GREENSBORO, N.C. & SAN JOSE, Calif.--(BUSINESS WIRE)--Gilbarco Veeder-Root, the worldwide leader in retail petroleum technology, and VeriFone Systems, Inc. (NYSE: PAY), the global leader in secure electronic payment solutions, today announced that they are partnering to offer next generation forecourt payment solutions and to create the largest at-pump interactive digital media network worldwide.
The two companies will collaborate on future fuel dispenser payment platforms to be developed and supplied by VeriFone. The solutions will meet convenience and fuel retailers’ functionality and regulatory needs in an increasingly complex payment ecosystem, as well as offer at-pump media advertising and entertainment.
Gilbarco will become the software and solutions integration lead and sales and service provider for forecourt payment systems developed under the partnership. The companies will work together to transition the payment electronics in Gilbarco’s global dispenser product lines to VeriFone technology. However, both companies will continue to develop and market their point of sale systems for the petroleum and convenience market independently.
In addition, Outcast Media, Gilbarco’s forecourt media business, and Applause TV, Gilbarco’s gas station TV network, will be merged with VeriFone’s digital media and VeriFone Digital Network (VNET) businesses.
“VeriFone’s partnership with Gilbarco, the world’s leading dispenser technology provider, is perfectly aligned with our terminal solutions and commerce enablement strategies and will allow us to offer the best payment and forecourt media solutions on the market to our clients around the globe,” said Paul Galant, CEO of VeriFone. “Our collective expertise and access to consumer insights provide significant business value to our clients, helping them increase sales at the pump and in-store.”
“Gilbarco’s leadership in the convenience and petroleum vertical and VeriFone’s expertise in secure payments and media engagement make this an ideal relationship,” said Martin Gafinowitz, President of Gilbarco Veeder-Root. “Gilbarco has the largest installed base of outdoor payment systems in our industry, and combining our deep knowledge of systems and software integration with VeriFone’s broad payment expertise will greatly benefit our customers.”
Future of Payments at the Pump
With the EMV liability shift deadlines rapidly approaching, forecourt payment system upgrades are an imperative for convenience stores to avoid taking on liability for fraudulent payment card charges. Not only do retailers’ payment systems need to comply with EMV, but many will elect to accept alternative payments as more consumers adopt new services to pay with their smartphones. Globally, Gilbarco and VeriFone have more EMV payment terminals in the field than any other industry provider, with a substantial EMV-capable installed base in the U.S. and terminals enabling EMV payment acceptance in Europe and Canada.
Building the Largest Interactive Digital Media Network in Fuel and Convenience
The VeriFone and Gilbarco partnership will create the industry’s largest and most powerful interactive digital media network. For consumer packaged goods (CPG) marketers and brand advertisers, VNET today reaches over 95 million monthly consumers within feet of a purchase decision.
Benefits for Convenience and Fuel Retailers
- Collaboration among two industry leaders to deliver a comprehensive pump, media and payment offering, providing a richer platform to meet increasingly complex payment technology needs
- Joint expertise that ensures ongoing compliance with EMV, appealing to security-conscious consumers
- A combined offering from Gilbarco and VeriFone that simplifies the EMV upgrade process through access to upgrade offerings across dispenser platforms and delivers convenience and best-in-class security to businesses and consumers
- Future-proof technology and reliable solutions capable of enabling mobile payment, digital loyalty and more, and backed by the industry-leading service and support network
- Higher levels of engagement and new forms of media and technology to grow C-store sales and enhance a consumer’s experience while fueling, through better content relationships
- A platform that will soon enable smart targeting based on location and consumer preferences
Benefits for Advertisers
- Reach over 115 million consumers monthly through VNET across multiple venue types, including petrol forecourts and c-stores, as well as transportation
- Increase brand awareness and inside sales by driving consumers from the island into the store with timely, location-aware advertising and offers at the pump and in store
- Tap into engaging and entertaining content curated for the on-the-go audience
- Leverage advanced data and analytics intelligence for superior targeting
About Gilbarco Veeder-Root
Gilbarco Veeder-Root is the worldwide technology leader for retail and commercial fueling operations. They offer the broadest range of integrated solutions from the forecourt to the convenience store and head office. For almost 150 years, Gilbarco has earned the trust of its customers by providing long-term partnership, uncompromising support and proven reliability. Major product lines include: fuel dispensers, pump media, point of sale systems, payment systems, tank gauges, software development and integration, fleet management systems, and nozzles.
About VeriFone and VeriFone Media
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions and retail technology for petroleum. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
The VeriFone Digital Network (VNET) now spans more than 140 media markets across the U.S. and the U.K., including all of the top 50 U.S. media markets, providing one-to-one, interactive media engagement across more than 50,000 screens in taxis, gas pumps, and convenience stores around the world with the merger of Outcast Media.
More information about this partnership can be found at: http://www.bestofpayandpump.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: the successful rollout of the VeriFone payment and media solutions with Gilbarco, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date such statements are made. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.