The Green Sheet Online Edition
August 26, 2013 • Issue 13:08:02
Keeping payment simple
Today's ever-changing payments landscape is increasing the burden on merchants and their payment providers to remain not just current with new technologies, but also compliant with changing security requirements. VeriFone Systems Inc. launched VeriFone Point, a payment-as-a-service solution to help simplify the process. The VeriFone Point solution is a subscription model for obtaining and maintaining the various pieces of the payment puzzle.
VeriFone Point includes solutions for software, management services, device acquisition and maintenance - all designed to enable merchants and their payment partners to have more time and money to devote to improving their businesses. Additionally, VeriFone Point removes payment transactions from the traditional POS system to provide a more secure transaction environment, alleviating merchants of Payment Card Industry (PCI) Data Security Standard (DSS) compliance burdens.
The VeriFone Point solution is a comprehensive and flexible solution, allowing for a broad set of custom configurations, software, services and payment devices. And pricing is subscription-based, making the costs predictable, the company noted.
"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 LLC. "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."
VeriFone pointed out that secure network integration between the VeriFone device and payment processor systems allows quick and simple integration of the latest mobile technologies and Europay/MasterCard/Visa (EMV) specifications. Data can be encrypted and securely routed for processing to the merchant's acquirer, as well as tokenized. Risk of data breaches is significantly reduced, thus minimizing the time and cost of PCI compliance and recertification.
"Merchants and service providers don't want to deal with the complexities of managing PCI, EMV and emerging payments and mobile wallet technologies," said Jennifer Miles, President, VeriFone Americas. "They want to focus on serving their customers and growing their business. VeriFone Point offers these organizations a way out of the complexity of business by providing a flexible and reliable tool kit that is managed by the company they trust for payments."
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