Welcome to the November 2004 issue of Transaction World Magazine. Our cover story this issue examines a not so recent phenomena that has generated a great deal of attention in recent weeks - bypassing the ISO sales channel with direct to merchant promotions. Read this in depth feature, "Do ISOs See What's On the Horizon," page 7, to see what industry insiders project. Every January we dedicate this first issue of the year to examining new products, new opportunities, new technologies and new strategies that enhance and increase opportunities for ISOs, Acquirers and Merchants. In planning for our January 2005, "New Year, New Deals" issue, I'd like to welcome all our readers to submit a concept for consideration. We won't be able to use them all, but will choose those that are the most compelling, provide the most opportunity for ISOs and/or that represent truly new and innovative ideas. All who are interested should email me directly for more details. The deadline for submitting concepts is November 15.

   Additionally, as this issue tends to be one that is saved for months as a reference tool, this is an excellent issue to run your company's display ad. Please email me for more information about advertising as well.

   Until next month,

  Cynthia Dorrill
  Editor-in-Chief/Managing Publisher
  Transaction World Magazine Magazine
  [email protected]
  888.407.8355, ext. 3