Verifone
A global provider of payment terminals, point-of-sale technology, payment software, and related merchant services.
Last updated August 25, 2026
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Overview
Verifone is a United States-based payments technology company that develops electronic payment systems and value-added services for use at the point of sale. Its portfolio serves merchant-operated, consumer-facing, and unattended environments across retail, financial services, hospitality, petroleum, healthcare, government, transportation, and other sectors. The company’s hardware includes payment terminals and point-of-sale devices that support card, contactless, smart-card, prepaid, electronic-benefit-transfer, and other payment methods. Its systems are designed to operate with payment applications, security controls, encryption, and third-party software such as loyalty, gift-card, healthcare eligibility, and workforce-management applications. Verifone was founded in Hawaii in 1981 by William “Bill” Melton. Its name derived from “verification” and “fone,” reflecting the company’s early focus on telephone-based transaction authorization. The business entered the point-of-sale market in 1982, offering a lower-cost alternative to the early authorization systems then available to merchants. Its ZON product line, introduced in 1984, helped accelerate adoption by combining more affordable processing hardware with payment authorization capabilities. During the late 1980s and 1990s, Verifone expanded rapidly in the United States and internationally, building a substantial installed base and entering markets including Australia, Europe, Latin America, and Asia. As payment networks evolved from primarily credit-card authorization toward debit, PIN, smart-card, and electronic commerce applications, Verifone broadened beyond terminal hardware. In the mid-1990s it developed software and infrastructure for secure Internet transactions, including products associated with virtual terminals, payment gateways, and consumer-facing online payment interfaces. The company acquired Enterprise Integration Technologies in 1995, invested in CyberCash, and entered technology relationships involving Netscape, Oracle, and Microsoft. It also explored smart-card applications through products such as the Personal ATM reader and partnerships with card and payment organizations. Verifone underwent several ownership changes. Hewlett-Packard acquired the company in 1997 in a stock transaction. It was sold to Gores Technology Group in 2001 and recapitalized by GTCR Golder Rauner in 2002. Verifone returned to the public markets in 2005, trading on the New York Stock Exchange under the symbol PAY. Its corporate name changed to VeriFone Systems in 2010, followed by a 2014 brand refresh that adopted the current lowercase-f spelling, “Verifone.” The company expanded its portfolio through acquisitions, including Lipman Electronics in 2006, which brought the NURIT and Dione product brands into the business, and selected divisions of Trintech in the same year. In April 2018, Verifone was acquired by Francisco Partners for approximately $3.4 billion and became privately held. Today, Verifone’s business is centered on integrated commerce infrastructure: payment acceptance devices, cloud-connected point-of-sale capabilities, security and encryption, payment software, merchant services, support, and solutions for in-store and unattended commerce. Its commercial proposition combines globally certified payment acceptance with hardware, software, and services intended to help merchants manage transactions and customer interactions.
History
Verifone was incorporated in Hawaii in 1981 by William “Bill” Melton. The company’s early name connected verification with telephone communications, reflecting its first transaction-processing products. It introduced its first point-of-sale product in 1982, competing by lowering the cost of electronic authorization equipment. The ZON authorization system followed in 1984 and helped establish Verifone as a major supplier to payment networks and merchants. The company expanded quickly during the late 1980s. It entered Australia in 1988, acquired Icot’s transaction-automation business in 1989, and reached significant scale in the United States and overseas. Verifone went public in March 1990. During the decade it diversified into restaurants, entertainment venues, taxis, healthcare, government, and other verticals. Its Gemstone systems added functions such as pricing and inventory-related capabilities, while debit-card adoption encouraged the development of PIN-enabled terminals. In the mid-1990s, Verifone pursued smart cards and Internet commerce alongside its core terminal business. It opened international facilities and a Paris research center, created the SmartCash joint venture with Gemplus and MasterCard International, and introduced smart-card products. Its 1995 acquisition of Enterprise Integration Technologies brought expertise associated with secure Web transactions. Verifone also invested in CyberCash and worked with browser and software companies on virtual payment applications. The resulting product initiatives addressed merchants, consumers, and financial institutions through virtual-terminal, gateway, and online payment interfaces. Hewlett-Packard acquired Verifone in 1997. The company later returned to independent ownership through a 2001 sale to Gores Technology Group, followed by a 2002 recapitalization by GTCR Golder Rauner. Verifone became publicly traded again in 2005. Its 2006 acquisition of Lipman added the NURIT and Dione businesses, while the purchase of selected Trintech divisions broadened its payment-services activities. The company changed its corporate name to VeriFone Systems in 2010 and refreshed the brand in 2014. Verifone was acquired by Francisco Partners in 2018 for approximately $3.4 billion. Under private ownership, the brand remains associated with payment acceptance hardware, security, point-of-sale software, unattended commerce, and services supporting merchants and financial institutions.
- 2018
Acquired by Francisco Partners
[1]Francisco Partners acquired Verifone for approximately $3.4 billion, returning the company to private ownership.
- 2010
Corporate name changes to VeriFone Systems
[1]The company formerly known as VeriFone Holdings adopted the name VeriFone Systems.
- 2006
Lipman acquisition completed
[1]The acquisition brought the NURIT and Dione payment businesses into Verifone.
- 2005
Returns to public markets
[1]Verifone became publicly listed on the New York Stock Exchange under the ticker PAY.
- 2001
Sold to Gores Technology Group
[1]Verifone was separated from Hewlett-Packard through a sale to Gores Technology Group.
- 1997
Acquired by Hewlett-Packard
[1]Hewlett-Packard acquired Verifone in a stock-swap transaction.
- 1995
Expansion into secure Internet transactions
[1]Verifone acquired Enterprise Integration Technologies, invested in CyberCash, and expanded into online transaction security and virtual payment applications.
- 1990
Verifone goes public
[1]The company completed an initial public offering in March.
- 1989
Icot transaction-automation business acquired
[1]Verifone acquired Icot’s transaction-automation business, strengthening its position in payment systems.
- 1984
ZON authorization system launches
[1]The ZON system used lower-cost processors and memory to make payment authorization equipment more accessible.
Products and positioning
Enterprise-oriented, globally certified payment hardware and commerce technology provider serving merchants and payment institutions.
Payment authorization system · 1984
ZON
Introduced in 1984, ZON was an early Verifone payment authorization system designed to reduce the cost of electronic transaction equipment. It used improvements in processor speed and memory economics to offer a lower-priced alternative to earlier point-of-sale systems. The product helped establish Verifone’s position with merchants and payment networks during the company’s formative expansion period.
Point-of-sale system
Gemstone
Gemstone was a Verifone transaction-system line that expanded beyond basic payment authorization. Its capabilities included functions associated with pricing, inventory control, and broader merchant operations. The line reflected Verifone’s shift toward software-enabled, vertically integrated point-of-sale solutions as payment terminals became part of wider retail systems.
Smart-card reader · 1996
Personal ATM (P-ATM)
The Personal ATM was a compact smart-card reader intended to connect to a home computer. Verifone designed it to support online purchases and the loading or recharging of stored value on compatible smart cards. The product represented the company’s attempt to connect emerging smart-card infrastructure with consumer Internet commerce during the 1990s.
Online payment software · 1996
Payment Transaction Application Layer
Verifone’s Payment Transaction Application Layer initiatives included merchant virtual-terminal software, gateway functionality for connections between merchants and financial institutions, and consumer-facing online payment interfaces. These products extended the company’s traditional point-of-sale model into Web transactions and supported its work on secure electronic commerce standards.
Payment hardware
Payment terminals
Verifone’s core hardware portfolio consists of electronic payment terminals for merchant-operated, customer-facing, and unattended environments. Depending on the model and deployment, the devices can support magnetic-stripe legacy transactions, chip cards, PIN debit, contactless and radio-frequency payments, prepaid and stored-value cards, electronic benefit transfers, and related payment workflows. The terminals operate with security, encryption, and certified payment software.
Marketing campaigns
- 2014Verifone brand identity refresh
Global
Verifone introduced a new corporate logo and brand identity, including the modern lowercase-f spelling. The refresh accompanied the company’s positioning as a broader provider of payment technology and point-of-sale services rather than solely a terminal manufacturer.
Outcome. The refreshed identity became the current Verifone brand presentation.
Brand decisions
2018
Return to private ownershipM&ABackground
Verifone was a publicly traded payment-technology company with a global terminal and services business.
Action taken
Francisco Partners acquired the company for approximately $3.4 billion.
Aftermath
Verifone became privately held and continued operating as a global payments technology provider.
Acquisition value. $3.4 billion (2018)
2006
Acquire Lipman ElectronicsM&ABackground
Verifone sought to expand its international payment-terminal portfolio and add established product brands.
Action taken
Verifone completed the acquisition of Lipman Electronics, obtaining the NURIT and Dione businesses.
Aftermath
The transaction expanded Verifone’s terminal and payment-services portfolio.
1995
Expand from physical terminals into Internet payment securityStrategyBackground
The growth of the World Wide Web created demand for secure electronic transactions beyond the traditional retail counter.
Action taken
Verifone acquired Enterprise Integration Technologies, invested in CyberCash, and developed virtual-terminal, gateway, and consumer online-payment products.
Aftermath
The initiative broadened Verifone’s technology scope into online commerce and connected its payment expertise with emerging Web standards.
Acquisition value. $28 million (1995)
Recent events
- Unconfirmed
Smartpay announced sale of New Zealand assets to VeriFone[3]
Smartpay Holdings announced the sale of its New Zealand assets to VeriFone for $70 million.
Sources3 sources
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