Worldpay Senior Vice President Chester Ritchie believes fraud in the payment processing industry, which costs billions of dollars every year, is a problem that deserves serious attention. "If you think about restaurants today, we're all pretty trusting, right?" he said. "We present our credit card and watch it walk away behind a closed door somewhere. Who knows what's going on? That is where most of the fraud in the United States comes from actually; most people don't even know that."
On Oct. 1, 2015, the U.S. adoption of Europay, MasterCard and Visa (EMV) technology will enter a new phase. At that time, merchants unequipped to accept EMV cards can be liable for the costs of fraudulent transactions processed through their POSs, according to criteria established by the major card brands. EMV cards contain smart chips that encrypt customer data during transactions, making them more secure and more difficult to counterfeit than mag stripe cards.
Ritchie said, "One of the reasons why Canada implemented EMV was to migrate their fraud elsewhere, that is, to the United States, because we are the last country that does not have EMV."
Worldpay said it has implemented more EMV solutions than any other processing company in the world. The company provides customers with software development kits and application programming interfaces that require simply copying and pasting computer code into an existing application, enabling customers to be up and running quickly.
Worldpay also believes its technology makes it easy for vendors to simultaneously add enhanced EMV security and Payment Card Industry Data Security Standard compliance – without complex installations.
"It's a super easy solution that a developer can just go out on the web, download it or 'snip it', then paste it into their code and then they have their payments integrated," Ritchie said.
Worldpay was founded in 1989 and prides itself on being the third-largest payment processing company worldwide today. It boasts an impressive roster of Fortune 500 customers such as Wal-Mart Stores Inc., Google Inc., Apple Inc., Microsoft Corp., Bigcommerce Pty. Ltd., Yahoo Inc., and eBay Inc. Ritchie believes a reason for the company's success is it ability to offer 250 payment types in 120 different currencies across the globe for multiple channels, including e-commerce, in-store, online and mobile payments.
Customers managing retail businesses have next-day access to sales revenue when using the Worldpay platform. "All of your sales from the weekend that come from credit cards, we can have them deposited into your bank account come Monday," Ritchie said. "We are able to capture a lot of business because in the restaurant space the margins are literally razor thin."
Worldpay is investing in the future by partnering with up-and-coming incubators and startups. "One of the ways that we are trying to help is we have actually pledged money and executive leadership to Georgia Tech's Incubator," Ritchie said. "It's called the Advanced Technology Development Center. We are in there daily helping small startups bring their solutions to market with the payments technology embedded into it."
Ritchie believes true innovation in business does not always come from large companies. "That is where the innovation is going to come from, these small, little startups that have five to 10 guys and a great idea and they got a cool solution like an Uber, but they need someone to help them both financially and from an executive oversight.
"We are working on that today, and I hope we continue to see other processors and acquirers funding things like that, because trying to ask an old legacy company, and most of these banks are, innovation never comes from those guys. It always comes from these smaller guys. It would be nice to see more players jump in and help fund and really direct some of these startups that are out there."
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Senior Vice President
Company Profile originally appeared in
The Green Sheet Issue 150901
220601 - Nationwide Payment Systems
211102 - Kalamata Capital Group
210701 - Choice Merchant Solutions
200601 - Delta Payment Solutions
190802 - Credit.net, a division of Infogroup
190702 - Samsung Electronics America Inc.
181201 - Network Merchants LLC
180902 - MainStream Merchant Services Inc.
180801 - Century Business Solutions
180502 - Priority Payment Systems Northeast
180501 - Merchant e-Solutions Inc.
180301 - Wirecard North America
180201 - Sysnet Global Solutions Ltd.
171202 - Secure Cryptopayments
171002 - National Benefit Programs LLC
170902 - Frates Insurance & Risk Management
170901 - DCS Holdings Group LLC
170802 - Apogee Payment Systems LLC
170702 - Active Software & Hardware Systems
170701 - Veratad Technologies LLC
170502 - Frontline Processing Corp.
170501 - Platinum Choice Bancard LLC
170201 - Electronic Payments Inc.
161202 - International Bancard Corp.
161201 - CSR Professional Services Inc
161102 - Digitzs Solutions Inc.
161101 - Residual Sheriff LLC.
160801 - DigiPay: Solutions Inc
160702 - CreditCardProcessing.com
160201 - Lead Tracking Systems LLC
151202 - Benseron Information Technologies Inc.
151201 - CardWare International Inc
151101 - Lion Capital Group LLC
150801 - Topcreditcardprocessors.com
150702 - Vision Payment Solutions LLC
150601 - Conformance Technologies
150502 - Global Processing Systems
150402 - Mercantile Processing Inc.
150401 - Field Guide Enterprises
150302 - Signature Card Services
150301 - Premier Payment Systems Inc.
150201 - Humboldt Merchant Services
150102 - Expansion Capital Group LLC
141102 - National Merchants Association
141001 - Instant Credit Manager
140902 - Merchant Cash and Capital LLC
140701 - National Transaction Corporation (NTC)
140601 - Total Merchant Services
140501 - Nationwide Payment Solutions
140501 - BPC Banking Technologies
140301 - Meritus Payment Solutions
140201 - Process Pink Payments LLC
131202 - First American Payment Systems L.P.
131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
130801 - Payment Logistics LLC
130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
130102 - Glazer_Kennedy Insiders Circle LLC
121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
091201 - Performance Training Systems Bankcard Boot Camp
091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
090302 - Velocity Merchant Services
090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
070402 - National Bankcard Systems