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Chief Marketing Officer and implement for-
malized procedures such as audited financials.

In some situations, people receive larger sums sooner,
and they usually put the money back into the com-
pany, Lawrence noted. He advised anyone preparing
to launch a new product to be prepared to spend their
own money for at least five years.

"Make sure you have a solid foundation to build on,
with the right partners and team members," he said.
"Stakeholders will ideally share a common vision and
work ethic and be willing to step out of traditional roles
to move the company forward."

Experience meets possibility

EMV and other emerging payment technologies have
measurably changed traditional product lifecycles.
Mark Bergner, Director, Product Strategy for Worldpay,
noted virtual terminals have become more sophisticat-
ed because of EMV. "They are no longer just browser-
based POS, but virtual solutions designed to interact
with smart card technology," he said. "They create a ful-
ly PA-DSS compliant EMV solution that offers a robust,
secure environment for merchants."

The digital world has created a friendlier environment
for new product experimentation, with an array of ad-
vanced software developer toolkits and application pro-
gram interfaces. Digital technologies and 3D printers
have introduced faster, more efficient methods of fab-
rication, prototype design and manufacturing. Cloud
and mobile technologies have caused the industry to
embrace bring-your-own-device payments, moving the
POS into the hands of individual consumers.

"The younger generations are the walking mobile POS,"
Bergner said. "They can't get their noses away from their
phones, and they carry them 24/7. Some app developers
and independent software vendors (ISVs) are catching
that wave and capturing that audience."

Digital technologies with real-time connectivity pro-
vide instant feedback, an added benefit during all stag-
es of app development, Bergner noted. "Some of my ex-
perience has been you don't have to entirely understand
how it will impact your current environment," he said.
"Instead, you can experiment and tweak a platform as
you learn how efficiently it works in your current sys-
tem."

In the vibrant, ever-changing world of merchant servic-
es, solutions may have shorter lifespans and merchants
may have shorter attention spans, but the rules for
launching new products have hardly changed. MLSs
who follow the playbook, by applying best practices
and lessons learned from direct experience, will main-
tain a competitive advantage.

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