25th Mar, 2015

Simplicity Through Payment as a Service

Originally posted on the VeriFone Blog

It’s no secret that businesses worldwide are turning away from long-term, capital intensive investments in favor of service-oriented projects they can finance on the go as predictable operational expenses. The same is happening in the world of payments.

When a business buys cloud services, they are leveraging the capital investments of their - paas.jpgvendor. In doing so, they are making themselves more agile and adaptable to changing business dynamics.

Payment as a Service is a natural evolution of the payments business.  It focuses on pulling together core services into components that can be mixed and matched by a client to deliver what they want, where they want and in a way that makes commercial and economic sense.

In today’s services-oriented business environment, you can’t be successful just selling “boxes.” Payments have become increasingly complex as a result of increased compliance requirements, security headaches, new forms of payments and the rapidly evolving needs of the mobile consumer.

Large retailers, for example, are striving to deliver a true omni-channel capability that ensures a seamless and consistent consumer experience in-store and online.  Independent software vendors who develop POS software and other commerce solutions want to get out of the increasingly complex payments business to focus on their own core competencies.

Although functionality of the payment terminal remains important, for many clients the speed, reliability and smoothness of the transaction are equally important. They want a simple ‘servicing of payments’ experience. They expect us to provide the payment tools with which they can ensure continuity, reliability and support.

Payment as a Service from Verifone provides everything needed to create seamless, secure payment acceptance and transaction management – in-store, online and mobile. This fully managed payment acceptance service is suited to businesses of all sizes, in all environments and in all vertical markets, including retail, hospitality, transportation, self-service, e-commerce and acquiring.

Clients can rely on a single integrated solution that includes hardware, software, gateways and support services via a cost effective subscription based package that includes 24/7 customer helplines, regional repair centers and field support.

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