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A veritable e-commerce innovator Founded in 1981 by William Melton, VeriFone initially focused on the development of electronic mail systems that enabled employees to correspond with their employers while on the road. By 1984, the company diversified its product line to include automation transaction systems - specifically, ZON, an electronic credit card and terminal for the verification of checks. Over the next six years the company's product development line shifted from hardware to software. By the time VeriFone went public in 1990, its focus was on software that connected computer terminals and printers. In 1991, the company released Gemstone transaction systems, a family of software products that electronically executed inventory and price checks as products were variously bought for sale, sold, and returned. An electronic cash register constituted VeriFone's subsequent product: released in 1992, the register could process credit and debit cards, and verify checks. In 1999 the company was split into two parts, with one developing terminals and the other e-commerce software. Going global at Verifone The growing retail and consumer demand for the convenience offered by VeriFone's information processing systems led to the company's expansion to markets overseas. By 1994, VeriFone had offices in China, Hong Kong, Japan, and South Africa. Business continued to grow steadily, with net income rising from $27.7 to $32.5 million from 1994 to 1995. HP takes over, sort of In 1997 the company was acquired by Hewlett-Packard for $1.29 billion, although it retains its status as an independent business entity. Several VeriFone executives left the company to join competing terminal vendors, coinciding with the company's loss of market share in 1998 (although the company remained the leading terminal vendor by a wide margin). Today, VeriFone is looking to cash in on new smart card technology (cards with tiny embedded chips which analysts predict will replace the magnetic strip credit card in coming years) as well as new Internet payment methods. VeriFone claims to be on the upswing, as the company is slowly recapturing the market share it lost following its acqusition. The introduction of the Omni 3200 terminal contributed to VeriFone's shipment of 8 million payment terminals in 1999. VeriFone introduced VeriTalk Lite that summer, an improvement on 1997's VeriFoneEnterprise, which downloads software to multiple terminals. In 2000 VeriFone expanded its Integrated Payment Solutions e-payment software by the addition of new applications which facilitate online transactions.
The company posts available job opportunities on its web site at www.verifone.com. Job listings are configured so that prospective job seekers can send VeriFone their resume electronically.
The caring company The most common adjective VeriFone employees use to describe their company is caring. The most important part of the work atmosphere, says one insider, is that VeriFone cares for its employees. "We are better paid than most other companies in the industry, and VFI provides us with the best of office and sports and games facilities. The dress code is informal, the workers friendly, and with respect to [the company's treatment] of minorities and women everyone is treated as wonderful human beings!" VeriFone has written a book on its philosophy toward employees and customers, and, as one worker comments, it "follows it to the core." Working hours tend to be flexible because, as one worker explains, "VeriFone started in Hawaii and a lot of [their relaxed] attitudes remain to date." "I enjoy every moment working here" "The company's most attractive feature is its caring, open culture," which combined with "good to excellent salaries" prompts one insider to claim that "I enjoy every moment working here," an expansive declaration indeed. So if you're interested in computer science and its applications to the electronic processing of information, VeriFone might well be the place for you.
Gary Baty Human Resources
High functionality terminals;Printers & PIN pads;Fully Integrated Systems;Card readers/writers;Management Software;Transaction services
Harbinger;National Data More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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