VeriFone is on the top companies in the United States and Douglas Bergeron, CEO of VeriFone is already popular for the kind of accomplishments that have made POS device from HP one of the most popular items on the market. In 2005, Verifone became public but it was only under the leadership of Douglas Bergeron that the sales of Verifone tripled in less time.
Sharing some information about the early days at VeriFone, Douglas Bergeron said that the company did not had all the dynamics that were required in a growing industry but they decided to change the values and then all things went right. He also revealed that earlier VeriFone had revenues worth $297 million and was losing money but in 2012 they will have their revenues touching $2 billion. He also shared some of his tough times at the company saying that the early times were the toughest of all because the company had to borrow money and there were no substantial reserves available for the company. He also shared that 2008 and 2009 recession also left them with very little options but they still remain the best in the payment industry.
On the other hand, he also shared some of his personal accomplishments that he thinks is really good. He said that people today are proud to work in VeriFone and that is the biggest thing he could do for the company. Earlier the company sold many boxes but today VeriFone is selling different systems and software which is really good to see. He also revealed the future of VeriFone saying that in the near future the company will keep selling big businesses and fleets and they will be doing that through merchant level salepeople that will help them in their distribution. He also revealed that ISO in the future will help them sell more services and they will be spending large amount of their investments on research and development. He said that the company will also look out for emerging markets to make sure that their portfolio is expanding over the period of time.
During the interview he did talk about Square Inc and said that Square is still not in the market but mobile payments are going to be the future and that they will be working on it because it provides lot of convenience to the consumers. He also said that Visa’s investment with Square was just a tiny amount and therefore nothing is really substantial about it. He mentioned that some of the big players in the mobile payments market are Google, VeriFone, and ISIS. He named them because these companies make use of NFC and encryption technology which is something that Square has not thought about. He also revealed that Durbin Amendment is not going to affect or impact the sales of VeriFone in any possible way but it will only increase the fees to the consumers.