If you’re an ISV, ISO or processor, there’s a good chance that you've attended the MidWest Acquirers Association (MWAA)  tradeshow or other regional acquiers events this year. 
 
We have met with hundreds of payments professionals at these shows and, regardless of company size or solution offering, many are facing the same challenges: Supply chain shortages, evolving security priorities and growing competition.
 
Get our rundown of the hottest topics at the shows, along with strategies for staying ahead of your competitors.

The well-known chip shortage is having a trickle-down effect on payment equipment manufacturers. In the last year, POS terminal orders increased to record highs—in some cases, terminal distributors quoted 26 to 30 weeks for orders that historically took 12 weeks to fill.

The best solution to combat these challenges is to plan ahead. Start thinking about your device needs and develop and equipment forecast through the next year—and be sure to plan for as much lead time as possible. In the interim, leverage alternative options like device rentals or refurbished equipment to fill any gaps.

Acquirers, processors, ISOs and ISVs are all competing to provide merchants with smarter payment technology and solutions that are easy to install and support, while keeping up with the future of retail with POS innovations and the variety of payment technologies merchants require.

In this highly competitive market, it is essential differentiate your service offering. One of the best ways to get ahead is to find creative ways to increase speed, especially considering everyone is struggling with the supply chain delays. Working with a centrally-located third-party solution provider that can quickly configure and distribute solutions—and provide those aforementioned refurbished devices and rentals—can help you move more quickly than your competitors. 

While security and compliance with PCI Data Security Standards (DSS) has always been crucial across the payments landscape, it has become an even higher priority as the growth of ecommerce has created more entry points for costly breaches and cyber attacks. Add the fact that PCI standards evolve on an ongoing basis, and it becomes even more challenging for technology leaders to feel confident in their security efforts. Trusted, PCI-validated third-party providers can be the answer to manage device configuration and key injection efficiently and securely.