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Inspiration

e
Payments, a retrospective
Payments, a retrospectiv

Collaboration, an evergreen asset

n the final section of my retrospective Inspiration of what it is today due to the glacial speed at which regu-
article, "Looking back, looking ahead," published lated financial institutions have tended to innovate.
Oct. 9, 2023, I mentioned several sound business
I practices that remain evergreen: professionalism, All of this came from a decision to collaborate, and col-
teamwork, customer focus and adaptability. Since then, laboration will be central to the payments industry's con-
I've been thinking that when it comes to teamwork, the tinued longevity. Given that, I thought it appropriate to
payments industry has always been exemplary due to a note some ingredients to successful collaboration:
combination of necessity and smarts. This has led to huge
successes within the payments and fintech sphere. • Clear communication: Partners and co-workers
must be able to clearly convey their ideas, expec-
Early on, if big U.S. banks hadn't realized they didn't have tations and concerns in verbal and written form.
the requisite expertise or sales force to sell merchants Without this, how can any project move forward?
throughout the country on the idea of accepting credit
cards, and if they hadn't found a solution in thousands • Shared goals and objectives: When everyone is
of enterprising merchant level salespeople, the acquiring aligned on the same outcomes, it's easier to work
side of payments would not have evolved into what it is together toward achieving them. If not, team mem-
today. bers will almost certainly be going in different di-
rections.
The banks' decision to look outside for talent led to the • Defined roles and responsibilities: Everyone
rise of ISOs, processors, equipment manufacturers, soft- should know what their specific contributions
ware developers, gateway developers, value-added ser- should be and what they can expect from other team
vice providers, consultants and media organizations like members. Without this, efforts might be duplicated,
The Green Sheet Inc. Some of these enterprises grew, part- and some things might not get addressed at all.
nered and combined, forming even more powerful com-
panies. Some remained small and nimble, depending on • Trust and respect: Trust allows for open, honest
their unique needs and preferences. Some people power- communication. Respect fosters a positive and pro-
ing these endeavors became wealthy; others have had the ductive working environment. Without these, peo-
opportunity to earn top dollar while gainfully employed. ple are reluctant to offer insights and they are easier
for competitors to lure away.
These successes brought outside attention. While not al-
ways welcome and sometimes blundering, a number of • The right tools and technology: These include proj-
sharp innovators formed partnerships with established ect management software, communication tools and
companies, realizing they needed industry veterans' ex- other resources, all of which make it possible for
pertise. This enabled them to turn ideas into viable prod- team members to get the job done.
ucts and services to make doing business easier, more ef-
ficient and potentially more lucrative for merchants and Of course, picking the right team members is essential,
other payment-accepting organizations. too. And therein lies the magic.

I imagine if banks had taken a different course long ago
and hired and trained an in-house sales staff specializing
in credit card acceptance, the industry would be a fraction
Kate Gillespie, President and CEO
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