MerchantWARE and BINsmart in the news
Merchant Warehouse’s new credit card processing cost reduction tool, the BINsmart Interchange ManagerTM for MerchantWARE, was unveiled back in July, and the response has been overwhelming. Various trade publications covered the release, and both Merchant Warehouse and MerchantWARE have been featured in articles related to electronic payment systems and credit card fraud issues. Here is some of what they had to say:
ISO&Agent Weekly
On July 24, 2008, ISO&Agent Weekly announced the release of Merchant Warehouse’s BINsmart Interchange Manager, the latest addition to the MerchantWARE payment gateway.
BINsmart determines whether a card used is credit, debit, or a corporate card by reading the first 6 digits (called the Bank Identification Number, or “BIN”).
“If the system identifies the card as a debit card, it will send back a response to the point of sale system to prompt for a PIN number”, said Henry Helgeson, President and Co-CEO of Merchant Warehouse.
BINsmart complies with the Payment Card Industry Data Security Standard for payment applications because it does not store credit card number. BINsmart is also free to developers that add Merchant Warehouse’s payment gateway.
Merchants could benefit from lower interchange fees for debit transactions as their system can identify card type.
Cardline
On July 25, 2008, cardline announced the release of Merchant Warehouse’s BINsmart Interchange Manager.
Currently working with integrated point of sale systems, BINsmart enables systems to prompt for a PIN number when a card is determined as ‘debit’.
BINsmart complies with the Payment Card Industry Data Security Standard for payment applications because it does not store credit card number. BINsmart is also free to developers that add Merchant Warehouse’s payment gateway.
Merchants could benefit from lower interchange fees for debit transactions as their system can identify card type.
Transaction World
In the August, 2008 issue of Transaction World, Jim Romeo looks into the effects of electronic payment systems and interchange fees on the current state of the U.S. economy. Henry Helgeson, President and Co-CEO of Merchant Warehouse, discusses the potential affect of the Credit Card Fair Fee Act of 2008 and how important it is to capture the attention of legislators and educate them on the how interchange fees are established.
Beverage Media Group
In the August, 2008 edition of Beverage Media Group, Ian Griffith discusses the rise of credit card fraud over the past three years in the U.S. and how compliance with PCI-DSS (Payment Card Industry Data Security Standard) can help. PCI DSS represents a methodology with 12 requirements to help increase card data protection.
Although very few wine stores process over 6 million credit card transactions per year, stores below this threshold qualify for conducting a self-assessment questionnaire along with a quarterly network scan conducted by a third party.
Henry Helgeson discusses a new product released by Merchant Warehouse called “MerchantWARE”, which encrypts card information at the point of swipe.
RIS – Retail Info Systems News
On August 7, 2008, RIS Online announced that Merchant Warehouse released a new tool to help small and mid-sized merchants reduce their overall processing costs.
The solution, called the BINsmart Interchange Manager, allows retailers to identify card type (credit, debit, or corporate card) at the swipe by reading the first 6 digits (called the Bank Identification Number, or “BIN”).
Merchant Warehouse Named to 2008 Inc. 5000 List of Fastest Growing Private Companies
Merchant Warehouse has been named among the top 100 businesses in the Boston/Cambridge/Quincy (Massachusetts/New Hampshire region) category on the Inc. annual ranking of the 5,000 fastest-growing private companies in the country. The company also posted a strong overall rank on the coveted Inc. 5000 list with three-year sales growth of 145.3 percent. The Inc. list is the most comprehensive look at the most important segment of the economy - America’s independent-minded entrepreneurs. Taken as a whole, these companies represent the backbone of the U.S. economy.
“We are honored to be included in the Inc. 5000 list among some of the top companies in the United States,” said Henry Helgeson, President and Co-CEO of Merchant Warehouse. “Celebrating our tenth year in business, we have seen tremendous growth, and that success is in direct correlation with our dedicated employees and the loyalty of our customer base.”
“Our second annual Inc. 5000 continues the most ambitious project in business journalism,” said Inc. 5000 Project Manager Jim Melloan. “The Inc. 5000 gives an unrivalled portrait of young, underreported companies across all industries doing fascinating things with cutting-edge business models, as well as older companies that are still showing impressive growth.”
With more than 40,000 merchant customers and ten years experience, Merchant Warehouse has set the standard in the credit card processing industry by providing credit card processing software, POS equipment, and merchant services ethically and at a reasonable price.
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QSR Magazine
In the January 2008 (c.29, 425) edition of QSR Magazine, Merchant Warehouse President, Henry Helgeson, comments on the evolution of point-of-sale (POS) systems as a result of the expansion of consumer payment methods and the operational needs of QSR businesses in today’s fast-paced world.
The article, titled “More Than a Cash Register,” highlights the progress, functionality, and future of quick-serve POS systems, and also speaks to the growth and beneficial implementation of contactless payment technology within quick-service environments.
“Contemporary POS systems have evolved into complete business management solutions that help improve operations and service, enhance efficiency and convenience, and create a more enjoyable customer experience,” stated Helgeson.
Nevertheless, as new consumer payment methods develop and quick-serve business structures change, POS systems must continue to adjust and advance accordingly. In fact, the solutions of today have already upgraded in capabilities and modified in price to meet the needs of various business types. As each new generation of POS systems declines in price and offers more features and intuitive usability, merchants who formerly did not have the funds to own or the skill-set to operate such systems are now embracing these comprehensive tools.
The newest device, referred as “contactless payment technology,” also offers significant advantages, especially for quick-serve merchants, yet very few have implemented the systems thus far. “Slow adoption of contactless equipment may be partly due to a shortage in the number of contactless cards being issued, which in turn, causes a lack of consumer knowledge and use. I’m confident that it will gain popularity in the future, as awareness of and accessibility to the technology expands,” suggests Helgeson.
With so many affordable, sophisticated solutions now available to QSRs, many anticipate that electronic card processing and POS System integrations will soon wholly administer the quick-serve market.
QSR Magazine Highlights Merchant Warehouse’s Revolutionary MerchantWARE Payment Processing Solution
At the National Restaurant Association’s (NRA) Restaurant & Hotel-Motel Show on May 17th, 2008, QSR Magazine columnist, Deborah L. Cohen, reports on Merchant Warehouse’s revolutionary payment processing solution that ensures total transaction data security and prevents theft vulnerabilities.
The report, “From the Floor: Merchant Warehouse Ensures Safer Credit Card Encryption,” highlights Merchant Warehouse’s MerchantWARE® solution, which locks down transaction data at the point-of-capture (i.e. the card reader’s read-head) and protects the information throughout system networks, where it would otherwise be susceptible to intrusions.
MerchantWARE’s safeguard features go above and beyond PCI data security standards, and Merchant Warehouse president and Co-CEO, Henry Helgeson, explains how: “What PCI mandates is that merchants secure their networks and encrypt any data transmitted through public networks. The problem is that there’s no surefire way to fully secure the private networks, so there’s always a risk of being hacked. Using MerchantWARE, unencrypted data is never stored or transmitted, so all valuable [credit card] information is completely inaccessible.”
Merchant Warehouse’s ground-breaking MerchantWARE solution was the buzz of 2008’s NRA Show, and will surely resonate throughout the nation since it is expected to transform the payment processing industry and change the way businesses manage and secure credit card data.
ComputerWorld Magazine Introduces Merchant Warehouse’s MerchantWARE
On May 20, 2008, ComputerWorld Magazine presents the latest security tools to help merchants prevent “data-in-transit thefts” from stealing sensitive transaction information, which includes Merchant Warehouse’s MerchantWARE solution.
The article, titled “New Attack Trend Pushes POS Encryption to the Fore,” introduces the top three vendors (the 2nd being Merchant Warehouse) who have assumed proactive roles in helping to battle the data security crisis that has disturbed retailers nationwide, and highlights their data-shielding products.
As cited in the piece, Merchant Warehouse’s MerchantWARE aims at securing payment card data within the POS environments by scrambling or, encrypting it directly at the card reader device so when in-transit, hackers can’t decode it. “By encrypting the [credit card] data instantly upon swiping the card, it’s transmitted safely and securely throughout both private and public networks. Essentially, we remove the valuable data from vulnerable systems, so there’s nothing left for crooks to steal,” explains Henry Helgeson, President & Co-CEO of Merchant Warehouse.
With so many breaches concerning small and large businesses alike, it is essential for merchants to encrypt payment card data within their private networks by installing encryption technologies, such as MerchantWARE, for the utmost level of protection.
Boston Business Journal Honors Merchant Warehouse
On April 18th, 2008, The Boston Business Journal recognized Merchant Warehouse as one of the fastest growing private companies in the region at their 2008 Pacesetter’s Award breakfast, held at the Sheraton Hotel in Boston, MA.
The Pacesetter’s Award is intended to acknowledge the achievements of rapid growing companies throughout the Greater Boston area, recognizing their robust revenues, commendable management skills, and their abilities to craft successful business strategies within a competitive industry. The Boston Business Journal publisher, Mike Olivieri, states, “We have been able to give the business community a list of the fastest growing, smartest, and most successful companies that everyone should be watching.”
The ceremony hosted approximately 600 people from private, public, and non-profit sectors, and the top-rated companies were determined by survey information gathered and analyzed by the BBJ and based on revenue growth from 2004 to 2007. With 143.64% in revenue growth, Merchant Warehouse ranked #33 out of 60 companies who were selected, and was honored the 2008 BBJ Pacesetter’s award to the song, “Half-Way There” by Bon Jovi.
View the winning nominations here: http://www.bizjournals.com/boston/event/3899?mp=3
Merchant Warehouse in Stores Magazine
In the April 2008 issue of Stores® magazine, Merchant Warehouse customer, Chris Harris of Kuai Dumplings & Soups, reports the rewarding opportunities contactless payment technology has offered his quick-serve business, with the help of their payment processor, Merchant Warehouse.
Through the successful experience of Dallas-based Kuai Dumplings & Soups, “Terminal Tapping in Texas” articulates on the advantages of contactless payment processing for businesses. For Kuai Dumplings & Soups, utilizing contactless payment readers, in combination with Merchant Warehouse’s processing services, has helped expedite their service and productivity with ease, while increasing sales, and enhancing customer satisfaction and loyalty.
Although contactless readers are extremely advantageous for businesses, limitations do exist, as a result of the untried technology. Kuai Dumplings & Soups has witnessed these limitations first-hand; customers who see others “tap-and-pay” recognize the level of convenience and usability, but not all have the card type needed to use the system.
Astonished by contactless payment technology’s slow adoption, Merchant Warehouse President, Henry Helgeson claims, “Contactless’ shortfall is due to a lack in card distribution, education, and awareness among consumers. Soon enough, I think its presence will expand and filter down to small and mid-sized businesses, as merchants begin to realize how beneficial the systems are.”
Merchant Warehouse Giving Back in 2007
2007 was a phenomenal year for Merchant Warehouse and we have dedicated ourselves to sharing our good fortune with those in need. We honored this commitment with both time and money throughout the year.
Casual Friday Donations
Every Friday is Casual Day at Merchant Warehouse. In 2007 all employees were asked to contribute a few dollars each week to a local or national charity chosen by an individual staff member. Over the course of the year it added up to almost $13,000 given to charities focused on an array of worthy causes including:
- Organizations in the Fight Against Cancer, AIDS and Other Diseases: $5,006
- Organizations Benefiting Children: $3,842
- Women’s Organizations: $1,712
- Organizations Battling Poverty: $1,507
- Organization Benefiting the Elderly: $674
- International Organizations: $1,959
Community Support and Activities
Merchant Warehouse employees have volunteered their time, energy, and skills in the community throughout the year.
- In May we participated in National Corporate Volunteer Day when we helped clean and renovate the Salem Boys and Girls Club to create new spaces which are both functional and safe. Our work there allowed the club to expand their hours to accommodate more children in the evenings and on Saturdays.
- In June we participated in the Corporate Challenge, a 5K race course, where we joined a crowd of 12,000 people who contributed $500,000 to the Waterfront Performing Arts Series.
- In September, we participated in National Public Lands Day. Volunteers from Merchant Warehouse worked at the Stony Brook Reservation in Hyde Park working to clean up the area and help give that part of the community a face lift.
- Also in September employees participated in the Jimmy Fund Walk, many of them walking the Full Boston Marathon course, to help change the odds for patients facing cancer. The MW team raised almost $2,000 towards cancer research and patient care.
- In December Merchant Warehouse employees became Frosty’s Friends and gave gifts to the Children at the Somerville YMCA and The Guidance Center. Due to the generosity of the "Frostys" at MW, many children in need received personalized gifts they would not have otherwise.
Going Green
2007 also marked the year that Merchant Warehouse began its course towards going Green. We began focusing on saving energy and using fewer resources around the office. We even installed a new fax system to help eliminate the massive quantities of paper being printed each day.
We also started a partnership with the Bonneville Environmental Foundation (BEF) to purchase Green Tags to offset our energy consumption and carbon emissions on a monthly basis. BEF offsets these emissions by replacing traditional sources of electricity with clean, secure, and sustainable renewable energy from across North America. Merchant Warehouse will be purchasing 433 Green Tags per year to add 433,000 kilowatt-hours of renewable energy into our power grids. That’s the equivalent of avoiding 606,200 pounds of air pollution each year.
Thanks to the staff and to the tens of thousands of businesses who allow us to have, and share, our success!
All in all, Merchant Warehouse employees spent the year committing money, time, skills, energy, and strength to giving back, and we are extremely proud of the impact. We donated almost $20,000, committed dozens of days worth of time, lifted 1000s of pounds, ran and walked hundreds of miles, pulled hundreds of weeds, donated 44 gifts to children, and even saved some trees along the way!
QSR Magazine
In the January 2008 (c.29, 425) edition of QSR Magazine, Merchant Warehouse President, Henry Helgeson, comments on the evolution of point-of-sale (POS) systems as a result of the expansion of consumer payment methods and the operational needs of QSR businesses in today’s fast-paced world.
The article, titled “More Than a Cash Register,” highlights the progress, functionality, and future of quick-serve POS systems, and also speaks to the growth and beneficial implementation of contactless payment technology within quick-service environments.
“Contemporary POS systems have evolved into complete business management solutions that help improve operations and service, enhance efficiency and convenience, and create a more enjoyable customer experience,” stated Helgeson.
Nevertheless, as new consumer payment methods develop and quick-serve business structures change, POS systems must continue to adjust and advance accordingly. In fact, the solutions of today have already upgraded in capabilities and modified in price to meet the needs of various business types. As each new generation of POS systems declines in price and offers more features and intuitive usability, merchants who formerly did not have the funds to own or the skill-set to operate such systems are now embracing these comprehensive tools.
The newest device, referred as “contactless payment technology,” also offers significant advantages, especially for quick-serve merchants, yet very few have implemented the systems thus far. “Slow adoption of contactless equipment may be partly due to a shortage in the number of contactless cards being issued, which in turn, causes a lack of consumer knowledge and use. I’m confident that it will gain popularity in the future, as awareness of and accessibility to the technology expands,” suggests Helgeson.
With so many affordable, sophisticated solutions now available to QSRs, many anticipate that electronic card processing and POS System integrations will soon wholly administer the quick-serve market.
Charity Road Race
Merchant Warehouse®, along with companies throughout New England, participated in the 24th Annual JPMorgan Chase Corporate Challenge®, which was held in the heart of downtown Boston. Among a sold-out crowd of 12,000 people, 23 Merchant Warehouse employees took on the 5K “challenge” to help raise money for the JPMorgan Chase Foundation. This year, the Foundation donated $500,000 to the Waterfront Performing Arts Series, which showcases various artistic genres including opera, classical music, ballet, modern dance, musical theater, soul, and pop.
“We are proud to have once again been a part of this charitable event,” said Henry Helgeson, Co-CEO of Merchant Warehouse. “We feel strongly about giving back to the community and being part of a world-wide effort for corporate philanthropy.” Henry added, “Getting involved in events like this can be rewarding on so many levels, and we really enjoy donating our time and efforts to help organizations that need and deserve our support.”
While covering the spectrum of runners and walkers, Merchant Warehouse participants had ambitions of accomplishing personal and group goals, while competing and working together in the road race. As a result, this occasion not only aided non-profits and advocated health and fitness, but it also served companies like ours as a means to further build team morale and inspire that competitive spirit that we carry throughout our office every day.
