A terminal provider typically refers to a manufacturer, vendor and/or service provider that offers either actual (physical) point-of-sale (POS) payment card processing terminals and systems, or a virtual credit card processing terminal, to merchants who conduct brick-and-mortar retail and/or online sales.
Often, the products that a terminal provider manufactures and sells are selected for use in equipment programs being launched by payment systems providers and sold via Independent Sales Organizations (ISOs).
Highly visible examples of terminal providers include the worldwide payment systems company VeriFone, a leader in secure electronic payment technologies that provides expertise, solutions and services in the field. VeriFone heads the industry in the delivery of 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 such as financial, retail, government and healthcare. VeriFone has sold and shipped over ten million electronic-payment systems, more than twice the number of its nearest competitor.
One popular model, the Omni 3750 terminal, has sold nearly a quarter of a million units in over fifty countries. The terminal features a powerful 32-bit processor, EMV 4.0 smart card certification, Triple DES and PED PIN security, up to 4MB of memory for value-added applications and an array of interchangeable communications modules supporting 2400bps and 14.4Kbps modems, Ethernet or ISDN technologies.
The Phoenix, Arizona-based Hypercom Corporation is another well-known and widely used terminal provider working internationally. Widely recognized as a global payment technology innovator, Hypercom has delivered complete card payment terminals, network access devices, servers and transaction networking solutions that help merchants and financial institutions generate revenues and increase their overall profits. Hypercom’s card payment terminal, network and server solutions are in operation in more than 100 countries.
One of Hypercom’s popular models is the T7Plus, a highly capable terminal with a great number of features that is known for dependability. “This makes it an appealing platform for our new free equipment program,” said Tom Della Badia, Vice President of IRN, a leading ISO. “At the same time, we have seen the capabilities of Hypercom’s other products and the loyalty of the installed customer base through years of selling their line, and we are endorsing them as our terminal provider of choice given the significant technology and reliability advantages they offer to ISOs and end users.”
Lisa Shipley, Senior Vice President of National Sales for Hypercom North America, says, “IRN’s market presence is considerable, and their selection of our T7Plus for their free equipment program validates the competitive benefits of our ‘lockdown’ software. This is a strong partnership that is expected to immediately drive new revenues and also open the door to adoption of our products by other organizations that may be planning similar free terminal initiatives.”
Hypercom’s T7Plus, a small POS terminal for tabletops, accepts every type of magnetic stripe card, delivers quick online authorization transactions, provides shortcut keys that quicken operation and has a built-in thermal printer that prints out receipts in a fraction of the time of previous-generation machines. The printer loads quickly with a unique drop-in technique, which eliminates the need to run paper through slots and rollers. It works virtually without jams, and allows long paper rolls to reduce frequent changes of paper. The T7Plus is the next in line after the company’s T7P, one of the most successful payment terminals in the industry with more than three million devices sold.