Verifone (2Checkout)

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, Verifone has become a major player in the payments industry, with its headquarters in Coral Springs, Florida, USA. The company's core purpose is to offer secure, reliable, and innovative payment solutions for businesses of all sizes. Its main functionality includes providing payment hardware (like countertop and portable terminals), payment gateways for online transactions, and comprehensive payment processing services. Verifone serves a wide range of industries, including retail, hospitality, petroleum, and transportation, helping them to accept various payment types and manage transactions efficiently across different channels.

Verifone Features

Verifone offers a complete ecosystem of products and services to handle payment needs.

• Payment Devices: Verifone provides a wide array of physical point-of-sale (POS) terminals. This includes countertop devices for fixed checkout locations, portable wireless terminals for restaurants, and mobile solutions (mPOS) that attach to smartphones or tablets for payments on the go.
• Payment Gateway: For businesses that sell online, Verifone's payment gateway securely processes credit card and other digital payments. It is designed to reduce cart abandonment and protect against fraud.
• Payment Processing: Verifone offers end-to-end payment processing services. This means they handle the entire transaction lifecycle, from the moment a customer pays to the settlement of funds into the business's account.
• Omnichannel Solutions: This feature unifies payments across all sales channels. A customer can buy online and return in-store, or start a transaction on a mobile app and complete it at a physical location. This creates a seamless customer experience.
• Industry-Specific Solutions: Verifone develops tailored solutions for specific markets. For example, they offer pay-at-the-pump systems for gas stations and specialized terminals for hotels and restaurants that handle tips and table management.
• Developer Platform and APIs: For businesses with unique needs, Verifone provides APIs and SDKs. This allows developers to integrate Verifone's payment capabilities directly into their own software, mobile apps, or custom POS systems.

Verifone Pricing Plans

Verifone's pricing is customized based on the specific needs of each business and is not publicly listed in standard tiers. To get pricing information, businesses must contact the Verifone sales team for a custom quote. The final cost depends on several factors:

• Hardware Costs: The price varies based on the type and number of payment terminals purchased or leased.
• Software and Services: Fees for using Verifone's payment gateway, security services, and other software solutions.
• Transaction Fees: A percentage or flat fee charged for each transaction processed.

Typically, Verifone creates packages for different business sizes, from small local businesses needing a single terminal to large enterprise merchants requiring a complex, multi-location omnichannel setup.

Verifone Free Plan

Verifone does not offer a free plan for its services. Its business model is based on selling hardware and charging for transaction processing and software services. There is no free trial available in the traditional sense, as the setup involves physical hardware and merchant account configuration. However, potential customers can schedule a demo or consultation with the sales team to see how the solutions work and discuss their business requirements before making a commitment.

How to use Verifone

Getting started with Verifone involves a consultation process to ensure the solution fits your business.

1. Contact Sales: The first step is to reach out to the Verifone sales team through their website to discuss your business needs, sales volume, and required features.
2. Receive a Proposal: Verifone will provide a customized proposal that outlines the recommended hardware, software, and associated costs.
3. Setup and Installation: Once you agree to the proposal, Verifone will ship the payment devices. You will need to set up the terminals by connecting them to your network and integrating them with your existing POS system if applicable.
4. Configure Your Account: You will configure your merchant account settings, including the types of payments you want to accept (credit, debit, mobile wallets).
5. Start Processing Payments: Once set up, you can begin accepting payments from customers in-store or online.
6. Manage and Report: Use the Verifone merchant portal to view transaction history, track sales data, and generate reports to monitor your business performance.

Pros and Cons of Verifone

Pros

• High Reliability: Verifone terminals are known for their durability and dependable performance.
• Strong Security: The company invests heavily in security features to protect against fraud and ensure PCI compliance.
• Global Acceptance: Verifone solutions are used in over 165 countries and support a wide range of currencies and payment methods.
• Comprehensive Solutions: They offer a complete package of hardware, software, and processing, which simplifies vendor management.
• Industry-Specific Features: Tailored solutions for industries like petroleum and hospitality meet unique business needs effectively.

Cons

• Complex Pricing: The lack of transparent pricing makes it difficult to compare costs without a formal quote.
• Cost: Can be more expensive than newer, simpler solutions, especially for very small businesses or startups.
• Long-Term Contracts: Some solutions may require long-term contracts with early termination fees.
• Less DIY-Friendly: Setup and integration can be more complex compared to plug-and-play solutions like Square.

Verifone Integrations

Verifone boasts a large ecosystem with over 2,500 partner integrations, allowing its solutions to connect with many popular business systems.

• Point of Sale (POS) Systems: Integrates with major POS providers like Oracle MICROS, NCR, and Lightspeed to synchronize sales and payment data.
• E-commerce Platforms: Connects with platforms such as Magento, WooCommerce, and Shopify through plugins and APIs to process online payments.
• Stripe Integration: A key partnership allows businesses to use Stripe's processing infrastructure with Verifone's in-person payment devices for a unified commerce experience.
• Accounting Software: Integrations with software like QuickBooks help automate financial reconciliation.
• Loyalty Programs: Connects with various customer loyalty and gift card platforms to manage rewards at the point of sale.

Verifone Alternatives

• Ingenico: A direct competitor to Verifone, Ingenico also offers a wide range of secure payment terminals and processing solutions globally. The choice between them often comes down to specific device features and regional support.
• Square: Ideal for small to medium-sized businesses, Square is known for its simple, transparent pricing and easy-to-use hardware and software. It offers a more integrated, all-in-one POS system than Verifone's traditional terminal focus.
• Clover: Owned by Fiserv, Clover provides a complete POS and payment ecosystem with its own stylish hardware and app market. It is often sold through banks and is a strong competitor for retail and restaurant businesses.
• Adyen: A modern payment platform that focuses on providing a single, unified solution for online, mobile, and in-person payments. Adyen is popular with large, global enterprises that require a flexible, API-first approach.

Verifone API

Yes, Verifone provides a comprehensive set of APIs and SDKs for developers. This allows businesses and software vendors to integrate Verifone's payment functionalities directly into their own applications, websites, and software systems. The Verifone Developer Portal is the central resource for accessing documentation, guides, and API specifications.

To get an API key, you typically need to create a developer account on the Verifone portal. For live transaction keys, you must have an active merchant account. Sandbox keys are usually available for testing purposes after registration.

Example API Request (Conceptual):

This is a simplified example of what a JSON payload to create a payment might look like:

{
  "amount": 1000,
  "currency": "USD",
  "payment_method": {
    "type": "card",
    "card_number": "...",
    "expiry_month": 12,
    "expiry_year": 2025,
    "cvv": "123"
  },
  "customer_id": "cust_12345"
}

Verifone Affiliate Program

Verifone does not have a traditional public-facing affiliate program where individuals can sign up for a link and earn commissions. Instead, it operates a Partner Program aimed at businesses. This program is designed for Independent Sales Organizations (ISOs), Independent Software Vendors (ISVs), resellers, and system integrators who want to sell Verifone products or incorporate Verifone's payment technology into their own offerings. Partners typically earn revenue through sales commissions, revenue sharing on transaction fees, or by marking up hardware. To join, interested companies should contact Verifone directly through the 'Partners' section on their website to discuss a potential partnership.