Internal Analysis for Verifone, Inc
VeriFone often refers to itself as the “industry leader in secure electronic payment technology”. This bold statement is one that they can make based not only on the number of units they have installed in locations around the world, but also on the technology that stands behind their products. VeriFone is well known for its POS products. POS is an abbreviation for point of sale or point of service. As defined by WikiPedia, “this can mean a retail shop, a checkout counter in a shop, or a variable location where a transaction occurs in this type of environment. Additionally, point of sale sometimes refers to the electronic cash register system being used in an establishment. Points of sale systems’ are usually used in restaurants, hotels, stadiums, casinos, as well as retail environments. If something can be sold, it can be sold where a point of sale system is in use”. Adding to the convenience of being able to accept payment for good and/or services in any location, is also the comfort in knowing the transaction will be handled quickly and securely. VeriFone’s product lines include point of sale, merchant-operated, consumer-facing and self-service payment systems for multiple industries. These industries include financial, retail, hospitality, petroleum, and government and healthcare markets. The core competency of VeriFone is being able to provide a “world of secure payment solutions”. They have a vast array of products that manage this simple yet daunting task very well. Of course every business is different. They vary in size, shape, customer base and the way that payment is accepted. There is not a one size fits all solution. These methods may include payment by credit, debit, gift card and check transactions. The types of customers that use the technology supplied by VeriFone are retailers (in store as well as on-line), mail and telephone order companies. The reason that these businesses turn to VeriFone for their solution is primarily due to their core