VeriFone Holdings, Inc. (NYSE: PAY), announced today that is has been awarded a multi-year, multimillion dollar contract to supply as many as 20,000 units annually of its Vx Solutions payment systems to GE Consumer Finance's Retail Sales Finance unit, one of the leading providers of private label credit card programs.
The contract encompasses an initial five-year period, with an option for three additional years, and includes VeriFone hardware, client services, and software development. Retail Sales Finance has relationships with over 200 retail partners and 60,000 independent dealers in the United States alone.
"Retail Sales Finance has recognized the tremendous value provided to retailers by VeriFone's Vx Solutions payment systems and our end-to-end product and services offering," said Douglas G. Bergeron, VeriFone chairman and chief executive officer. "We are obviously thrilled by this extended commitment and look forward to working with Retail Sales Finance to provide their retail merchants with the benefits of value-added electronic payment technologies."
Retail Sales Finance will utilize VeriFone's Vx Solutions products for private label credit application entry and authorization at the point of sale as well as payment transactions and other applications running in VeriFone's multiapplication environment.
Vx Solutions is a complete line of hardware, software, and solutions based on a single platform. Vx Solutions are designed to simplify everything from sales, merchant and helpdesk training to software development and terminal management.