(NRF 2011 - Booth 659) Verifone Systems, Inc. (NYSE: PAY) today announced that Beverages and more! (BevMo!), the leading alcoholic beverage-lifestyle specialty retailer in the western United States, has successfully reduced the scope of its PCI compliance requirements through the implementation of the VeriShield Protect end-to-end encryption solution.
BevMo!, which operates 50 superstores in Northern California, 47 in Southern California and 10 in Arizona, completed the deployment of VeriShield Protect chain wide in 2010, along with Verifone's MX 860 card acceptance systems deployed at every checkout lane across the chain.
"The Verifone VeriShield strategy gave us the freedom to re-allocate our capital spending for a 'next generation POS platform versus a compliance-oriented, and expensive upgrade' -- a positive for BevMo!," said BevMo! Chief Financial Officer Dan Carter. "In a nutshell, we were able to un-hook our POS roadmap decision from a PCI requirement-driven agenda and invest our capital on the right POS solution, on our own timeline. Quite a success achieved over a very short period of time!"
VeriShield Protect encrypts cardholder and transaction data the instant it's received - eliminating usable information before it enters POS applications or retailer networks.
"BevMo! realized it would be able to completely remove cardholder data from its servers and network, thus dramatically reducing PCI scope," said Jennifer Miles, Verifone senior vice president - Retail, Global Security and Vertical Solutions. "BevMo! has shown great leadership in its effort to create a more secure environment for cardholders."
BevMo! considered a range of options to improve PCI compliance, including a POS software upgrade that would have cost in excess of $1 million and provided little more than incremental compliance functionality. With VeriShield Protect's format-preserving VeriShield Hidden Encryption (VHE) the retailer was able to avoid costly changes to its POS systems or back-office infrastructure.
Implementing VeriShield Protect significantly reduces enterprise systems from PCI scope, which lowers management and security costs. In addition, Verifone's exclusive VeriShield Monitoring & Compliance System (VMCS) monitors the entire process in real time and issues security alerts as needed.
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: customers' acceptance and adoption of Verifone's VeriShield Protect end-to-end encryption solution and other new product and service offerings, 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.
Beverages & More, Inc. (BevMo!) is a leading specialty retailer of alcoholic beverages and related products in the Western United States and among the largest in the country. We began operating in 1994 with six stores in California that featured a wide selection of products at attractive prices with a focus on exceptional customer service. Our stores provide a friendly, well-lit and unique environment offering a "one-stop" shopping experience for our customers' entertainment needs. As of December 31, 2010, we operated 109 stores in California and Arizona.
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.