HOUSTON & SAN JOSE, Calif.--(BUSINESS WIRE)--Verifone (NYSE: PAY), a world leader in payment and commerce solutions, and Paysafe, a leading global payments provider, announced today an agreement for Paysafe to be the first adopter in the independent sales organization (ISO) space to deploy Verifone Connect with Carbon and Engage devices to its network of quick service restaurants (QSRs) and small and medium-sized businesses (SMBs) across the United States.
It is estimated that there are more than 240 thousand QSRs and 5.5 million small businesses in the U.S. With Verifone Connect, merchants can start, run and grow their businesses with secure and adaptable, end-to-end solutions that not only enables the acceptance of payments but allow businesses to increase consumer engagement and drive efficiency. Paired with any of Verifone’s Carbon or Engage devices, Connect empowers merchants to better manage their businesses with next-generation software and services. Key features include payment services, estate management, business solutions with merchant and consumer-facing apps, and new device purchasing.
“The needs of the merchants we serve have become more and more complex as payment and business solution needs sometimes outgrow the capability of a standalone terminal,” said Todd Linden, CEO of Payment Processing, North America at Paysafe. “We’re excited to partner with Verifone to market Verifone Connect with both their Engage and Carbon devices in the U.S. Through this partnership, we can leverage powerful, reliable and secure capabilities to provide SMBs, who represent a significant and fast-growing market sector, with the next-generation of payment solutions and services, powered by Paysafe’s market-leading payment network.”
Research suggests that there is increasing demand by SMBs for semi-integrated, cloud-based POS systems versus traditional standalone terminals that just accept payment. In today’s payment and commerce ecosystem, acquirers, processors, ISOs and Independent Software Vendors (ISVs) are all competing to provide merchants of all sizes with smarter payment technology and solutions that are easy to install and support, EMV-certified, and secure. In all, it is essential to keep up with the future of retail with POS innovations and the variety of payment technologies and supporting services merchants require.
“As SMBs need more options and agile solutions to manage and grow their business, we are simplifying not just their payment needs but working with Paysafe to consolidate critical business apps such as customer and employee management and support into one solution,” said Joe Mach, president of Verifone North America. “This partnership signals a new era in merchant POS availability and we’re delighted that we can leverage Paysafe’s extensive merchant base and network. Our POS solutions are designed for fast-paced QSR and retail environments where security, speed, portability and mobility are critical foundations for success while accommodating the experiences consumers are coming to expect no matter the merchant’s size.”
For Paysafe, the partnership supports its ongoing investment strategy in North America where it has identified significant growth opportunities. The news follows Paysafe’s acquisition last year of Merchants’ Choice Payment Solutions (“MCPS”), a payment processor based in Texas which has a significant footprint in the U.S. with a large network of merchant customers and ISO partners.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: successful rollout of Verifone Connect with both Carbon and Engage lines in North America, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We may also provide material information about us on our investor relations website at www.ir.verifone.com, in company press releases and in social media postings. The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Paysafe
Paysafe is a leading global provider of end-to-end payment solutions. Our core purpose is to enable businesses and consumers to connect and transact seamlessly through our industry-leading capabilities in payment processing, digital wallets and online cash solutions. Delivered through an integrated platform, our solutions are geared towards mobile-initiated transactions, real-time analytics and the convergence between bricks-and-mortar and online payments. With over 20 years of online payment experience, a combined transactional volume of US$48 billion in 2016 and over 2,600 staff located in 12 global locations, Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world. For more information, visit: www.paysafe.com.
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About Verifone
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting payment devices to the cloud—merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 35-year history of uncompromised security with approximately 30 million devices and terminals deployed worldwide. Our people are trusted experts who work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers.
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