SPVA NEWSLETTER VOLUME 9 SPVA Associate Member Director and Heartland CEO Bob Carr Discusses Dodd Frank ACT, "Swipe Fees"
Bob Carr, SPVA associate member director and chairman and CEO of Heartland Payment System recently had the opportunity to speak at the National Restaurant Association’s Hotel-Motel Show to help restaurant operators better understand interchange reform and payment data card security. Carr discusses the Dodd-Frank Act, data security and what’s on the horizon for SPVA. What are the most important elements of the Dodd-Frank Act that restaurateurs should be aware of? The Durbin Amendment is “the” big issue for restaurants. Our average restaurant customer will save $1,992 per year if the Durbin Amendment stands without changes. There are billions of dollars at stake. By arming themselves with information about legislation, operators can make sure they get 100 percent of the savings rightfully due to them. The restaurant and hospitality industry accounted for 40 percent of all data breaches in 2010. What can those industries do to better protect themselves and their customers? The restaurant and hospitality industry has a bull’s eye on its back. Small and mid-sized operations that are typically seen as easy, low risk targets can help remove themselves from the hacker’s crosshairs by complying with PCI guidelines and implementing strong security measures. You co-founded Heartland Payment Systems with Heartland Bank in 1997, quickly building the foundation for an end-to-end credit, debit and prepaid card processing engine. Fourteen years later, what are you most proud of? I am most proud of providing a vehicle for 3,000 families to earn a good living doing work that benefits our customers. SPVA recently celebrated its two-year anniversary. What do you see as its biggest accomplishment to date? The point-to-point encryption standard is the biggest accomplishment because other [organizations] are still working on it after years of effort and SPVA finished theirs first and in a timely way. PCI compliance guidelines are always expanding and becoming more complex. What new measures do you see on the horizon in world of electronic transactions? [I expect] EMV, dynamic authentication and tokenization will all continue to evolve.
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