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February 28, 2011
VeriFone Systems, Inc. announced that it has received a contract for the supply of its PAYware Merchant card payment and settlement hosted service to Arcos Dorados.
Arcos Dorados manages the McDonald’s brand in Latin America. It is a large restaurant operator in Latin America and the largest McDonald’s franchisee in the world. The company plans to implement PAYware Merchant in 220 McDonald restaurants in Argentina and Uruguay.
The solution will be integrated with a proprietary POS system for accommodating card payment processing at the point of sale.
According to Arcos Dorados officials, the company has been contracted to lease VeriFone card acceptance systems which will offer individual restaurants either the VX 810 PINpad or MX 870 multimedia payment system. Further, this agreement helps in launching these services in other countries also.
Pablo Corona, Arcos Dorados systems director, South Division of Latin America said in a release, “We were looking for payments and security expertise, and VeriFone provided the knowledge and technology to support our efforts. We found the perfect match for PCI (News - Alert) DSS compliant hardware and software while increasing transaction reliability.”
The service will enable customers to swipe their cards on a VeriFone acceptance device connected to a cash register. The cash register POS then passes the transaction to PAYware Merchant which then implements the payment processing authorization and settlement processes between the acquirer and the restaurant system.
PAYware Merchant which is a part of the PAYware suite of software products is most suitable for medium-to-large sized merchants and retailers who require the functionality to process a high volume of electronic payments through any channel.
Also this solution supports EMV chip and PIN, provides rapid payment processing that can be integrated with any front-end POS system to increase revenue, reduce costs and improve customer satisfaction, added officials.
VeriFone Systems specializes in secure electronic payment solutions. Its solutions and services add value to the point of sale in the case of consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets.
Gustavo Jimenez, vice president and general manager of the Integrated Systems group at VeriFone Latin America said, “We look forward to rolling these capabilities out through the Arcos Dorados McDonald’s system. Our ability to provide a regional hosted services package was the key element in a tremendous win for VeriFone payment solutions.”
VeriFone Systems also announced that aspiring mobile payment service companies should engage with retailers in determining market requirements to enable mobile phone-initiated payments and services at the retail point of sale.
Shamila Janakiraman is a contributing editor for TMCnet. To read more of Shamila’s articles, please visit her columnist page.
Edited by Janice McDuffee