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.