VeriFone Launches Point to Simplify Merchant Services

by Mercator Advisory Group 0

VeriFone Systems Inc. this week launched VeriFone Point, a cloud-based payment-as-a-service product that leverages tools the terminal manufacturer acquired when it bought Swedish firm Point last year. The product helps simplify the process of bringing increasingly complex solutions to merchants directly and through VeriFone’s U.S. channel partners.

From VeriFone’s press release:

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.”

The plethora of new services becoming available to merchants, especially through mobile technology, is creating often overwhelming challenges to keep up among IT staffs, who often lack expertise in payment acceptance, loyalty, PCI, EMV and other important areas, and monitor them on a daily basis. Point enables retailers to take advantage of VeriFone’s core assets with an added ability to differentiate themselves and give customers what they expect in terms of mobile and other added features that are becoming increasingly common, and necessary, from a compliance and competitive standpoint.

Click here to read more from VeriFone.