eriFone recognizes the importance of going straight to the source to sell more of its products. In mid-July 2002, VeriFone announced the formation of a sales and marketing group, called the Financial Market Solutions Support organization (FMSS), that works directly with ISOs and merchant sales representatives.

The FMSS supplements the efforts of VeriFone's strategic account representatives by providing field-level product training and sales support to processors, acquirers and ISOs. The purpose of FMSS is to generate awareness and increase demand for VeriFone's products and services by better connecting with ISOs. The group showcases new VeriFone products and educate ISOs on how to sell and support the products. Javier Ledesma is Director of the new group, divided into 17 territories.

"VeriFone is returning to its roots by getting closer to the action on the streets," said Jesse Adams, VeriFone's Vice President, North American Sales. "As part of VeriFone's renewed focus on core markets and core values, we are committed to making it easier for ISOs to sell and support our solutions."

More than 350,000 of VeriFone's Omni 3200 terminals have been installed since the release of the product in 1999. The terminal is Class-A certified by every acquirer and processor; it's one of the better selling terminals in the industry.

However, many ISOs have been selling older products. Since the launch of FMSS, according to VeriFone, the group has made direct contact with 500 ISOs and has conducted training sessions for more than 350 sales representatives at leading acquirer companies.

The new group showcases VeriFone's newer terminals, such as the Omni 3200, as well as printers, peripherals and other supplies and software.

"An ISO's job is fast and furious. It's good to see VeriFone taking the time and effort to work directly with merchant sales representatives, educating them about the market and the products that will help make them successful," said Roderick Uriarte, Territory Director, Dynamic Advantage, Inc.

Because of high turnover rates of merchant sales representatives, many independent sales organizations have had to make training an ongoing part of their business. Increased operational costs and delays in time-to-market revenue per sales rep are the result.

"VeriFone's energetic field team is providing NOVA with the training and educational tools necessary for supporting a diverse sales organization," said Pamela Joseph, Senior Executive Vice President of Business Development at NOVA Information Systems, a provider of electronic payment-processing systems. "This enables us to be more competitive by providing the latest products to meet the business needs of our merchants."

VeriFone's FMSS group intends to help keep ISO organizations a step ahead of the competition by providing ongoing information on positioning and selling merchant POS solutions.