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Letter from the editor

he second article in
our retrospective
series explores the
T evolution of a pay-
ments industry mainstay: the
POS. Once a humble manual
imprinter and paper receipts with carbon copies for
parties to the transaction, the POS has evolved into
sophisticated hardware and software systems capable
of handling numerous form factors in diverse envi-
ronments—from traditional in-person retail sales to
ecommerce and mobile commerce solutions. Pricing,
which began as a simple affair, has also grown in
complexity along with the full-featured, speedy POS
solutions we've come to rely on. Those of us who've
been in the industry for a long time can journey down
memory lane while reading this issue's lead article;
those new to payments can get a sense of how far
we've come. All can gain insight into what the future
may bring.

The Inspiration feature in this issue is also a retro-
spective, looking back to 2003, when readers were
thirsty for information on how to get the most from
Microsoft Excel, which was relatively new on the
scene. In 2003, ISOdesk, cloud-based software de-
signed for ISOs, also launched, and Google Apps and
Amazon Web Services were in development, neither
one destined to launch until 2006.

Contributors to this issue keep us apprised of pres-
ent developments in a range of areas, including the
need to upgrade back offices from systems designed
for bath processing to those capable of handling real-
time payments; a disturbing trend involving agents
going from giving merchants a deal of a lifetime to
paying them to take deals off their hands; how body
language can help you drive a point home or reassure
someone that you mean what you say—or do the op-
posite; the ways advanced technology is transforming
the hospitality industry; how the Direct Express pre-
paid debit card offers a low-cost alternative to check
cashing services; and concerns that todays increased
number of payment channels and reduced settlement
times have opened new vulnerabilities to address.
News highlighted in this issue includes Mastercard
and Visa's agreement to debit card routing choice—
in Australia; Toast's controversial new fee for online
orders of $10 or more; praise for New York's updated
fintech regulations; GTRC's new majority stake in
Worldpay; and studies on inflation's impact on con-
sumers and merchants.

We hope you find much within these pages that in-
forms and encourages you. We will welcome your
comments at greensheet@greensheet.com, and your
press releases at press@greensheet.com.

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