[5][6][7][8][9] Verifone sells merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries.

[11][12] From its beginnings as the first payment device manufacturer, Verifone's product and point-of-sale service offerings have changed considerably.

[15] Core focus and growth areas for the company include mobile commerce,[16][17][18] security, services and emerging global markets.

The sudden growth of the Internet, and especially the World Wide Web, in the mid-1990s created a demand for secure online financial transaction applications.

Verifone has designed applications conforming to the Secure Electronic Transaction (SET) standards developed by Visa Inc. and MasterCard.

With the $28 million 1995 acquisition of Enterprise Integration Technologies,[19] the company that developed the Secure HyperText Transfer Protocol (S-HTTP), and a $4 million equity investment in CyberCash, Inc., led by Verifone founder William Melton, and with 1996 partnership agreements with web browser leaders Netscape, Oracle Corporation, and Microsoft, Verifone has rolled out a suite of software products targeted at consumers, merchants, and financial institutions allowing secure purchases and other transactions online.

By the beginning of the 1980s, the major credit card companies began seeking methods to reduce processing costs and losses due to fraud.

The following year, the company increased its dominance in the industry with the purchase of the transaction automation business of Icot Corp., then second in the market with a 20.5 percent share.

By then, Verifone had entered the international market, starting with Australia in 1988 and placing its millionth ZON system in Finland in 1989.

Rolling out its Gemstone line of transaction systems, which added inventory control, pricing, and other capabilities, Verifone was aided by announcements from Visa and MasterCard that the companies would no longer provide printed warning bulletins, while requiring merchants to seek authorization for all credit card transactions by 1994.

Contracts for each called for the purchase of a minimum of 100,000 units; the total market potential for the device was estimated at more than 100 million households.

Verifone followed that acquisition with a $4 million investment in William Melton's latest venture, CyberCash Inc., also working to develop Internet transaction systems.

By 1996, Verifone was ready with its Payment Transaction Application Layer (PTAL) lineup of products, including the Virtual terminal interface for merchants conducting sales with consumers; Internet Gateway or vGATE, to conduct transactions between merchants and financial institutions; and the Pay Window interface for consumers making purchases on the Internet.

Verifone's announcement of the P-ATM, able to be attached as a computer peripheral, wedded the company's smart card and Internet transaction efforts.

[30][31][32][33] In October 2004, Israeli-based Lipman Electronics had acquired United Kingdom-based Dione plc, to go alongside its "NURIT" brand.

On November 1, 2006 Verifone completed its acquisition of Lipman,[34][35] and added both Dione and NURIT products to its portfolio for an undisclosed sum.

[36] In September 2006 Verifone acquired some divisions of Irish terminal and payment services company Trintech Group plc – headquartered in Dublin with offices in Montevideo, Neu-Isenburg and London amongst other locations – in a 12.1M USD (€9.4M) cash transaction.

[38][citation needed] High economic growth abroad, coupled with infrastructure development, support from governments seeking to increase value-added tax (“VAT”) and Sales Tax collections, and the expanding presence of IP and Wireless communication networks resulted in revenue from abroad exceeding revenue generated from domestic sales.

Its VX Evolution generation of countertop devices supports a range of applications, such as pre-paid products, including gift cards and loyalty programs.

[49] The VX Evolution devices also integrate the company's NFC software technology to manage multiple NFC-based mobile wallets, applications, and programs.

The VX Evolution devices integrate the company's NFC software technology to manage multiple NFC-based mobile wallets, applications, and programs.

The company's range of multimedia consumer facing POS devices are designed to allow merchants, primarily in the multi-lane retail environment, to engage in direct customer interaction through customized multimedia content, in-store promotions, digital offers, and other value-added services using a POS device.

These products include color graphic displays, interfaces, ECR compatibility, key pads, signature capture functionality, and other features that serve customers in a multi-lane retail environment.

The company's “MX solutions”[53] also feature a modular hardware architecture that allows merchants to introduce capabilities, such as contactless or NFC.

Competition from manufacturers, distributors, and providers of similar products have caused price reductions, reduced margins, and a loss of market share (need date that this started).

[58][59] Finally, Verifone competes with smaller companies that have been able to develop strong local or regional customer bases.

Board meetings and background materials focus on key strategic, operational, financial, enterprise risk, governance and compliance matters.

As set forth in its charter and annual work plan, Audit Committee has primary responsibility for overseeing their enterprise risk management process.

Throughout each fiscal year, the Audit Committee invites appropriate members of management to its meetings to provide enterprise-level reports relevant to the Audit Committee's oversight role, including adequacy and effectiveness of management reporting and controls systems used to monitor adherence to policies and approved guidelines, information systems and security over systems and data, treasury, insurance structure and coverage, tax structure and planning, worldwide disaster recovery planning and the overall effectiveness of company's operations risk management policies.

The Board will consider these and any other factors it deems relevant, as well as the Corporate Governance and Nominating Committee's recommendation, when deciding whether to accept or reject the tendered resignation.