PayPal and Verifone expand their collaboration to develop a new product
PayPal and Verifone have announced an expanded relationship. The aim is to broaden the seamless omnichannel product offering. It is a payment acceptance solution for corporate and retail merchants. The partnership includes the pooling of Verifone’s payment assets. This will allow users to pay bills through a personal account. PayPal, in turn, will provide Braintree’s technology for processing corporate and e-commerce payments. Through this collaboration, the companies will be able to offer their customers enhanced transaction capabilities.
Alex Kriss, director of PayPal, sees the Verifone partnership as important for both parties. It opens up a wide range of opportunities to improve payment processing. In addition, the companies’ capabilities will help them quickly scale processes and enhance the customer experience. The solution aims to improve operations for the following sectors:
– large retail;
– food, clothing and other merchandise retailers;
– quick service restaurant chains;
– consumer electronics wholesalers;
– concert and cinema ticketing.
The new solution will help businesses maximise their e-commerce payment capabilities. It will also enable them to scale their operations without having to redesign their processes fundamentally.
Solution features
Verifone’s Himanshu Patel believes that PayPal offers a unique solution for customers. It will meet even the most complex requirements. The technology combines innovative approaches that provide a high level of security and a wide range of functionality.
The companies’ customers will have access to the following PayPal tools:
– enterprise-level payment processing products;
– solutions to strengthen authorisation;
– technologies to reduce costs;
– fraud mitigation capabilities;
– solutions to increase conversions.
Verifone offers in-store payment solutions that are compatible with enterprise software and point-of-sale platforms. The company also provides a variety of payment devices that synchronise with merchant operations across multiple verticals.
Partners provide global connectivity and local technical support. They tailor the offering to a multitude of regional variations. This allows them to reach a wide network of customers and provide unique tools for business growth.
The partnership with Verifone will allow PayPal to expand the capabilities of the PayPal Open Commerce platform. This is a feature-rich ecosystem designed to manage payments and drive business growth. The open-source solution gives customers the ability to customise functionality to meet their needs. It also supports the integration of third-party tools built on top of the platform. PayPal Open currently powers more than 400 million customer accounts.
