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”).
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