Only a decade ago, upgrading a POS was a momentous decision for a merchant, because it frequently entailed deinstalling a system and replacing it with new technology, training a staff and entering into a new relationship with a third-party service provider. Considering the expense, down time and uncertainties involved, it is not surprising that many merchants delayed these upgrades, even when their systems became obsolete or noncompliant.

Partnerships and managed services are changing this model. Today, it's easier than ever for a merchant to upgrade a system or switch processors. We've mostly done away with paper applications. Customer databases are easy to migrate. Portfolio conversions involving thousands of merchants can be managed remotely with minimal inconvenience.

Service providers are helping merchants create a continuous shopping experience for consumers across multiple channels. And more importantly, they are helping merchants have a seamless processing experience across ever-changing legislative, regulatory and compliance mandates.

In the current payments environment, the uninterrupted processing experience is made possible by partnerships: partnerships between merchants and acquirers; partnerships between acquirers and a range of service providers. These strategic partnerships address the diverse needs of the merchant community.

I look forward to exploring how these partnership models are moving us forward.