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1 (800) 837-4366Company Overview
Verifone is an international payment service provider headquartered in San Jose, California. In 2018 Verifone was acquired by the investment group Francisco Partners for $3.4 billion. Verifone is a merchant account provider that focuses on mobile POS solutions for small to medium businesses. Francisco Partners has announced it wants to take Verifone towards general payment solutions and e-commerce that go beyond physical kiosk POS systems, but that Verifone’s existing technology provides a good foundation to expand on.
In 2020 Verifone acquired credit card payment provider 2Checkout. 2023 saw a partnership with Lacework and acquisition of AJB Software Design.
Verifone Payment Processing
Verifone processes all major debit and credit cards for most business types. Their services include POS solutions, mobile solutions, EMV and PIN card readers, kiosks and unattended payments, virtual terminals and payment gateways, QR codes, device management, recurring billing, and data reporting and analytics.
Point of Sale Systems from Verifone
Verifone offers a range of point-of-sale (POS) systems. These devices and their accompanying software allow businesses to process transactions, manage inventory, and track sales, thus providing an all-in-one solution for a business’s payment processing needs.
Mobile Payment Solutions by Verifone
With the rise of mobile commerce, Verifone has developed mobile payment solutions. This service facilitates the processing of card payments using mobile devices, providing a flexible and convenient option for businesses with diverse operational needs.
Verifone’s E-Commerce Solutions
Recognizing the increasing relevance of online transactions, Verifone offers e-commerce solutions. This service allows businesses to manage online payments securely and efficiently, ensuring a seamless and secure online shopping experience for customers.
Unattended Payment Solutions from Verifone
Verifone also provides unattended payment solutions, ideal for businesses such as parking lots, vending machines, and self-service kiosks. These solutions allow for secure, self-serve transactions, enabling businesses to operate 24/7 without the need for staff presence.
Security Measures by Verifone
Security is paramount for Verifone. The company offers robust security measures, such as encryption and fraud detection tools, to protect businesses and their customers from potential security threats during transactions.
Location & Ownership
Verifone’s last listed headquarters was located at 88 West Plumeria Drive, San Jose, CA 95134, United States. Currently, their website does not list a contact address. Mike Pulli is listed as the CEO of Verifone.
Francisco Partners is located at One Letterman, Drive Building C – Suite 410 San Francisco, CA 94129. Dipanjan Deb is listed as the CEO of Francisco Partners.
Verifone does not disclose the partner banks that it processes its payments through.
Verifone Pros and Cons
pros
- Major player in the market
- Few complaints
cons
- New ownership means unclear direction for company
Video Summary
Table of Contents
- Costs & Contract: Provides variable rate contracts with an optional monthly fee to bring down the…
- Complaints & Service: Has received over a thousand public complaints regarding…
- BBB Rating: Has a “B-” rating but has received 28 complaints and 14 reviews in the past 3 years in regards to…
- Sales & Marketing: Does not hire independent sales agents and has received a low number of complaints about its…
Verifone Customer Complaints & Reviews
Here's What Users Think
Complaint Summary
|
Total Online Complaints
<10
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Live Customer Support
Yes
|
Most Common Complaint
N/A
|
|
Recent Lawsuits
Yes
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Handful of Complaints
There are very few Verifone reviews online, and they tend to be positive. Many Verifone reviews are associated with the Better Business Bureau fraud that occurred in 2018. The specifics of this event are documented in our BBB section. If you have your own Verifone review to make, please do so in the comments below.
Hardware Issues
There are several online complaints related to the POS systems that Verifone offers. Considering that Verifone previously focused on mobile and kiosk-style POS systems, we would expect to find some complaints related to hardware. We did find several guides on how to fix particular Verifone POS models, possibly indicating exceptionally poor performance from specific models.
Verifone Lawsuits
In 2014, Verifone was ordered to pay $95 million in a class-action lawsuit that had to do with alleged stock price manipulation.
Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations and by leaving a review of your own in the comment section of this article below.
Verifone Customer Support Options
Verifone offers phone support 8am to 8pm Mon-Sat and 10am to 5pm Sundays.
Verifone Customer Service Number
- 1-800-VERIFONE (837-4366) – Toll-Free General Customer Service
Other Support Options
- Live chat support
- Support forms
We have located several negative reviews associated with Verifone’s customer service and encourage merchants to post their experiences with Verifone’s customer service representatives.
Verifone BBB Rating and Report
Our Better Business Bureau Profile Assessment
BBB Summary
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BBB Reports
42
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Over 25 Complaints
According to the Better Business Bureau Verifone has received 28 complaints in the past 36 months. Only 6 of these 28 complaints were resolved by the company to the satisfaction of the merchant. The remaining 22 were resolved to the dissatisfaction of the merchant or received no final response.
Fraud Warning
Verifone was also the subject of a job-related fraud scheme which originated from someone not affiliated with the company. The Better Business Bureau profile contains this warning:
“On September 12, 2018 your BBB was made aware that individuals are receiving offers of employment allegedly from Verifone, Inc located in San Jose, CA, notifying them of a work from home data entry position was available via email or Google Hangouts. Your BBB has determined the emails are from an impostor and not from Verifone, Inc. Legitimate offers of work will not require potential employee’s to purchase iTunes, Amazon or eBay gift cards to purchase office supplies.
According to the Federal Trade Commission “Promises of a big income working from home, especially when the “opportunity” involves an up-front fee or giving your credit card information, should make you very suspicious. It doesn’t matter if the ad shows up in a trusted newspaper or website, or if the people you talk to on the phone sound legitimate.”
About half of the negative merchant reviews on the profile are related to this scam.
What Merchants Say
In addition, Verifone has received 14 informal reviews on its BBB profile. All 14 are negative. One recent negative review describes issues with the tech:
Hi, We built a brand new gas station and c store and spent close to 6 million dollars on the build. We were encouraged to get verifone system installed and we didnt know that would turn out to be the worst mistake ever! The pinpads are never 100% working, giving cashbacks without customers request and approval. The reputation of our store is getting ruined when things like these happen. The transactions take upto 45 seconds to go through. We thought it might be an internet issue but later Verifone confirmed it takes upto 45 seconds for a normal transaction. There has been zero support from verifone. Nothing but pointing fingers! When they point finger at someone and we ask them to wait until we get them on the line, they disconnect the call right away! Again, we have to wait for 1-2 hours. This issue is ongoing for 4-5 months. Never get Verifone!!!! No support or help of anykind on any matter.
A “B” Performance Overall
We have found few complaints about Verifone considering the size of the company. The fraud allegations are concerning and are the main reason we have adjusted the BBB’s score to a “B”
Verifone Fees and Rates
A Closer Look at the Contract
Cost Summary
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Cancellation Penalties
Yes
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Monthly & Annual Fees
Yes
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Processing Rates
Variable
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Equipment Leasing
Yes
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Optional Monthly Subscription
Verifone offers competitive transaction rates through a monthly subscription model for its credit card processing. Businesses can take the usual 2.7% transaction fee and drop it to 1.95% if they buy into an additional $9.95 monthly subscription rate. This pricing structure can be very attractive to merchant accounts with high sales volume. Contracts are available in periods of 12, 24, and 36 months. There are other rates associated with commercial and corporate cards. The early termination fee is variable and charges the merchant the equivalent of the monthly fees of the contract.
Negotiate Contract Pricing
We have not been able to locate a Verifone merchant account contract at this time. Business owners that have recently signed up for payment services through Verifone are encouraged to leave a comment below describing their experience. Businesses are again encouraged to negotiate pricing and contract terms and to read all contracts thoroughly before signing in these cases.
Verifone offers a particularly large variety of point-of-sale devices
Verifone Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Key Points
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Uses Independent Resellers
No
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Telemarketing
No
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Misleading Marketing
No
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Discloses All Important Terms
Yes
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No Independent Sales Teams
From the information we have gathered about sales positions available at Verifone, we have found no indication that Verifone utilities outside sales teams. This is encouraging for businesses considering Verifone. Their monthly fee model also encourages transparency in their rates and fees. We implore our readers to share their experiences with Verifone’s sales staff in the comments below.
Contract Terms
As mentioned previously, Verifone’s actual transactions rates vary depending on volume and business type; however, the monthly subscription model does provide some consistency to their rates. If any clients have examples of Verifone contracts, we ask they post their experiences in the comments below.
Verifone Review Summary
Our Final Thoughts and Opinions
Verifone was a physical POS-focused credit card processing company before being acquired by Francisco Partners. It will be interesting to see how well their service translates over to e-commerce and online payment services. We see no problem recommending them for specific application physical POS systems; however, we can make no further recommendations until we can see how they perform under the new holding company. While we have found no particular patterns of poor customer service issues, Verifone will have to work to maintain a good reputation as it increases its business volume.
If you found this article helpful, please share it!
Gita
we have done so many calls whenever we had issue…but all the time its worse experience… their support is equal to none. every other month there is a issue with system and customer support is totally un-trained team. who does not know what is system and how to resolve issue after keeping on phone for 3-4 hours.
Jerry Gerber
Extremely poor customer relations. Very long response times. Very poor software upgrades that oftentimes negatively effects other store systems. The last 3 times they installed upgrades my store was shut down a minimum of 1 full day and this time it looks like at least 2 full days
james
verifone services sucks! pathetic in the entire universe. all stupid people they hire on there phone calling numbers..