| Type | Public (NYSE: PAY) |
|---|---|
| Founded | Hawaii, USA (1981) |
| Founder(s) | William "Bill" Melton |
| Headquarters | San Jose, California, USA |
| Website | http://www.verifone.com/ |
VeriFone is a company that makes point-of-sale equipment. It was founded and incorporated in Hawaii in 1981, and named itself after its first product, the name standing for Verification telephone.
Hewlett-Packard acquired VeriFone in a $1.18bn stock-swap deal in April 1997. Four years later VeriFone was sold to Gores Technology Group in May 2001. VeriFone is based in San Jose, California and has offices in the United States, UK, Philippines, India and Singapore. It has R&D centers in the US, Ireland and India. The President and CEO is Douglas G. Bergeron.[1]
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VeriFone, Inc. is an international producer and designer of electronic payment solutions.[2] Its principal product lines have included point of sale, merchant-operated, consumer-facing and self-service payment systems for multiple industries, notably financial, retail, hospitality, petroleum, government and healthcare markets.
VeriFone has sold numerous point-of-sale credit card reading products, including the ZON Jr (1984), Tranz 330 (1987), Omni 460 (1991) and Omni 3200 (1999) which were the most successful transaction terminals of their times. The company's most popular current products include the Omni 3700 Family, featuring the Omni 3750 and Omni 3740. In 2004, VeriFone introduced its newest line of products, Vx Solutions (also called VerixV). These include the Vx510 and Vx570, which are countertop terminals offering dial-up or Ethernet access, and the Vx610 and Vx670 which are portable, include batteries, and an integrated wireless communications module. The Vx610 is offered in GPRS, CDMA, and WiFi wireless configurations, and is considered a 'countertop mobile' product. The Vx670 is a true portable or 'handover' version available with GPRS, WiFi, and as of November 2007, Bluetooth-integrated communications modules.[3] The Vx670, in particular, is a deterrent against the theft of credit information because the customer is not required to relinquish possession of his or her credit card; instead transacting directly with the Vx670 in a 'pay at table' sense. The Vx510 is repackaged as Omni 3730, capitalizing the huge sales of the Omni 3700 series. A derivative of Omni3730 is the Omni 3750LE, which has reduced features, but lower price.
In 2005 VeriFone released its first full color EFTPOS terminal, the MX870. The MX870 is capable of full screen video and is used to build applications by VeriFone customers. The MX870 is the first in the MX800 series of Visual Payment Terminals. All of these terminals run Embedded Linux and use FST FancyPants and the Opera browser for their GUI platform.
On November 1, 2006 VeriFone completed its acquisition of Israeli company Lipman, and added NURIT solutions to its growing portfolio.[4]
In 2009, VeriFone partnered with Hypercom and Ingenico to found the Secure POS Vendor Alliance, a non-profit organization whose goal is to increase awareness of and improve payment industry security. [5]
In 2010 VeriFone announced the VX Evolution product line, designed to PCI PED 2.0 specs and providing native support for VeriShield Total Protect, VeriFone's encryption and tokenization solution.[6] The VX Evolution line is an extension of VeriFone's countertop and PIN pad products and included a number of upgrades from earlier models, such as full color display, ARM 11 processors and a fully programmable PIN pad.