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Education

2018 payment to data and operational fluidity, paving the way for SMBs
to finally solve the omnichannel challenge.
predictions Cryptocurrencies won't proliferate

in retail payments
By O.B. Rawls IV Cryptocurrency was a popular topic in 2017, mainly for
iPayment Inc. its market volatility. It's well documented that many large,
online retailers already accept cryptocurrency as a payment
ast year was a pivotal year for the payments method, but I do not predict we'll see cryptocurrency
industry and its surrounding ecosystem. We accepted at major department stores just yet. It will take
saw the introduction of new, disrupting players; financial institutions, financial regulators and the card
L major consolidation in the form of mergers and brands more time to recognize cryptocurrency as a formal
acquisitions; and an ever-changing array of innovative payment method. Until that happens, I don't think we'll
value-added solutions, all of which have helped to expand see mainstream use.
our collective offering and truly transform our industry. Disruptors will be disrupted
In 2018, I expect we'll see a lot of what we saw last year – During my career, I've learned that companies and
and more. Here are five payments industry predictions for innovations we consider to be disruptors are almost always
2018: disrupted themselves. New business models and solutions

Continued consolidation will continue to shape offerings within the industry, and
to be truly transformative, they will need to be innovative.
From beginning to end, 2017 was a year filled with major
M&A announcements and activity, so it should come as In the past few years, we've seen the introduction of
no surprise that I predict continued consolidation within payfac models that offer simplified pricing and POS
the industry. It's a trend that has existed in payments for and marketing services that extend the role of payment
a long time, and as new entrants, disruptive technologies providers with their customers. For such a long time,
and innovative business models continue to impact the the industry competed on price, but this influx of new
payments landscape, we'll continue to see investment or solutions has helped create more well-rounded acquisition
outright acquisition within the space. and selling practices, most of which are here to stay and
will continue to evolve.
Expansion of smart solutions
As is the case with most industries these days, technology
POS and mobile-based applications have had a tremendous is changing everything. And with payments specifically,
impact in our industry. They've given lower-tiered I think it's the speed of technology that's really having an
merchants the opportunity to afford advanced business impact on the industry. Our customer base is also changing
tools and have altered the types of solutions acquirers – they have a lot more experience with technology and
offer to merchants. are more aware of the inner workings of the competitive
landscape.
Over the past few years, we've seen solutions like Clover
introduce product extensions to help meet merchants' These factors are prompting many questions about the
needs and demands, especially with regard to mobile nature of our industry and our businesses. We must ask
technologies. I don't expect that to slow down. Other ourselves: who are we, what are we, and how can we use
competitors will continue to play catch-up and innovate innovation to help build and maintain relationships with
to help further the convenience and practicality of our customers?
applications and mobile-based hardware.

SMBs will overcome the omnichannel challenge 2018 will be a big year for payments and I, for one, am
excited for the challenges that lie ahead.
Every year it seems that big-box retailers improve on
ecommerce and omnichannel operations. This has caused O.B. Rawls IV, Chief Executive Officer and President of iPayment Inc., has
somewhat of a disparity gap for many small and midsize
businesses (SMBs) in recent years. Even though SMBs a proven record of achievement in the payments, banking and technol-
carry less legacy baggage and can usually scale easier than ogy sectors. At iPayment, which provides payment processing solutions
national brands, it's been difficult for smaller, regional for small and midsize businesses (SMBs) throughout the United States,
businesses to realize omnichannel capabilities. he oversees a staff of over 400 serving more than 150,000 SMB custom-
ers. Contact him at pturiano@ipaymentinc.com.
However, now that SMBs are incorporating more POS and
smart solutions, I believe we will finally see a commitment

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