At the ETA Annual Meeting and Expo in Las Vegas, Business Solutions met with Henry Helgeson, president and co-CEO of Merchant Warehouse, who shared a quick overview of the company's new BINSmart solution. According to Helgeson, BINSmart is designed to help businesses minimize their card payment processing costs.
Essentially, the solution assesses each transaction to uncover potential savings on processing costs by factoring in the sale amount and card type used, along with the merchant's rates, SIC and zip codes. Depending on which payment method is appraised to render the lowest cost, it then automatically prompts for PIN or signature. Furthermore, BINSmart avoids costly transaction downgrades by requesting additional information when a Corporate card is used and by verifying the completion of daily close-out procedures.