ETA estimates that 4,000 industry professionals converged on TRANSACT 2018 seeking innovative payments technologies, the latest security and regulatory developments, and of course, networking opportunities. National Merchants Association (NMA) recently sifted through the wealth of information TRANSACT 2018 generated to list four key takeaways from this year’s conference.
1. International commerce is shattering barriers
Cross-border transactions were top-of-mind among TRANSACT 2018 attendees with several experts addressing the topic, including NMA Founder and CEO, Heather Petersen. Petersen moderated the International Payments Market: Issues to Consider panel, where global commerce experts weighed-in on a variety of subjects such as secure payments, dynamic currency conversion, a single international payment standard, and challenges faced by U.S. businesses seeking to operate abroad.
2. Digital identity is the new face of security
Recent high-profile data breaches have both the public and the payments industry questioning the effectiveness of traditional security safeguards – especially as cyber criminals sell compromised credit card numbers on the Dark Web and use stolen social security numbers to file false IRS returns.
3. MCC 5968 makes a comeback
Merchant Category Codes (MCCs) are used to identify the level of risk associated with a particular type of merchant account, which in turn affects the interchange fees the merchant pays on Visa and Mastercard transactions. MCC 5968 covers a broad spectrum of Continuity/Subscription businesses that offer everything from home-delivered snack boxes to commercial-free online video viewing.
To make sure these businesses can continue providing products and services consumers want, NMA is leveraging an exclusive banking relationship and common-sense underwriting guidelines to not only board 5968 merchants, but keep their MIDs open longer.
4. ISVs are now MVPs
Integrated software vendors were among TRANSACT’s most in-demand players, primarily courted by payments companies seeking to add value to their existing in-house software offerings. Fintech solutions are the future of merchant services, and partnering with the right ISV is essential for staying ahead of the curve.
As a TRANSACT exhibitor, sponsor and multiple Star award nominee, NMA was able to connect with hundreds of payments’ brightest professionals. If you missed us at the conference, contact us now at email@example.com or call (866) 509-7199 to discover the many ways we work for you.