Verifone Systems, Inc. (NYSE: PAY), today announced it has won a contract to supply its PAYware Merchant card payment and settlement hosted service to Arcos Dorados, the company that manages the McDonald's brand in Latin America.
Arcos Dorados is the largest restaurant operator in Latin America and the largest McDonald's franchisee in the world. Beginning with 220 McDonald's restaurants in Argentina and Uruguay, PAYware Merchant will be integrated with a proprietary POS system to accommodate card payment processing at the point of sale.
Arcos Dorados has also contracted to lease Verifone card acceptance systems and will offer individual restaurants either the VX 810 PINpad or MX 870 multimedia payment system. The agreement provides the opportunity for broader rollout to other countries, and beyond.
"We look forward to rolling these capabilities out through the Arcos Dorados McDonald's system," said Gustavo Jimenez, vice president and general manager of the Integrated Systems group at Verifone Latin America. "Our ability to provide a regional hosted services package was the key element in a tremendous win for Verifone payment solutions."
Arcos Dorados is a Latin American company and operates more than 1,850 McDonald's restaurants, as well as other McDonald's-branded points of sale throughout 19 countries (Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curacao, Ecuador, Guadeloupe, French Guyana, Martinique, Mexico, Panama, Peru, Puerto Rico, Saint Thomas, Saint Croix, Uruguay and Venezuela) and delivers field service to the other ten markets in the region.
"We were looking for payments and security expertise, and Verifone provided the knowledge and technology to support our efforts," said Pablo Corona, Arcos Dorados Systems Director, South Division of Latin America. We found the perfect match for PCI DSS compliant hardware and software while increasing transaction reliability."
When implemented, customers will swipe their cards on a Verifone acceptance device connected to a cash register. The cash register POS then passes the transaction to PAYware Merchant, which handles payment processing authorization and settlement between the acquirer and the restaurant system.
PAYware Merchant, part of the PAYware suite of software products, is ideal for medium-to-large sized merchants and retailers who need the functionality to process a high volume of electronic payments through any channel. This solution, which also supports EMV chip & PIN, provides rapid payment processing that can be tightly integrated with any front-end POS system to increase revenue, reduce costs, and improve customer satisfaction.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc.
This press release includes certain forward-looking statements related to Verifone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Verifone management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of Verifone Systems, Inc. These risks and uncertainties include: the successful rollout of Verifone's Payware Merchant service with Arcos Dorados, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Verifone Systems, Inc. (www.verifone.com)
Verifone Systems, 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.