North American Payment as a Service offering enables partners to add value, reduce complexity for merchants
(ETA TRANSACT 15, Booth #1213) - Verifone recently announced that its Payment as a Service offering in North America—Verifone Point—is now available to small-and-medium-sized businesses (SMBs) in the U.S. through Verifone’s network of Independent Sales Organization (ISO) and acquirer partners. In the U.S., the offering was previously only offered by Verifone directly to large retailers.
Enhanced Services Access And Faster EMV Deployment
Verifone’s Payment as a Service bundles hardware, software, gateway and support services into a single integrated solution that is built on Verifone’s Secure Commerce Architecture (SCA) and can be customized by ISOs and acquirers to provide everything their clients need for seamless and secure payment acceptance and transaction management. Extending the availability of Payment as a Service to ISOs and acquirers offers Verifone’s partners a way to reduce operational costs and provide merchants with ready access to current and future value-added services while expediting the deployment of EMV-ready payment terminals.
“With more than 60 deployments with large retailers and POS solution providers and integrators in the U.S. alone, our Payment as a Service offering has quickly established a new model for reducing payment complexity, speeding innovation and allowing merchants to focus on growing their core business,” said Vincent Roland, senior vice president of Payment as a Service for Verifone. “By making Payment as a Service available through our channel partners, we help them provide a level of value to their clients that is typically only associated with enterprise retailers.”
Simplify And “Future-Proof” Payment Systems
With the EMV liability shift quickly approaching in the U.S., many smaller merchants are unprepared for a transition to EMV and contactless payments, including new mobile payment options such as Apple Pay, Google Wallet and Samsung Pay. Another challenge facing merchants is the ever-present threat of cybercriminals and payment data breaches.
Verifone’s North American Payment as a Service offering is bundled to meet the needs of each ISO and acquirer, and can include payment terminals, application software, breach insurance as well as gateway and estate management SAQ services—enabling them to reduce payment complexity for clients by providing:
For semi-integrated merchants, the offering also enables ISOs and acquirers to decouple the POS from the flow of payment data, preventing the data from being stolen at scale.
Streamlined EMV And Security Compliance
The potential financial penalties associated with the upcoming EMV liability shift could impact even the smallest merchants as well as their service providers. Verifone’s Payment as a Service offering vastly reduces the scope, time and expense of compliance and recertification management, while easing the integration of future new payment technology. Payment as a Service uses Verifone’s SCA to connect terminals directly to Verifone’s gateways or the processor host--making it easier for acquirers and ISOs to meet PCI requirements and quickly update terminal payment applications to comply with changes to card brand-specific EMV requirements.
Payment as a Service also ensures that payment transaction data is encrypted from the moment a card is submitted until it reaches Verifone’s gateway or the merchant’s processor host.
Increased Value At The Point Of Sale
By offering Verifone’s Payment as a Service, ISOs and acquirers can also provide clients the ability to efficiently provide special promotions and product offers through terminals at the POS—the types of incentives that consumers increasingly expect for their loyalty.
SCA provides the ability for merchants to engage consumers with targeted advertising, digital loyalty, coupons and product offers at the POS through Verifone’s Commerce Enablement offerings. Verifone’s goal is to enhance merchants’ ability to create more value for their customers, and SCA will provide the foundation for Verifone’s Commerce Enablement offerings, which will allow merchants to easily customize and personalize their sales environment and provide consumers with value at the POS.
Learn More At TRANSACT 15
Visit Verifone (Booth# 1213) at the Electronic Transaction Association’s (ETA) TRANSACT 15 to learn more about Payment as a Service and SCA.