VeriFone Speeds POS Processing with Secure IP Enabled Terminals; Transaction Times Reduced to 2-4 Seconds
Editorial Contact:
Michelle Graff
VeriFone, Inc.
Tel: 770.754.3653
michelle_graff@verifone.com
Wired and wireless terminals support IP based dial, Ethernet, CDMA and GPRS technologies to create "always on" connectivity
LAS VEGAS, NV, April 8, 2003–VeriFone Inc., the worldwide leader in electronic payment solutions, today announced at the Electronic Transactions Association Meeting and Exposition being held here, that its Omni 3750 countertop terminal and its Omni 3600 wireless terminal have been enhanced to support the latest communication advances based on Internet protocol (IP) technology. This new capability allows transactions to be completed in about three seconds, considerably faster than traditional dial methods.
VeriFone is the first to offer secure wireless payment solutions that support the latest GPRS and CDMA 1X radio technologies, delivering high-speed data-packets directly to the processing host`s IP gateway. In addition to supporting advanced wireless communications, the VeriFone solutions support DSL, Cable Modem and VSAT connections via Ethernet, providing an integrated suite of IP connected technologies. VeriFone software securely wraps an existing payment authorization or settlement message in a TCP/IP envelope, thereby enabling payment and value added applications for high-speed communications. And since both the Omni 3750 and the Omni 3600 run on VeriFone`s Verix multi-application architecture, the same applications can seamlessly run in both countertop and portable environments.
"Bringing the speed, reliability, affordability and versatility of IP based technologies to the POS is arguably one of the most important technological advancements to touch the payments industry in recent years," said Bill Atkinson, senior vice president, business development, VeriFone. "Processors, acquirers and ISOs that are quick to embrace these solutions will gain the greatest market advantage."
IP not only supports very fast, end-to-end transaction speeds over wireline or wireless networks, but it also supports "always-on" connectivity, which eliminates the time-consuming dial-up process. These high-speed services are a huge advantage for merchants, particularly in market segments such as Quick Service Restaurants (QSR) where speed is essential.
VeriFone is working with connectivity partners including Transaction Network Services (TNS) to provide end-to-end secure access to its data networks via the Internet, eliminating the need for additional POS hardware.
"As a leading network transport provider to the POS industry, TNS is pleased to work with VeriFone to allow retailers, processors and ISOs to experience the speed and cost benefits of a complete IP POS solution," said Larry Crompton, SVP and GM of TNS` POS Division. "To meet our customers` ever-changing connectivity needs, TNS continues to enhance our access portfolio to enable merchants to utilize the latest communications access methods, including ISP-provided network services or wireless communications to access our proprietary network. Using an IP connection to access TNS` secure data networks for credit and debit authorizations translates into reduced network communication costs and faster transactions through an always-on connection."
Connecting directly to a processing host via TCP/IP communications utilizing Secure Socket Layer (SSL) security reduces the dependency on proprietary network access controllers and exponentially expands network bandwidth. This lowers an acquirer`s total cost of ownership, much the same way as home banking has for bill payment operations in recent years. Additionally, processors enjoy significantly reduced support costs using IP-enabled terminals. Software updates and configuration changes can be done quickly and seamlessly over high-speed networks, minimizing connect time and lowering associated costs.
About Transaction Network Services, Inc.
Since its inception in 1990, Transaction Network Services has designed and implemented one of the fastest, most reliable and lowest cost networks for the transport of transaction-oriented data. TNS` proprietary network technologies have been deployed in the United States and internationally, and TNS` network has become a preferred network servicing the trading community, card processing and dial-up automatic teller machine markets. For further information about TNS` transaction solutions, please refer to www.tnsi.com or visit them at ETA Booth 905.
About VeriFone, Inc.
VeriFone, Inc., (http://www.verifone.com) recognized worldwide as the trusted leader in secure electronic payment technologies, provides expertise, solutions and services for today with a smart migration strategy for tomorrow. VeriFone is leading the industry in the delivery of solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. VeriFone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare. VeriFone has shipped over ten million electronic-payment systems, more than twice the number of its nearest competitor, and leads North America in annual shipments.
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