2,500 Omni 3750 Terminals To Be Installed As New TradePro Account Card Goes Live At UK’s Builders’ Merchants
United Kingdom - June 08, 2004 - Verifone Inc., the worldwide leader in electronic payment solutions, will be supplying 2500 of its best-selling Omni 3750 terminals to a leading new trade card payment business. At present, 600 units have been installed in builders’ merchants throughout the UK. The launch of the TradePro account card sees the first nationwide service based on Chip and PIN technology to go live, and the installation of the Omni 3750 terminals will continue throughout the year.
Fully endorsed by the Builders Merchants Federation (BMF) and the Federation of Master Builders (FMB), TradePro has been created to provide smaller builders and contractors with a level of professional financial services and support that has until now been unavailable to them. The majority of smaller tradesmen cannot access the credit sources available to larger companies, and as a result tend to rely on merchant-based trade accounts. TradePro overcomes these obstacles by providing a trade card and associated line of credit that can be used expressly for the purchase of building materials in hundreds of different merchants nationwide.
David Bloom, TradePro’s CEO commented, “Verifone made the process of rolling out a major new service to our customers pain-free, by rapidly developing and delivering a robust, reliable solution. The small footprint of the Omni 3750 terminal and the ability to meet tough time to market constraints were crucial factors in our decision to work with Verifone.”
The Omni 3750 features a powerful 32-bit processor to meet the security and networking demands of Internet Protocol (IP) communications, and the toughest standards for EMV smartcards. It features up to 6MB of memory to support plenty of value-added applications. It supports advanced communications such as Ethernet, built on IP technology, which fuels “always-on” connectivity, and it has the power to securely send transactions over public or private networks using industry standard SSL encryption.
Commenting on today’s announcement, Nigel Bidmead, EMEA Managing Director for Verifone said, “Verifone understands that speed to market is a critical issue for our customers and our focus has always been on developing the strongest possible solutions in the fastest development time. This successful solution for TradePro was built on the unbeatable foundation of our world-class development expertise and the de facto leader for payment terminals – the Omni 3750.”
The Omni 3750 also offers a future-proof solution with field-replaceable Communication and Security Access Modules (SAMs), allowing additional secure smart card applications or communications options to be deployed as and when they are required, as well as field upgradeable modem options to ISDN, Ethernet and wireless communications for easy access to any IP-based network.
The Omni 3750 supports Triple DES Master Session and DUKPT key management techniques, permitting high degree of flexibility in managing EFTPoS transaction security. EMV certifications and on and offline PED approvals add unparalleled levels of security to help stem the tide of fraudulent transactions.
About Verifone, Inc.
Verifone, Inc., recognized worldwide as the trusted leader in secure electronic payment technologies, provides expertise, solutions and services for today with a smart migration strategy for tomorrow. Verifone is leading the industry in the delivery of solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. Verifone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare. Verifone has shipped over eleven million electronic-payment systems.
Fully endorsed by the Builders Merchants Federation (BMF) and the Federation of Master Builders (FMB), TradePro launched to the industry in December 2003 offering a new type of business account aimed at professional tradesmen.
For the merchant, the TradePro card removes bad debt risk, guarantees timely payments and takes away the headache of credit vetting, managing and collecting debt.
For tradesmen, the TradePro card provides an additional line of credit of up to £7,500 and APR’s as low as 11.3 per cent. Unlike traditional trade accounts, the cardholder will have the option to revolve up to 75 per cent of the outstanding balance on a monthly basis. The use of chip and PIN technology maximises security and minimises chances of misuse of the card. TradePro is backed by Cabot Square Capital, one of the UK’s most prestigious private equity houses.