Verifone, a payments and commerce solutions company, has been selected as the payment solution and service provider for PrivatBank, an acquirer in Ukraine.
Verifone inked a three-year service agreement, in which it will set up and manage PrivatBank merchants with point-of-sale (POS) solutions. Verifone said the deal gives PrivatBank the freedom to focus on their more than 120,000 merchant clients of all sizes and verticals with financial services.
Verifone will act as PrivatBank’s single source for all payment services, including software, warranty and logistics. Merchants will be able to unpack their complete POS system, set up and begin accepting card payments.
The agreement gives PrivatBank the chance to source comprehensive payment solutions through a monthly service model that eliminates a large initial investment, terminal management and depreciation commonly associated with payment system ownership and management.