VeriFone Launches Payment-as-a-Service Solution
VeriFone Point decouples data from POS, enables adoption of value-added services
Published in CSP Daily News
SAN JOSE, Calif. -- VeriFone Systems Inc. has launched VeriFone Point, a payment-as-a-service solution designed to simplify the complexities of payment for the company's direct merchant customers and channel partners in the United States.
The growing burden of PCI (payment card industry) compliance, EMV (Europay, MasterCard and Visa) migration and the emergence of mobile wallets and value-added service options are requiring merchants and service providers--such as independent software vendors (ISVs), acquirers and independent sales organizations (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.
Also, VeriFone Point decouples payment transactions from the traditional point-of-sale (POS) system--the 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 of 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."
The VeriFone Point solution uses a secure network integration between the VeriFone device and payment processor systems, enabling merchants and service providers to 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, said VeriFone.
VeriFone Point is 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.
"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."
San Jose, Calif.-based VeriFone is a global leader in secure electronic payment solutions. It 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.