Today at RetailNOW, Verifone Systems, Inc. (NYSE: PAY) announced the launch of Verifone Point, a payment-as-a-service solution that simplifies the complexities of payment for the company’s direct merchant customers and channel partners in the U.S.
The growing burden of PCI compliance, EMV migration, and the emergence of mobile wallets and value-added service options is requiring merchants and service providers—such as ISVs, acquirers and ISOs—to devote more resources to managing payments in order to remain current and compliant. The Verifone Point solution features a cost-predictable subscription model for obtaining and maintaining all the components of a complete payments solution including software, management services, device acquisition, and maintenance, which enables these organizations to spend less time and money on payments and devote more resources to improving their business.
Additionally, Verifone Point decouples payment transactions from the traditional POS system (e.g. cash register), ensuring more secure transactions and relieving merchants of PCI compliance issues.
“Merchants and service providers don’t want to deal with the complexities of managing PCI, EMV and emerging payments and mobile wallet technologies. They want to focus on serving their customers and growing their business,” said Jennifer Miles, president, Verifone Americas. “Verifone Point offers these organizations a way out of the complexity of business by providing a flexible and reliable toolkit that is managed by the company they trust for payments.”
Always Current, Always Compliant
The Verifone Point solution utilizes a secure network integration between the Verifone device and payment processor systems, enabling merchants and service providers to quickly and easily integrate the latest mobile wallets, emerging payments technologies, and EMV specifications, again reducing the scope and expense of compliance and recertification.
Additionally, with this integration, data can be encrypted, securely routed for processing to the merchant’s acquirer and tokenized, decoupling the actual payment transaction from the merchant’s POS systems. This process significantly reduces the risk of costly and embarrassing data breaches, and vastly reduces the scope and expense of PCI compliance and recertification.
Cost Predictability with Flexible Payment-as-a-Service Pricing
The Verifone Point solution is both comprehensive and flexible, enabling merchants, ISVs, acquirers and ISOs to choose from a broad set of configurations, software, services and payment devices which are best suited to meet their unique business needs. Pricing is subscription-based, enabling each organization to better predict the current and future costs of managing payments.
Global Blue, an international financial services company, through its OneInterface system integration division implemented Verifone Point for rapid development of new services in order to help grow its U.S. business. The solution is already in deployment with several of the company’s U.S. customers.
“Verifone Point greatly simplifies PCI compliance and further strengthens our solution offering to our customers,” said Michael Balzer, senior vice president, OneInterface, for Global Blue. “Our customers have been asking for it, and now we’re able to provide signature capture capabilities in a semi-integrated payments infrastructure. The solution is easy for our customers to manage their payment systems centrally, including configuration updates and media management, and in their stores the solution just works, freeing up valuable sales associate time for them to focus on selling to their customers.”
“Payments complexity surrounding the growing PCI compliance burden has already created a significant burden for U.S. merchants and service providers, and the migration to EMV coupled with the proliferation of value-added services will dramatically increase this burden," said Rick Oglesby, senior analyst for Aite Group. “Solutions that remove the payment data and associated complexities from the POS create a meaningful and growing opportunity for merchants and merchant service providers alike.”
The Verifone Point solution is now available to U.S. merchants and service providers.
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 the Verifone Point solutions, customer acceptance and adoption of our new solution 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.
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.