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TheStreet Open House

Moneris To Streamline Payment Process For Merchants With VeriFone VX 520

Stock quotes in this article: PAY

VeriFone Systems, Inc. (NYSE: PAY), announced today that Moneris Solutions Corporation (“Moneris”), Canada’s largest debit and credit card processor, has selected the VeriFone VX 520, a reliable and easy to use countertop device that accepts all types of electronic payments. Installation of the VX 520 devices will begin in 2014.

The VX 520 is PCI PTS 3.X compliant and features one of the industry’s fastest processors that can quickly handle payment encryption, decryption and processing—enabling merchants to improve security and reduce transaction times. Its integrated contactless capability and all-in-one design allows merchants to accept alternative payments, such as EMV (chip and PIN) cards and mobile wallets, as well as traditional mag-stripe cards through a single device. Merchants can also use the VX 520 to support value-added applications, such as loyalty or gift card acceptance.

“At Moneris, we are proud to enhance our service to our customers with a convenient and secure technology solution that streamlines the payment process,” said Jeff Guthrie, Chief Sales and Marketing Officer at Moneris. “The adoption of VX 520 devices will expand merchants’ payment options, while giving them an opportunity to process payments faster and spend more time running their business.”

The VX 520 features full functioning dual communication through its range of connectivity options, which include dial-up and Ethernet. And, its communication port is located underneath the device, which helps keep merchants’ countertops neat and free of clutter.

“We are excited to partner with Moneris as they provide additional value for their business customers throughout Canada,” said Shan Ethridge, vice president and general manager, North America Financial Services Group, VeriFone. “As the largest processor of merchant transactions throughout Canada, Moneris’ selection of the VX 520 represents the appeal that our solutions-based approach offers.”

Additional Resources

VeriFone VX 520

VX 520: Reliability and Performance That Lead and Exceed

VX 520 Data Sheet

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data 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., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: the successful rollout of our VX 520 systems with Moneris, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, 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. The forward-looking statements speak only as of the date such statements are made. 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.

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