In an exclusive interview, Bill Lodes, new SVP of strategy and business development at First American Payment Systems, shares his insights with Business Solutions on the opportunities and challenges payment trends present to VARs and ISVs.
BSM: Tell us about your new role at First American Payment Systems.
Lodes: I’m very excited to have joined the First American Payments Systems team as SVP of strategy and business development. Within my role at First American, which has more than 25 years in the payments industry, we are going to build on the solid payments foundation and innovative technology to offer more advanced solutions to help ISVs differentiate and grow in their industry. The investments we have made in our products and solutions will allow them to meet the many demands that they face. I’m very confident we have the resources and an experienced team to do that.
BSM: Looking ahead to 2016, what trends do you see in payments technologies?
Lodes: Several new trends, such as EMV and other alternative payments, will continue to emerge within the industry. EMV will undeniably continue to have adoption issues and face challenges such as getting the VAR and ISV community to implement these solutions — First American responded to these challenges with a solution aimed at providing seamless end-to-end integration.
Likewise, near field communication (NFC) will become a valuable tool that will lead the way for alternative payments as consumers continue to use mobile wallets — such as Apple Pay, Samsung Pay, and Android Pay — for future purchases.
First American is positioned to help ISVs and VARS navigate these trends and incorporate them into their business model successfully.
BSM: What opportunities do you see for ISVs in payments — now and moving into 2016?
Lodes: The future holds many opportunities for ISVs in payments. All of the new payment types for 2016 will allow ISVs to gain more market share, access state-of-the-art technology containing critical security features, and give ISVs the opportunity to invest in EMV-compliant solutions. While the payments ecosystem evolves, and we continue to see alternative payments enter the industry, VARs and ISVs will continually be challenged to keep up and look to their payments partner to help them navigate the payments industry and solve for their needs.
BSM: What do ISVs need to capitalize on these opportunities?
Lodes: A critical part of capitalizing on these opportunities is teaming up with an industry-leading payments partner that understands the needs of the ISV and what they are trying to do in their growth plan. This partner should be the right hand when it comes to any payments issues or opportunities and should also be a valuable resource as the payments ecosystem continues to change.
First American offers ISVs the opportunity and support to distinguish themselves in their respective industries — which can lead to increased customer acquisition and lower customer attrition.