Explain Vantiv’s relationship to Verifone.
We have a long-standing relationship based on an opportunity to leverage Verifone’s technology in the Vantiv channels of business. We are doing a lot together—more now than ever. And it is incredibly beneficial for both companies. Our relationship is very deep and wide— ranging from national to mid-market, to small mom-and-pop shops, to provide technology for the changing payment industry.
What are your typical merchants like? What are their pain points? What are they looking for?
More than ever, they have to respond to change very quickly. Change can be disruptive and expensive. The value we bring to these businesses is to assist in the angst associated with change, and to create an opportunity for the merchant to save money, invoke stronger security and create new sales.
Are you excited about Verifone Carbon?
Very excited. Carbon is an excellent example of bringing technology to eliminate the burden of change in the marketplace. It has the latest security and flexibility to meet the needs of a large group of businesses, from small retailers to health care providers and beyond.
How do you feel Carbon will grow your SMB strategy? What kinds of businesses do you think would be early adopters?
Carbon is a secure platform that can be used differently for different merchants. A large retailer might see it as the opportunity to bring mobility to their business. The way they use Carbon might not be the same as a mom-and-pop business, but they both get a smart terminal with advanced features, better security, the standardization of EMV and other payment types, and many other benefits.
In the last five years, we’ve made tremendous strides in the payment industry and Carbon is a great example of that. The beauty of Carbon doesn’t just lie in its physical appearance—it’s what’s behind all of that. The fact that we can make updates online, in a secure way, is a tremendous advantage for merchants. In years past, a merchant may have needed to purchase new hardware or wait for an update. Carbon has the security to allow seamless updates for the merchants.