At the National Restaurant Association Show 2006 in Chicago today, the company launched two new products that enable payment ON THE SPOT: the Vx 670 for pay at the table, carside service and home delivery, and the QX720 for drive-thru lanes. Both systems allow consumers to swipe their own credit or PIN-based debit cards when paying for their meals, eliminating the need to hand over the card to a server or cashier. ON THE SPOT leverages VeriFone's established self-service payment systems technology already in common use in grocery stores and other retail environments.
"Full service restaurants in North America were the earliest adopters for credit card payment, but have lagged behind in recent years on card acceptance options that meet changing consumer needs," said Jesse Adams, VeriFone's executive vice president, North America Sales. "VeriFone recognized a need in the industry and applied our expertise to develop a suite of products specifically for restaurants that provides benefits for both customers and restaurant operators."
By allowing patrons to slide their own card rather than handing it over to another person, completing payment ON THE SPOT helps eliminate employee "skimming," an increasingly common practice in which cards are swiped through a specialized data capture device that records the card holder's account information, which can then be used for card fraud and identity theft. These new products allow the customer to control his or her card throughout the payment process.
The benefits of paying ON THE SPOT extend beyond security. With the Vx 670, for example, customers can initiate their own payments, reducing the number of steps for closing out checks from eight to three, speeding up the entire payment process, freeing up server time, and increasing table turns. The QX720 will speed up payment in drive-thru lanes, allowing quick-serve restaurants to provide faster service and realize increased revenue. Restaurant owners may also benefit from reduced credit card processing fees when customers use PIN-based debit cards, which incur lower processing fees than signature-based debit and credit payments.
"Our research shows that customers desire the same safe, convenient payment options in restaurants that they already enjoy in other areas of their lives," continued Adams. "In fact, more than 70 percent of full-service restaurant patrons who participated in a February intercept survey conducted by Moore and Symons noted that they would be comfortable paying 'on the spot' and almost 60 percent noted that they are concerned about the security of their payments using the current method."
The VeriFone Vx 670 is designed for secure payment at any point of service and, utilizing either secure Wi-Fi or GPRS cellular transmission, allows payments to be made at the table, at the customer's car for carry-out orders and at the customer's home for delivery orders. The device weighs less than one pound, features a built-in thermal printer and allows consumers to enter their own PIN number for debit card transactions.
The VeriFone QX720 is designed for convenience-oriented service businesses that operate drive-thru facilities, like quick-service restaurants and pharmacies, and unattended locations such as parking lots. The QX720 is encased in a rugged, weather-resistant housing to withstand the environmental rigors of outdoor use and to resist vandalism or tampering. It features a display that is highly readable in sunlight and was designed to ensure consumer ease-of-use in drive-thru and other types of unattended operations.
Additional Resources: www.verifone.com/hospitality
About VeriFone Holdings, Inc. (www.verifone.com)
VeriFone Holdings, Inc. ("VeriFone") (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. VeriFone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. VeriFone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare.