Global | Change

Verifone Awarded Multi-year, Multimillion Dollar Contract by GE Consumer Finance's Retail Sales Finance Unit

Private Label Credit Card Issuer to Make Annual Purchases of about 20,000 Electronic Payment Systems February 23, 2006 San Jose, CA
San Jose, CA - February 23, 2006 - Verifone Holdings, Inc. (NYSE: PAY), announced today that is has been awarded a multi-year, multimillion dollar contract to supply as many as 20,000 units annually of its Vx Solutions payment systems to GE Consumer Finance’s Retail Sales Finance unit, one of the leading providers of private label credit card programs.

The contract encompasses an initial five-year period, with an option for three additional years, and includes Verifone hardware, client services, and software development. Retail Sales Finance has relationships with over 200 retail partners and 60,000 independent dealers in the United States alone.

"Retail Sales Finance has recognized the tremendous value provided to retailers by Verifone's Vx Solutions payment systems and our end-to-end product and services offering," said Douglas G. Bergeron, Verifone chairman and chief executive officer. "We are obviously thrilled by this extended commitment and look forward to working with Retail Sales Finance to provide their retail merchants with the benefits of value-added electronic payment technologies."

Retail Sales Finance will utilize Verifone's Vx Solutions products for private label credit application entry and authorization at the point of sale as well as payment transactions and other applications running in Verifone's multiapplication environment.

Vx Solutions is a complete line of hardware, software, and solutions based on a single platform. Vx Solutions are designed to simplify everything from sales, merchant and helpdesk training to software development and terminal management.

About Retail Sales Finance and GE Consumer Finance
Retail Sales Finance, based in Kettering, Ohio, is part of GE Consumer Finance and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries: home improvement, powersports, outdoor equipment, automotive/recreational vehicles, consumer electronics and appliances, furniture, floor covering, jewelry and health care. With $163 billion in assets, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com . GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at www.ge.com

About Verifone Holdings, Inc.
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. Verifone delivers 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.