Restaurant-Specific ON THE SPOT Solution Enhances Speed of Service, Offers Security against Fraud
San Jose, CA - June 14, 2007 - Verifone Holdings, Inc. (NYSE: PAY) today announced that Cara, the largest operator of full service restaurants in Canada, has selected the ON THE SPOT pay at the table system designed exclusively for the hospitality industry.
With this multi-million dollar rollout, Cara becomes the largest restaurant operator and the first in Canada to provide its customers with payment at the table. Cara owns many of Canada’s most popular restaurant concepts with stores totaling over 800, including the Swiss Chalet, Harvey’s, Kelsey’s, Montana’s Cookhouse and Milestone’s Grill & Bar brands.
“This is the largest order to date for Verifone’s industry leading ON THE SPOT payment solutions,” said Douglas G. Bergeron, chairman and CEO of Verifone. “Cara will strengthen its leadership in the Canadian dining market by providing its customers with speedier, more secure and more convenient payment options and realizing significant operational improvements.”
ON THE SPOT is designed to significantly improve security for restaurant patrons and cut down on the increasingly common problem of credit card fraud. It has two main platforms – one that allows at-the-table, curb or point of delivery payment for full-service family, casual and fine dining restaurants (model Vx 670); and the other designed for use at drive-thru windows (model QX720). At Cara, ON THE SPOT is integrating seamlessly with MICROS Systems, Inc. (NASDAQ: MCRS) point-of-sale solutions.
“Full service restaurants in North America were once early adopters of credit card payment, but have been slow to respond to changing consumer needs for enhanced security and increased payment options,” Bergeron said. “Verifone has developed a suite of products specifically for restaurants operators to meet those needs.”
ON THE SPOT allows patrons to hold on to their card during the payment process, thus cutting down on “skimming,” an increasingly common practice in which a restaurant employee swipes the card through a special device that records its owner’s account information, which can then be used in identity theft. TransUnion estimates that 70 percent of all skimming takes place in the restaurant environment.
The payment system also uses special encryption and other security features to protect all financial data transacted over a restaurant’s Wi-Fi network. These security features are a necessity today, with the Federal Trade Commission reporting that credit card fraud has become the most common form of identity theft.
Restaurant owners may also experience an additional benefit of lower credit card processing fees when customers use PIN-based debit cards, which incur lower processing fees than signature-based credit transactions.
The use of payment devices similar to ON THE SPOT has been widespread in Europe for years and is picking up steam in North American restaurants. Verifone’s ON THE SPOT is the most widely deployed solution in the U.S. and Canada since being launched in May of 2006 at the National Restaurant Association trade show.
About Verifone Holdings, Inc.
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.