QA &
Q&A VERIFONE
More than just a
payment provider
We chat to Raja Ray, Director of products and solutions at VeriFone about one of the longest running payment providers.
1. VeriFone are one of the most well‐known payment providers in the world; when and where did the VeriFone story begin? VeriFone was founded in 1981 in Hawaii, with the company name coming from our first product, the verification telephone. We were the first payment device manufacturer, and by the early 1990’s we were selected as one of fastest growing ‘high‐tech startups’ by Business Week, and by Forbes Magazine one of America's best small companies. We are now a truly global company, operating in more than 110 countries worldwide and employing nearly 5,000 people.
2. Payment technology has changed significantly over the past few years‐ how have VeriFone reacted to the changes? We’ve changed not by reacting to the market, but by looking to the future, and innovating. Contactless payments seem like a recent trend, but VeriFone introduced the first contactless reader module in 2004. Our suite of Internet commerce products for consumers, merchants and processors debuted in 1996 – a time so long ago by online standards, only 100,000 websites were available.
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3. What has been your biggest challenge to date and how did you overcome it? Our biggest challenge as a company was the shift from device‐based business where the focus is on delivering robust, reliable and secure payments infrastructure to a total end to end, multi‐channel solution provider – essentially, moving from selling equipment through our partners to also providing everything a retailer needs to accept
payments. The part of VeriFone that consumers are familiar with – the branded terminals they tap their PINs into – is now just one part of the much broader service we provide. We met this challenge through innovation and smart acquisitions – in particular our acquisition of Point allowed the creation of new initiatives such as managed payments, payment as a service and delivering omni‐channel solutions.
5. What can we expect in the future from VeriFone?
Despite the growth of online commerce, the high street still has a big part to play, and will continue to do so. However, customers want to be able to pay how they want, when they want, and want to be able to have the same experience online as in the actual store. Having multiple channels to engage with consumers helps attract and retain them, but what really makes the difference is when consumers don’t perceive an online store and a separate bricks‐and‐mortar store, but see it as all part of the same, single brand. The rush by retailers to make sure they have an online presence has been replaced by the desire to integrate everything together.
Contact VeriFone
+44 (0)1895 275275
www.verifone.co.uk
www.a1retailmagazine.com
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