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• Payment security technology: Between high- with their chances of winning that business increase
profile data breaches, the upcoming TLS deadline, exponentially, even if there is no real savings on
and the ever-changing PCI guidelines, security has their fees.
become one of the most salient topics in payments.
Merchants are becoming more aware of the • MLSs have a wide variety of companies to choose
ramifications associated with security, so you must whom to submit their hard-earned business. It
be knowledgeable about these topics and provide is imperative to partner with a company that is
the security solutions that they demand. constantly innovating and keeping ahead of the
curve versus simply following trends.
2. The same tools that have become critical for MLSs
are also essential for ISOs. ISOs and MLSs should both 2. ISOs need to provide their MLSs differentiators to help
be offering these solutions and looking for providers them win business aside from just pricing. ISOs should
who offer the support necessary for maintaining these be constantly looking to stay ahead of the curve with new
technologies, but they have to go beyond just treating offerings that can arm their MLSs with tools and resources
integrated payment technology as "another product." to increase merchant acquisition. Ideally, the ISO would
To embrace this evolution of our industry it requires a have offerings that are proprietary or exclusive to them
complete overhaul of how ISOs and MLSs approach the that are highly beneficial to businesses.
market in every respect.
There is nothing like having a product or service a
3. The most important goal for any equipment, software, merchant wants, or better yet needs, and the MLS can
or systems provider is aligning the success of their explain the processing must go through them to utilize
business with the success of their customer. This can be this particular product or service. In addition, ISOs must
accomplished by listening to the needs of the market and be able to board and service the accounts MLSs bring
delivering solutions that address these needs. This goal in without hiccups, which can easily cause hard-earned
should be universal among all providers, regardless of deals to go south quickly.
the size of the organization or whether it is a start-up or
established player in the industry. ISOs need to have an open-door policy, from upper
management on down, for the MLS to reach to voice any
4. Understanding the needs of their customer and issues or concerns. I am a big fan of holding conference
providing the necessary tools to address these needs in calls and roundtable discussions with our MLSs to get
a simple and effective way; offering a complete solution their feedback and ideas, which have been invaluable over
that reduces expenses, improves efficiency, and increases the years. MLSs are the ones in the trenches so to speak, so
profits for business owners; and possessing knowledge and it is vital to get their feedback.
the ability to educate business owners on cybersecurity
and the technology available to help protect their data. 3. Hardware and software vendors can no longer afford
to be one dimensional and survive in the payment space.
They must produce systems that offer a wide variety of
Justin Milmeister functionality that merchants require in the marketplace
Elite Data Processing Inc. today. There is no difference, in my opinion, whether
you have been around for decades or whether you are a
1. The MLS today is far different than yesterday, to say the startup. There are many well-funded startups that are
least. The top three critical tools MLSs must possess to be changing the payments space as we know it, and the long-
successful in the marketplace today are as follows: term players need to constantly be evolving as well, or
they will lose the market share they once had.
• The old saying "knowledge is power" couldn't be
more applicable in our industry. MLSs that have 4. The three qualities all players in the payments value
a deep knowledge of the various products and chain must have are as follows:
services offered in our industry have the best chance
of success. We have experienced a race to the bottom • They must be innovative and separate themselves
with respect to pricing so those who can consult versus the competition. If you are just doing what
merchants on various products that will help their everyone else is doing you will be average at best.
business grow will ultimately win the business even
if the savings isn't material with respect to their • All must be nimble and make appropriate adjust-
credit card processing. ments as the market changes or better yet spot op-
portunities ahead of everyone and quickly adjust.
• I have always said likeability wins more often than
not when it comes to sales and just about everything • Everyone should know their consumer and under-
in life. If merchants like the MLS they are dealing stand their needs and wants. Determine what is
missing and fill that gap.

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