VeriFone Systems (NYSE: PAY), today announced it has won a contract to supply its PAYware Merchant card payment and settlement hosted service to Arcos Dorados, the company that manages the McDonald's brand in Latin America.
Arcos Dorados is the largest restaurant operator in Latin America and the largest McDonald's franchisee in the world. Beginning with 220 McDonald's restaurants in Argentina and Uruguay, PAYware Merchant will be integrated with a proprietary POS system to accommodate card payment processing at the point of sale.
Arcos Dorados has also contracted to lease VeriFone card acceptance systems and will offer individual restaurants either the VX 810 PINpad or MX 870 multimedia payment system. The agreement provides the opportunity for broader rollout to other countries, and beyond.
"We look forward to rolling these capabilities out through the Arcos Dorados McDonald's system," said Gustavo Jimenez, vice president and general manager of the Integrated Systems group at VeriFone Latin America. "Our ability to provide a regional hosted services package was the key element in a tremendous win for VeriFone payment solutions."
Arcos Dorados is a Latin American company and operates more than 1,850 McDonald's restaurants, as well as other McDonald's-branded points of sale throughout 19 countries (Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curacao, Ecuador, Guadeloupe, French Guyana, Martinique, Mexico, Panama, Peru, Puerto Rico, Saint Thomas, Saint Croix, Uruguay and Venezuela) and delivers field service to the other ten markets in the region.
"We were looking for payments and security expertise, and VeriFone provided the knowledge and technology to support our efforts," said Pablo Corona, Arcos Dorados Systems Director, South Division of Latin America. "We found the perfect match for PCI DSS compliant hardware and software while increasing transaction reliability."
When implemented, customers will swipe their cards on a VeriFone acceptance device connected to a cash register. The cash register POS then passes the transaction to PAYware Merchant, which handles payment processing authorization and settlement between the acquirer and the restaurant system.