In a bid to be ready for the phasing out of
cheques by 2018, Cambridge Building Society (CBS) has overhauled
its traditional paper processes by deploying a bespoke version of
electronic payments solutions provider Verifone’s card payments
solution, PAYware Express.
Verifone claims the solution offers everything
required for card acceptance, including the payment device, POS
client or virtual terminal application, the payment gateway,
web-based management and reporting tools.
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“While many of our customers are attracted to
our personal ‘counter-based’ services, we were experiencing a
number of requests to accept card payments,” said Trevor
Tannenbaum.
“New customer opportunities were being lost as
we had no way of accepting payments over the phone. In the longer
term we also wanted to ensure we had a secure card system in place
well before the phasing out of cheques in 2018.”
Using PAYware Express, CBS can open accounts
over the phone and take payments through its call centres.
Tannenbaum credits the ability to transact by card for increasing
CBS’ revenue streams and revealed the building society may now
start to look at expanding into online transactions.
“We chose Verifone because they were the
supplier most able to respond to our requirements,” he added.
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By GlobalData“Security is crucial to us and the way we
operate. Not just in terms of the traditional regulatory and
legislative requirements but also how our branch counters and
internal processes are set up. [Verifone] listened to our needs and
was happy to tailor its solution to fit, creating a bespoke version
just for us.”
Verifone has launched an aggressive European
expansion strategy and over the last two months signed a strategic
partnership with digital security provider Gemalto and submitted a
proposal for the acquisition of electronic transaction security
provider Hypercom.
Its PAYware Merchant managed service, a PCI
DSS compliant payments platform that is claimed to integrate with
virtually any front-end POS system, is now available across
Europe.
“The Gemalto partnership fills out our
pan-European distribution network,” said Shaun Burger, Verifone’s
vice-president for North Europe and MEA.
“We are now well positioned to execute our
European expansion strategy regardless of whether our offer to
acquire Hypercom is completed.”
