practices should look like. As our industry grows more
complex, the questions become more nuanced, with
thoughtful professionals often reaching different conclu-
sions. In Part 2 of our lead Q&A on this topic, payments
veterans Dee Karawadra, Allen Kopelman and Justin
Volrath share their perspectives on contract transparen-
cy, professional standards and the shared responsibility
of agents, ISOs, processors and merchants in building a
healthier, more trusted payments ecosystem.

The theme of trust continues throughout this issue.
Chris Jones explores how the rise of agentic commerce
is shifting the industry's trust challenge from verifying
buyers to verifying merchants, raising questions about
how AI determines which sellers are legitimate. Allan
Lacoste examines how software companies are reshap-
ing merchant services, while Ken Musante looks at the
economics driving industry consolidation and increas-
ingly integrated payment platforms. Melih Oztalay re-
minds us that trust begins long before the first sales
conversation, as buyers increasingly rely on AI-powered
search and third-party sources to evaluate prospective
partners. Christopher Hernandez offers practical guid-
ance on building trust throughout the M&A process, Ja-
cob Spencer explains why checkout design has become
a strategic business issue, Jessica Walsh explains what
Louisiana's new debit surcharge law is—and isn't—likely
to change, and Jaki Kackert launches a two-part series
examining how payment providers can build stronger
portfolios by better serving the HVAC industry.
In our news coverage, Visa introduced a platform to help
financial institutions and fintechs manage stablecoin op-
erations, while Mastercard unveiled new tools to simpli-
fy development of digital wallets. An Oregon payment
processing broker received a three-year prison sentence
for helping facilitate more than $14 million in fraudulent
bank account debits. A congressional report warned fi-
nancial fraud victimized hundreds of millions of Ameri-
cans and urged stronger public-private cooperation. X
launched X Money to select U.S. subscribers, expand-
ing into embedded banking and payments. Meanwhile,
JD Power reported traditional financial institutions re-
gained ground from fintechs in attracting new custom-
ers during the second quarter of 2026.

You'll also find updates on industry milestones, new
product and innovator profiles, upcoming events,
our Resource Guide and other features designed to
inform, inspire and connect the payments commu-
nity. We welcome your questions, and suggestions
at greensheet@greensheet.com and please send press re-
leases to press@greensheet.com.
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