VeriFone has announced the launch of VeriFone Point, a payment-as-a-service solution that the company says simplifies the complexities of payment for the company’s direct merchant customers and channel partners in the U.S. 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.
“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 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. According to VeriFone, "this process significantly reduces the risk of costly and embarrassing data breaches, and vastly reduces the scope and expense of PCI compliance and recertification."
Pricing is subscription-based, enabling each organization to better predict the current and future costs of managing payments. The VeriFone Point solution is now available to U.S. merchants and service providers.