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Education

your merchants need to be confident that you will receive Look what's brewin'
immediate support from your processor or ISO and
simultaneously not risk losing your merchants to the same As new technologies pave the way for innovation, it's
partner. Choose a partner who supports you; cut them not shocking that fintech companies are shaking up the
loose if they don't. payments industry. Technology continues to advance, the
needs of consumers have shifted rapidly and dramatically,
Heroes and villains and the traditional payment systems no longer meet
those needs. To better serve merchants and meet their
Chargebacks are increasing drastically. By 2023, the cost of customers' demands, payments industry players are
chargebacks could reach $117.47 billion or more, according spending significant amounts of money updating their
to industry projections. Despite dire statistics, many aging infrastructure.
merchants view chargebacks as an unavoidable business
expense. The numbers, however, don't lie: chargebacks Consequently, you, too, must continually update your
pose real risks for merchants who choose to ignore them. offering. Do you really want to provide merchants with
As a result, they threaten your portfolio. outdated payment solutions that are more terrifying than
zombies or clowns?
The good news is that chargebacks can be avoided without
extreme measures such as silver bullets or wooden With technological innovations, increased customer
stakes. Consider using 3-D Secure (3DS) technology demand for digital solutions and a shift toward real-
and payment authentication to shift liability from the time transactions, our ever-changing industry provides
merchant. Through implementing an effective chargeback us with challenges and opportunities. Don't waste the
management strategy, you have the potential to become opportunities before you.
a hero by assisting merchants in avoiding chargeback
nightmare scenarios and drastically reducing chargeback- Make no bones about it
associated costs and disputes.
The current state of the industry can be unsettling,
Master of disguise depending on your viewpoint, casting doubt on the long-
term future of MLSs and causing professionals in the field
Card breaches, fraud and other security concerns can put to feel an increasing amount of anxiety and fear. That is
any merchant, regardless of size, out of business, which fine if you're experiencing the right kind of fear. A healthy
has a direct financial impact on your company. Fraud is dose of fear can serve as a catalyst and fuel remarkable
terrifying for any business, but there are ways to handle progress; however, debilitating fear can lead to the demise
these worst-case scenarios. of your business.

In addition to 3DS, your merchants need a PCI solution Rumors and other distractions surround today's MLSs,
and processes that address potential threats and keep but learning to ignore distractions will increase your
them ahead of fraudsters. Merchants still must be careful, productivity and success. Your future as an MLS doesn't
but finding a vendor that handles these concerns will have to be disconcerting, so long as you are willing to
enable you to provide them with more happily-ever-afters adapt.
and fewer nightmares.
O, what a tangled web One of my favorite quotes states, "Failure is not fatal, but
failing to change it is." It's a fitting sentiment for the state
With distributed ledger technology, some types of of our industry. Those who can adapt to its ever-changing
payments can be made in a way that's cheaper, safer, and landscape and remain at the forefront will thrive and
easier to track. Blockchain allows cross-border payments grow.
to be made instantly and openly without confusing fee
structures. Legal and technological barriers must be There's no hocus-pocus here. Leave the terror behind and
addressed before blockchain can be fully used, but the get back to running your company. Just creepin' it real!
potential is undeniable because it has applications that
extend far beyond bitcoin and cryptocurrency. Natasa Cvijanovic, co-founder and CEO of Tesla Payments, has a proven
track record within the payment industry of cultivating successful rela-
Because utilizing cryptocurrency in business presents tionships with ISOs, MLSs and strategic partners. In developing national
both opportunities and challenges, merchants considering sales channels, she provides training and coaching to sales partners to
incorporating cryptocurrency into their operations should
keep in mind that it is still in its evolving stages. And they enable them to become better business partners and advocates for their
must clarify their rationale for doing so. You can ensure merchants, and to assist them in building portfolios producing steady
that your merchants truly understand and need the residual streams. She is also dedicated to consistently delivering high
technology and that, if adopted, they can keep up with its levels of professionalism, integrity, dependability and trustworthiness.
changes as it develops. Contact her at natasa@teslapayments.com.

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