Verifone: Building Commerce Around POS System

Verifone: Building Commerce Around POS System

Alok Bhanot, EVP & CTO, VerifoneAlok Bhanot, EVP & CTO
With more than three decades of experience in offering electronic payment systems, Verifone, has delved into research and innovation as an on-going process to meet the evolving needs of its customers. Changes in consumer behavior underlined by technology capabilities and new business models have opened up new avenues in resource monetization broadening the commerce ecosystem. As more businesses in today’s connected world look for solutions to augment their monetization capabilities from their POS investments, Verifone with its broad portfolio of payment devices, services, and applications is ready to cater to these demands enabling them to build successful payment and commerce systems.

At the heart of its payment, system portfolio is a secure, scalable framework that is designed to support the future of payments. The idea is to build the network of POS devices, access points, and cloud-based financial services to create omni-channel functionality that paves the path for new connected commerce opportunities. To support these efforts, Verifone focus on collaboration by adopting open standards and delivering consistent build environments. The heady mix of hardware, software coupled with new development tools provides efficient integration with more services and technology platforms. These implementations result in engaging more merchants, customers, and partners eventuating with new business opportunities borne out of POS solutions as the substrate.

With this framework as the base, Verifone has built an intuitive Secure Commerce Architecture enabled with a streamlined integration model for payments and commerce applications. The striking feature of this architecture is that it reduces the burden on clients by removing the need for EMV certification for POS systems and preventing consumer payment data from entering the POS – thus securing the payment transactions.

Verifone’s capability to derive sales opportunities out of POS systems comes out its unique approach of considering it as a starting point to greater value in the connected commerce space – rather than seeing POS as just an endpoint.

Our engineers successfully broke the mold by developing this sleek, integrated terminal that is no longer married to the form factor or operating system of a particular device such as an iPhone or an Android tablet

To this end, the electronic payment innovation company provides next-gen devices that are enabled with two-way communication capabilities and sophisticated features while ensuring security and reliability.

To support these inventive applications, Verifone’s payment-as-a-service solutions are designed to mitigate cost involved in meeting the evolving payment ecosystem needs. These payment services simplify commerce across channels by mitigating payment complexities and allowing flexible combinations of hardware and software based on a business’ individual requirements. These services also focus on ensuring merchants and partners have the access to the latest technologies in payment, loyalty, rewards, and support for regulatory compliance.

With its innovation lab running, Verifone focuses on converging payments, commerce, and personal communications. To this end, the company lays importance on media on devices, pay-with-points possibilities with diverse financial networks, use of different networking modes such as beacons and a range of innovative applications that are designed to support commerce.

As part of its mobile strategy, Verifone has introduced a new mobile terminal solution that can integrate with mobile device helping businesses with flexible solution at lower cost of ownership. “Our engineers successfully broke the mold by developing this sleek, integrated terminal that is no longer married to the form factor or operating system of a particular device such as an iPhone or an Android tablet,” says Alok Bhanot, Executive Vice President and CTO, Verifone.

The company is enabling clients and partners with a next generation platform that accepts all forms of payment with more security and efficiency while enabling them to build better rapport with their customers and driving sales opportunities. With a unique combination of smart devices, cloud, and mobile commerce, the company is all set to build next-generation of terminals helping businesses to attract more customers and sell better.