April 13, 2010
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News: New Device Reduces Cost and Fights Fraud
Diners can feel safer using their credit card with a new device developed by Merchant Warehouse. The company's MerchantWARE Pay @ The Table with BINsmart is a new secure wireless payment option which helps merchants reduce credit card processing fees. Merchant Warehouse is an award winning provider of merchant accounts and card processing solutions. MerchantWARE Pay @ The Table is able to identity if the payment is debit card or credit card and then searches for the least expensive processing method. Merchant Warehouse customizes the system to the unique needs of each merchant.
MerchantWARE Pay @ The Table is integrated with the a light weight and secure Bluetooth terminal where credit card data is encrypted between the terminal and the Point of Sale (POS). The data is then transported via a SSL connection to the company's payment gateway. The credit card data is converted to tokens before being returned back to the merchant. The new technology reduces costs by searching for the lowest fee and is the ideal wireless system for restaurants and outside seasonal check-out.
Henry Helgeson, Co-CEO of Merchant Warehouse said the company was excited about the release of MerchantWARE Pay @ The Table because it will give merchants complete control over their environment. It provides the added benefit to customers as they are able to visualize the entire credit card payment process and peace of mind that their information is secure. Helgeson said it was a "win/win" situation. The new solution will play a strategic role in helping to reduce identity theft and card fraud which has been rapidly growing as servers, cashiers, and clerks have used skimming devices to capture customer card information. Most have sold the information online in the black market or to ringleaders who use the information to defraud banks and individuals out of millions of dollars each year.