The Green Sheet Online Edition

October 23, 2023 • Issue 23:10:02

Inspiration

Payments, a retrospective
Collaboration, an evergreen asset

In the final section of my retrospective Inspiration article, "Looking back, looking ahead," published Oct. 9, 2023, I mentioned several sound business practices that remain evergreen: professionalism, teamwork, customer focus and adaptability. Since then, I've been thinking that when it comes to teamwork, the payments industry has always been exemplary due to a combination of necessity and smarts. This has led to huge successes within the payments and fintech sphere.

Early on, if big U.S. banks hadn't realized they didn't have the requisite expertise or sales force to sell merchants throughout the country on the idea of accepting credit cards, and if they hadn't found a solution in thousands of enterprising merchant level salespeople, the acquiring side of payments would not have evolved into what it is today.

The banks' decision to look outside for talent led to the rise of ISOs, processors, equipment manufacturers, software developers, gateway developers, value-added service providers, consultants and media organizations like The Green Sheet Inc. Some of these enterprises grew, partnered and combined, forming even more powerful companies. Some remained small and nimble, depending on their unique needs and preferences. Some people powering these endeavors became wealthy; others have had the opportunity to earn top dollar while gainfully employed.

These successes brought outside attention. While not always welcome and sometimes blundering, a number of sharp innovators formed partnerships with established companies, realizing they needed industry veterans' expertise. This enabled them to turn ideas into viable products and services to make doing business easier, more efficient and potentially more lucrative for merchants and other payment-accepting organizations.

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 of what it is today due to the glacial speed at which regulated financial institutions have tended to innovate.

All of this came from a decision to collaborate, and collaboration will be central to the payments industry's continued longevity. Given that, I thought it appropriate to note some ingredients to successful collaboration:

• Clear communication: Partners and co-workers must be able to clearly convey their ideas, expectations and concerns in verbal and written form. Without this, how can any project move forward?
• Shared goals and objectives: When everyone is aligned on the same outcomes, it's easier to work together toward achieving them. If not, team members will almost certainly be going in different directions.
• Defined roles and responsibilities: Everyone should know what their specific contributions should be and what they can expect from other team members. Without this, efforts might be duplicated, and some things might not get addressed at all.
• Trust and respect: Trust allows for open, honest communication. Respect fosters a positive and productive working environment. Without these, people are reluctant to offer insights and they are easier for competitors to lure away.
• The right tools and technology: These include project management software, communication tools and other resources, all of which make it possible for team members to get the job done.

Of course, picking the right team members is essential, too. And therein lies the magic.

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