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Letter from the editor

he payments industry never stands still. New
technologies emerge, business models evolve
and companies continually look for the next
T growth opportunity. Amid all that change,
however, it's worth turning our attention from what's
coming next to something fundamental: What kind of
companies are we building along the way?

That's the question at the heart of our guest lead from
payments veteran Theodore Cucci. Drawing on decades
in the industry, he believes that long-term success rests
on qualities that aren't easily measured on a balance
sheet: trust, integrity, focus, and the relationships com-
panies build and protect over time. His perspective is
timely in an industry where traditional boundaries are
blurring and yesterday's partner can become tomorrow's
competitor.
That emphasis on thoughtful choices runs through this
issue's contributed articles, even as our writers approach
payments from different directions. Jaki Kackert contin-
ues her series on reaching HVAC businesses, while Elie
Y. Katz explores how delivery is changing the POS needs
of convenience stores. Diarmuid Thoma examines the
signals that can expose automated fraud, and Dan Frech-
tling considers why merchant risk management must
extend beyond initial underwriting. AI figures promi-
nently, too: Monica Eaton looks beyond customer-facing
applications to AI's potential in dispute management,
Andrii Shevchuk explores how AI and LLMs are trans-
forming payment gateways, and Jean-Jacques Bérard ex-
amines how to move AI from experimentation into ev-
eryday operations. Jean-Philippe Niedergang considers
why resilience is increasingly important as self-service
and unattended commerce expand.
News Briefs take us from the rapid growth of same-day
ACH payments to the evolving economics of India's UPI
system. We also look at modest small business sales
growth amid declining foot traffic, renewed momentum
behind the Credit Card Competition Act, New Jersey's
warning to merchants over credit card surcharge dis-
closures and growing financial strain among U.S. credit
card customers. Together, the stories offer a snapshot of
an industry balancing faster payments and changing
consumer behavior with continuing questions about
costs, competition, regulation and financial health.

You'll also find our regular mix of resources for the pay-
ments community, including Industry Update, where
we mark company and career milestones; DateBook,
with details on upcoming industry events; and new
product and innovator profiles. Please explore those and
the other resources throughout the issue. Send ques-
tions and comments about what you're seeing in the in-
dustry to greensheet@greensheet.com. For company news
you'd like our team to consider, send press releases to
press@greensheet.com.
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