Verifone's Diversification Strategy Gets a New Image

Verifone is changing its logo and marketing to signal the many pivots it is making to provide a broader range of services to merchants that must embrace mobile and digital technology to stay relevant.

The company has made numerous changes, including taking on a new CEO, in the past few years to recover from an earnings and image slump, stemming in part from the company's longtime "lack of partnership" with its customers. The new brand is meant to evoke a more collaborative attitude.

"We're no longer just a terminal provider," said Leah Roscoe, vice president of global marketing for Verifone, adding there would be additional product rollouts to surround the new branding strategy in the coming months. "And being a partner that helps merchants adjust to the speed at which new technology is being introduced into the payments industry is also a big part of this."

Verifone CEO Paul Galant's task to remake Verifone dates to 2013, when he was named hired shortly following the resignation of former CEO Doug Bergeron following accusations the company had engaged in illegal business activities in Iran.

Galant, who promised to fix what he called the company's "self-inflicted wounds," is leveraging the U.S. chip card migration to fuel business. The vendor had a deal with Apple to place NFC and EMV hardware in Apple stores ahead of the launch of the Apple Pay mobile wallet.

At the same time, Verifone is diving deep into technology, as it finds itself in the same position as other established companies such as First Data and MasterCard, which are also leveraging new technology to avoid being seen as a "dumb pipe," or a one-dimensional transaction enabler.

Verifone's efforts include wooing businesses with tablet point of sale technology, offering enhanced security for gas stations and using sound-based technology for mobile taxi payments.

The new Verifone brand strategy and identity were created by DeSantis Breindel, a New York-based brand consultancy whose financial services clients include Royal Bank of Scotland. The new brand is based on research conducted globally with clients, partners and employees.