Verifone

What is Verifone

Verifone is a global company that provides technology for electronic payment transactions and value-added services at the point-of-sale. Founded in 1981 and headquartered in Coral Springs, Florida, USA, Verifone has become a major player in the payments industry. The core purpose of the company is to offer secure, reliable, and flexible payment solutions for businesses of all sizes across various sectors. Its main functionality includes providing payment hardware like countertop and portable card terminals, a payment gateway for online transactions, and comprehensive payment processing services. Verifone serves industries such as retail, fuel and convenience stores, hospitality, and food and beverage, helping them manage in-person, online, and omnichannel payments seamlessly.

Verifone Features

Verifone offers a complete ecosystem of payment products and services designed to handle all aspects of commerce.

• Payment Devices: Verifone provides a wide range of physical payment terminals. This includes countertop devices for fixed checkout locations, portable and mobile terminals for pay-at-table or on-the-go transactions, and unattended kiosks for self-service environments. These devices support various payment methods, including credit/debit cards, contactless payments (NFC), and mobile wallets.
• Payment Gateway: For online businesses, Verifone's payment gateway securely processes e-commerce transactions. It connects a merchant's website to the payment processing network, ensuring that customer data is encrypted and transactions are authorized safely.
• Payment Processing: Verifone acts as a payment processor, offering end-to-end merchant services. This means they handle the entire transaction lifecycle, from authorization and settlement to funding, simplifying the payment acceptance process for businesses.
• Omnichannel Solutions: The platform connects in-person and online sales channels. This allows businesses to create a unified customer experience, where customers can buy online and return in-store, or use loyalty points across different platforms.
• Industry-Specific Solutions: Verifone develops tailored solutions for specific industries. For example, their Petro and Convenience solutions integrate payment at the pump and inside the store, while their hospitality solutions manage restaurant and hotel payments efficiently.
• Advanced Security: All Verifone products are built with high-security standards, including PCI compliance and end-to-end encryption, to protect sensitive payment data and reduce fraud risk.

Verifone Pricing Plans

Verifone's pricing is customized based on the specific needs of each business. There are no standard public pricing tiers. Instead, the cost depends on several factors, including the type and quantity of payment devices required, the expected monthly transaction volume, the specific industry, and the set of software services needed. Potential customers must contact the Verifone sales team to receive a custom quote. The company provides solutions tailored for different business sizes:

• Small Business Merchants: Solutions designed for simplicity and reliability, often including a terminal and a straightforward processing plan.
• Enterprise Merchants: Custom, scalable solutions for large retailers and global brands that require omnichannel capabilities, advanced analytics, and integrations.
• Banks & Acquirers: White-label solutions and partnership opportunities for financial institutions that want to offer Verifone's technology to their own merchant clients.
• ISVs & ISOs: Programs for independent software vendors and sales organizations to integrate Verifone's payment technology into their own products.

Verifone Free Plan

Verifone does not offer a free plan for its payment processing services or hardware. As a provider of physical payment terminals and comprehensive merchant services, its business model is based on hardware sales or leases and transaction fees. Businesses interested in using Verifone's solutions can request a demo or a consultation with their sales team to understand the products and receive a custom price quote tailored to their requirements.

How to use Verifone

Getting started with Verifone involves a consultation process to create a tailored payment solution.

1. Contact Sales: The first step is to reach out to the Verifone sales team through their website to discuss your business needs.
2. Needs Assessment: A Verifone representative will work with you to understand your industry, sales volume, and whether you need in-person, online, or omnichannel payment capabilities.
3. Receive a Custom Proposal: Based on the assessment, Verifone will propose a solution that includes specific hardware (like payment terminals), software, and a pricing structure for payment processing.
4. Setup and Installation: Once you agree to the proposal, Verifone will ship the necessary hardware. You will then set up the devices and integrate the payment gateway with your website or POS system, with support from their technical team.
5. Start Processing Payments: After setup is complete, you can begin accepting payments from your customers. The Verifone system will handle transaction authorization, settlement, and reporting.

Pros and Cons of Verifone

Pros:

• High Reliability: Verifone is known for its durable and reliable hardware that can handle high transaction volumes.
• Global Presence: The company operates in over 165 countries, making it a good choice for international businesses.
• Strong Security: Verifone places a strong emphasis on security, with PCI-compliant devices and end-to-end encryption.
• Industry-Specific Solutions: They offer specialized hardware and software for industries like petroleum and hospitality.
• Wide Range of Products: From simple terminals to complex omnichannel platforms, they have a solution for almost any business type.

Cons:

• Complex Pricing: Pricing is not transparent and requires a custom quote, which can be a lengthy process.
• Long-Term Contracts: Businesses may be required to sign long-term contracts for hardware leases and processing services.
• Less Modern Interface: Compared to newer competitors like Square or Stripe, some of Verifone's user interfaces can feel less intuitive.
• Cost: For small businesses, Verifone can sometimes be more expensive than other all-in-one solutions.

Verifone integrations

Verifone's platform is designed for extensive integration and has a network of over 2,500 partners. This allows its payment solutions to connect with a wide variety of business systems.

• Point of Sale (POS) Systems: Verifone devices integrate with hundreds of POS systems used in retail and hospitality, allowing for a smooth checkout process.
• E-commerce Platforms: The Verifone payment gateway can be integrated with major e-commerce platforms like Magento, WooCommerce, and Shopify to process online payments.
• Stripe Integration: Verifone has a key partnership with Stripe, allowing Stripe's online payment processing to be used natively on Verifone's in-person payment devices for a unified commerce experience.
• Business Software: Integrations are available for accounting software, loyalty program platforms, and other business management tools to sync sales data automatically.

Verifone Alternatives

• Ingenico: A direct competitor to Verifone, Ingenico also manufactures a wide range of payment terminals and provides processing solutions. The choice between them often comes down to specific device features, regional availability, and pricing.
• Stripe: While also a partner, Stripe is a major alternative, especially for online and omnichannel businesses. Stripe is known for its developer-friendly APIs, transparent pricing, and modern software, but Verifone has a stronger focus on specialized hardware.
• Square: Square is a popular choice for small to medium-sized businesses, offering simple, all-in-one solutions that combine POS software, hardware, and payment processing with clear, flat-rate pricing. Verifone is generally more suited for larger, more complex enterprises.
• Adyen: Adyen provides a single platform for processing payments globally across online, mobile, and in-store channels. It is a strong competitor for large enterprise and e-commerce businesses that require a unified global payment solution.

Verifone API

Yes, Verifone provides a comprehensive set of APIs for developers to integrate its payment solutions into their own software, mobile apps, and websites. The Verifone Developer Portal offers documentation, SDKs, and tools to facilitate these integrations. To get API keys, developers or businesses typically need to become a Verifone partner or client. Access is usually granted after signing up and having your project approved.

Here is a conceptual example of what an API call to initiate a payment might look like in JavaScript (this is for illustrative purposes only):

const verifoneApi = new VerifoneSDK({ apiKey: 'YOUR_API_KEY' });

async function createPayment(amount, currency, paymentMethod) {
  try {
    const paymentIntent = await verifoneApi.payments.create({
      amount: amount, // e.g., 1000 for $10.00
      currency: currency, // e.g., 'usd'
      payment_method: paymentMethod, // e.g., 'card_12345'
      capture_method: 'automatic'
    });
    console.log('Payment successful:', paymentIntent);
    return paymentIntent;
  } catch (error) {
    console.error('Payment failed:', error);
    throw error;
  }
}

// Usage
createPayment(2500, 'usd', 'customer_card_token');

Verifone Affiliate program

Verifone does not have a traditional public affiliate program where individuals can sign up to earn commissions by promoting their products with a link. Instead, they operate a Partner Program aimed at businesses. This program is designed for Independent Software Vendors (ISVs), Independent Sales Organizations (ISOs), system integrators, and financial institutions. Partners can integrate Verifone's payment technology into their own offerings, resell Verifone products, and earn revenue through various models, including revenue sharing. To join, interested businesses must contact Verifone directly through their website to discuss partnership opportunities.