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Time for a holistic approach to payments

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With retailers squeezed on all fronts to deliver better service at reduced cost, there has never been a greater need for flexible payments solutions and consultative partnering according to Raja Ray, Director of Software Solutions at VeriFone. He believes that end-to-end solutions including PIN pads, point-of-sale (POS) devices, software and hosted payments platforms, can offer retailers a more effective route to compliance while reducing capital costs and creating more integrated and efficient payments.

Advancing technology, changing consumer habits and increasing legislation, has already seen heavy investment in retail payments infrastructure over the past few years. Without doubt, contactless, mobile apps and PCI evolution, are likely to fuel further financial outlay in the year ahead.

Despite continual investment, however, many retailers are still struggling to keep pace with change. VeriFone is urging them to take a step back and look at how they can unify their approach to payments.

We believe that by working more closely with experienced industry partners, merchants can eliminate the current ‘piece-meal approach’ to payments that prevents total multichannel integration; sapping internal resources and drawing vital IT focus away from their primary objective – maximising revenue.

Taking A Radical New Approach

Currently many retailers buy hardware, software, support, services from different payments vendors. Many also run their own payments platform in-house which requires a dedicated IT staff, huge capital investment and ongoing operational costs.

To help them change this fragmented model, VeriFone has pulled together its extensive global capabilities and offerings under a new solution called PAYware Merchant Managed Service. This unique hosted payments platform, delivers all the benefits of a bespoke in-house system but without the associated investment and resourcing.

So how does it work?

Our PAYware Merchant Managed Service is a total card acceptance solution that enables retailers and merchants to seamlessly accept and process card payments in a safe, secure, reliable and cost-effective manner.

The solution has been designed to tackle a number of requirements associated with card acceptance. It is PCI DSS certified and offers end-to-end encryption and tokenisation to reduce the scope, cost and effort needed to achieve PCI DSS compliancy.

It also provides seamless integration between the POS and the card payment layer, to ensure a faster, better and more reliable customer experience; and to help reduce employee fraud and offer better reconciliation between store systems.
A critical process; card payment requires 100 per cent availability and uptime. Our PAYware platforms are proven in over 200 UK merchant implementations including high volume Tier 1 retailers and are designed to deliver continuous uptime and availability and safeguard sensitive data 24/7. Our Managed Service also includes store and till level components allowing retailers to continue to trade even if systems are offline.

While PAYware Merchant Managed Service removes the pain of payments, it leaves retailers with ultimate control. It still allows them to control their payment application, define the customer experience, configure settings, manage transactional and store data and undertake specific back office integration. All of this helps to ensure low cost of ownership and maximum return on investment. Our Managed Service not only helps merchants to manage cost but is architected to be future proof and helps to minimise ongoing changes to POS and retail systems.

A Trusted & Added Value Partnership

We recognise that outsourcing card acceptance is a serious business. Retailers need a provider who can demonstrate expertise in payments and has the scale, sustainability and breadth of products to deliver a long-term partnership.

As the global leader in secure electronic payment solutions, VeriFone provides expertise, products and services that add value to the point of sale for vertical markets including financial, retail, hospitality and petroleum. For over 40 years, we have been making payments integration easy for customers and today, we have more card acceptance systems installed in the retail space than any other vendor. Importantly, VeriFone touches every element of the payments value chain as we work closely with merchants, acquirers, processors, card associations and industry trade bodies.

Our leadership in the area of payments security is unrivalled – we are the only technology vendor that sits on the PCI Security Standards Council and we are founding members of the Secure POS Vendor Alliance. VeriFone’s proven end-to-end encryption and tokenisation security solutions are installed in retailers and banks worldwide.

We are one of the few suppliers able to offer a full end to end solution that includes payments hardware and software, through to bespoke design and consultation.
At the end of the day, our role is to make life easier for retailers - today and tomorrow; freeing their IT departments to focus on making their retail, sales and service operations even better.

With the PAYware Merchant Managed Service, we can now provide retailers with a commercially viable, secure and reliable outsourcing solution that, if required, can cover all the hardware, software and associated elements - removing retailers’ operational burden and creating a new holistic approach to the payments chain.

Download VeriFone’s Top 10 Tips for Better Payments at here for free. You must be a registered Retail Gazette user to download this document.

Published on Thursday 17 February by Editorial Assistant

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