On December 1st, 2007, Henry Helgeson, President & Co-CEO of Merchant Warehouse, is featured in Transaction World Magazine, as he divulges his view on state and federal legislatures intervening to impose stricter regulations in the payment card industry.
The article, titled "Laisez-Faire? Do We Need Government Intervention at All?" reflects on the debate regarding the authoritative role the government seeks to assume in the electronic transaction world, as a means to help mediate equality among all parties involved in the resource chain.
Although industry executives have already taken action to remain "in command" of their trade through the implementation of their PCI compliance policies, Helgeson doesn't deny the possibility of a judicial examination happening.
As much as it is important that his customers be content with industry policies, Henry is also concerned for ISOs and processors, should federal and state administrations get involved and start making drastic changes. "My worse fear would be an attempt to regulate Interchange, or, for that matter, any piece of the acquiring system on a state level. Having to comply with 50 different sets of regulations could prove to be a nightmare for ISOs and processors that conduct business nationally or over a broad geographic area."
Although this debate has only begun to stir up commotion, it seems to have shaken the industry enough to influence some significant changes, as we have seen, and will see forthcoming.