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15/12/2009 -
Thanks to the growing popularity of debit and credit card processing, electronic payment processing equipment provider VeriFone has announced that it posted a $3.7 million profit in the fiscal fourth quarter of 2009.While the fourth quarter net revenues of $217.8 million marks an 11 percent decrease over last year's fourth quarter revenues, its non-GAAP gross margins were 37.9 percent, which is a 3.2 percent increase over the non-GAAP gross margins from the comparable period last year.
Digital Transactions notes that VeriFone will likely see sustained profit due to continued merchant upgrades of POS terminals, especially when the new PCI DSS regulations are released and require terminal updates to meet new compliance standards.
The popular POS terminal provider has also seen good results from its taxicab payment processing systems, which have been installed in New York City and other major cities. Digital Transactions notes that VeriFone transactions currently make up 30 percent of taxicab transactions in NYC, compared to 5 percent when the POS terminals were first installed.
Experts say that the payment industry is increasingly shifting to plastic rather than paper-based payments, making offerings like VeriFone's POS terminals likely to see continued growth in the future.
