August 6, 2013
VeriFone simplifies payments complexity for US merchants and service providers
CANADA–In answer to the growing burden of PCI compliance, EMV migration, and the emergence of mobile wallets and value-added service options that isrequiring merchants and service providers—such as ISVs, acquirers and ISOs—to devote more resources to managing payments in order to remain current and compliant, VeriFone Systems, Inc.has 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 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.