Indiana-based Retriever Merchant Solutions (RMS) is a top independent sales office for Worldpay that has expanded to employ 225 sales representatives and office staff. Headed by Brian Kamstra, Retriever Merchant Solutions was recognized by the technology online magazine, Retail CIO Outlook, for being a Top 10 Retail Payment Solution provider.
An article in the online publication recently discussed the importance of collaboration among financial industry stakeholders to provide secure payment options as payment processing evolves rapidly. As it stands, several stakeholders, including the Federal Reserve and the private sector (merchants, central banks, technology solutions companies, etc.), are faced with the challenge of securing a sophisticated payment processing system that is shielded from attacks, such as data breaches, fraudulent ATM withdrawals, payment card skimming, and other breaches. At this point in time, these entities have made significant strides in reducing the risk of payment processing breaches. A few of the ways this has been done is by placing a high priority on authentication processes, finding ways to protect sensitive information, and sharing fraud and cyber threat information. With that stated, there are areas that need to be addressed. Among the areas that need to be addressed, payment identity management is a priority. Fraud related to breaches in consumer information, account takeovers, and “card-not-present” transactions reveals the limitations in the current system. Central to implementing strategies that reduce fraud is managing risk. One suggestion is to align risk with authentication methods, which would increase security. Risk-based authentication involves applying the right amount of security measures (fingerprinting, facial recognition, push notification) to make each customer transaction unique. More importantly, these methods can be scaled as new technologies and services are implemented, and risk-based authentication methods are universally accepted.
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Retriever Merchant Solutions is a full-service provider of transaction processing technologies, software, and equipment. In addition to assisting companies in the selection and installation of payment processing systems, Retriever Merchant Solutions also provides expert consulting on compliance issues such as merchant liability.
The introduction of the EMV chip card prompted credit card companies to shift liability from fraudulent transactions onto merchants. This is because EMV chip cards create a new transaction ID for every purchase, which makes the cardholder’s information much more difficult to capture and steal. If merchants accept traditional magnetic stripe payments, they are increasing the likelihood of credit card fraud. For this reason, most merchants are now held liable for this type of fraud. To avoid this, businesses should ensure that all customers paying with chip-enabled cards tap their card for payment. There are some exceptions. For example, some industries like gas stations are not included in this rule change. Additionally, merchants are not responsible for chip-enabled payments with a stolen card or swipe payments made due to a malfunctioning chip. Please visit http://www.rmsnpc.com/ for more information! Led by executive Brian Kamstra for more than two decades, Retriever Merchant Solutions delivers state-of-the-art payment processing systems to more than 30,000 businesses across the country. Retriever Merchant Solutions specializes in equipment and software that facilitate transactions made with credit, debit, and electronic checks.
Also known as eChecks, electronic checks are one of the oldest and most commonly used forms of electronic payment transfers. The use of eChecks is regulated by the Federal Reserve. Direct deposit of a paycheck and bill autopay are examples of eCheck transactions. When a customer, business, or other entity sends an eCheck to a recipient, the money is moved from one account to another using the Automated Clearing House (ACH) network. The ACH reduces the cost and processing time for electronic checks. Businesses that want to accept eChecks must set up the appropriate payment gateway. Check scanners allow companies to accept paper checks electronically, while specialized payment processing software can enable eCheck transactions. Please visit http://www.rmsnpc.com/ for more information! Indiana-based Retriever Merchant Solutions is a payment processing company run by Brian Kamstra. Retriever Merchant Solutions supports various charitable efforts such as the Chasing Cans for Cancer.
The Chasing Cans for Cancer event has made considerable strides in its mission to help both cancer patients and their families. The event was created in 2010 after a friend of the Berger family succumbed to ovarian cancer. The Bergers, on behalf of the friend’s wish, decided to memorialize her by hosting this event, which later became a 501.3.c fundraiser. The two-day event includes calf roping, steer wrestling, ladies open goat tying, open pole bending (entertainment), and a 3D-open barrel race. The numbers of people affected by cancer in America are astounding, and while the event is a small one, it has managed to accomplish a few things. As of 2019, they have donated a considerable portion of the money to at least four families fighting cancer. The organization has also been able to give over $100,000 to families in need. |
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October 2020
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