Page 1 - GS240401

April 8, 2024 • Issue 24:04:01

Advisory Board
Advisory Board

The state of merchant services today – Part 1

ear-end holiday spending for 2023 reached 3. Are you using AI to make your back-end more ca-
a record $964.4 billion, according to the U.S. pable or to provide new business services beyond
Census Bureau, and Klarna noted that 96 per- payments to merchants? If so, how? If not, what are
Y cent of its BNPL users paid off their holiday you doing to ensure you are fresh and innovative?
purchases on time or early. Meanwhile, U.S. banks indi-
cated they intend to maintain or increase tech spending this 4. What challenges does the industry face with faster
year, focusing in particular on faster payments. payments implementation, and how can they be
overcome? Do you see faster payments becoming
However, fraud is on the rise, and new attack schemes are the norm soon? If so, what effect will that have?
empowered by AI. Plus, J.D. Power found that SMB mer-
chants are increasingly dissatisfied with service providers, Following is the first set of answers featuring Lane Conner,
particularly those offering credit and debit card payments president of payments at ParkHub, Allen Kopelman, CEO
but not newer options such as QR codes, paying with points of Nationwide Payment Systems Inc., and Jeff Shavitz, CEO
and BNPL. at ToolBox Payment.

With that in mind, we asked members of The Green Sheet
Advisory Board for their perspectives on the following
questions: Contributed articles inside by:
1. What must a payments enterprise do to remain rel- Allen Kopelman .....................................................................................28
evant to today's merchants and consumers, particu- Chad Otar ................................................................................................30
larly younger generations, who expect more choice
in how, when and where they pay? What adjust- Elie Y. Katz ...............................................................................................31
ments have you made in your business to maintain Matt Ryan ................................................................................................32
a competitive edge?
Magda Schmid-Debska ......................................................................34
2. What steps are you and/or your data security part-
ners taking to limit fraud as it continues to evolve?

Continued on page 26