Hypercom Corp. plans to develop new payment terminals using a "joint development manufacturing" model that depends on receiving more input from a manufacturing partner.

Philippe Tartavull, Hypercom's chief executive and president, said last week that the model would enable the Scottsdale, Ariz., company to deliver products to market faster.

The model differs from the contract-manufacturing system the company now uses because its partner will help pick components and related items for the devices, Tartavull said. He would not name the partner, but said he would do so early next year.

Currently, Hypercom controls the design and equipment choices for its devices and uses a contractor to build them.

In the new scheme, "we will work with them to provide design and POS expertise," Tartavull said. "In return, they will develop the hardware based on our specifications."

By the end of 2011, all new Hypercom products will be built under the new model, Tartavull told analysts during a conference call this week to discuss the company's third-quarter results.

Hypercom said its net income for the quarter rose 92% from a year earlier, to $1.2 million. Revenue fell 15.4%, to $102.4 million.

Long lead times for ordering components affected revenue, Tartavull told analysts. "Our overall demand was strong during the quarter," he said. "Unfortunately, some component shortages restrained us from taking full advantage of this momentum in Q3."