News

VeriFone seeks to simplify payments with Point launch

August 5, 2013

VeriFone Systems Inc. announced the launch of a new payment-as-a-service solution that it said simplifies payment complexities for its direct merchant customers and channel partners in the U.S.

VeriFone Point 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 — enabling organizations to spend less time and money on payments and devote more resources to improving their business, the company said in a news release.

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, according to the release.

"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 utilizes secure network integration between the VeriFone device and payment processor systems, enabling merchants and service providers to integrate mobile wallets, emerging payment technologies and EMV specifications — again reducing the scope and expense of compliance and recertification.

"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."

Read more about payments and PCI compliance.