Payment and commerce solutions company Verifone (NYSE: PAY) and global payments provider Paysafe (LON:PAYS) have announced an agreement for Paysafe to be the first adopter in the independent sales organization (ISO) space to deploy Verifone Connect with Carbon and Engage devices to its network of quick service restaurants (QSRs) and small and medium-sized businesses (SMBs) across the United States.
It is estimated that there are more than 240 thousand QSRs and 5.5 million small businesses in the U.S. With Verifone Connect, merchants can start, run and grow their businesses with secure and adaptable, end-to-end solutions that not only enable the acceptance of payments but allow businesses to increase consumer engagement and drive efficiency. Paired with any of Verifone’s Carbon or Engage devices, Connect empowers merchants to better manage their businesses with next-generation software and services. Key features include payment services, estate management, business solutions with merchant and consumer-facing apps, and new device purchasing.
The needs of the merchants we serve have become more and more complex as payment and business solution needs sometimes outgrow the capability of a standalone terminal,” said Todd Linden, CEO of Payment Processing, North America at Paysafe. “We’re excited to partner with Verifone to market Verifone Connect with both their Engage and Carbon devices in the U.S. Through this partnership, we can leverage powerful, reliable and secure capabilities to provide SMBs, who represent a significant and fast-growing market sector, with the next-generation of payment solutions and services, powered by Paysafe’s market-leading payment network.
Research suggests that there is increasing demand by SMBs for semi-integrated, cloud-based POS systems versus traditional standalone terminals that just accept payment. In today’s payment and commerce ecosystem, acquirers, processors, ISOs and Independent Software Vendors (ISVs) are all competing to provide merchants of all sizes with smarter payment technology and solutions that are easy to install and support, EMV-certified, and secure. In all, it is essential to keep up with the future of retail with POS innovations and the variety of payment technologies and supporting services merchants require.
As SMBs need more options and agile solutions to manage and grow their business, we are simplifying not just their payment needs but working with Paysafe to consolidate critical business apps such as customer and employee management and support into one solution,” said Joe Mach, president of Verifone North America. “This partnership signals a new era in merchant POS availability and we’re delighted that we can leverage Paysafe’s extensive merchant base and network. Our POS solutions are designed for fast-paced QSR and retail environments where security, speed, portability and mobility are critical foundations for success while accommodating the experiences consumers are coming to expect no matter the merchant’s size.
For Paysafe, the partnership supports its ongoing investment strategy in North America where it has identified significant growth opportunities. The news follows Paysafe’s acquisition last year of Merchants’ Choice Payment Solutions (“MCPS”), a payment processor based in Texas which has a significant footprint in the U.S. with a large network of merchant customers and ISO partners.