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VERIFONE'S GEMSTONE DIAMOND RETAILER: INTEGRATED POINT-OF-SALE SYSTEM FOR SMALL SPECIALTY RETAILERS (Product Announcement)

 VERIFONE'S GEMSTONE DIAMOND RETAILER:
 INTEGRATED POINT-OF-SALE SYSTEM FOR SMALL SPECIALTY RETAILERS
 REDWOOD CITY, Calif., Jan. 12 /PRNewswire/ -- VeriFone Inc. (NASDAQ: VFIC) today introduced Diamond Retailer(TM), the newest member of the Gemstone(TM) family of Transaction SuperSystems(TM). Diamond Retailer is a retail automation system that integrates the EFT/POS (Electronic Funds Transfer/Point-Of-Sale) systems used for electronic payment processing with electronic cash register (ECR) functionality.
 Introduced at the 81st annual National Retail Federation Annual Convention and Exposition in New York, Diamond Retailer is tailored specifically to the needs of small specialty retailers, defined as "Mom & Pop" stores, independent stores and small chains (two or three stores). It provides single entry for all sales transactions based on cash, checks, credit cards, debit cards, proprietary cards, house charge accounts, coupons and gift certificates.
 "Diamond Retailer gives small merchants an affordable way to add functionality at the point of sale while avoiding the clutter of multiple devices on the sales counter," said Ashok Narasimhan, vice president and general manager of VeriFone's SuperSystem Division. "By integrating the functions of a credit card payment terminal, imprinter and cash register into a single system, Diamond Retailer can save counter space, speed customer service and eliminate the errors associated with the double entry of transactions. The system is also upgradeable, designed to grow with the business. The result will be increased efficiency and profitability at the point of sale."
 Merchants who install Diamond Retailer can offer customers faster turnaround time for credit card, debit card and check transactions. They can also avoid double-keying, increase accuracy, eliminate separate credit card slips, and speed check-out. Additionally, merchants can look forward to shorter closing routines plus consolidated shift and end-of-day reports, and they can completely eliminate the tedious end-of-day payment reconciliation process.
 By integrating the functionality of multiple systems in a single, compact physical unit, Diamond Retailer not only eliminates the errors associated with the double entry of transactions, but frees up valuable counter space for promotional materials or impulse items.
 Customers who have already taken delivery of Diamond Retailer include Cherry Payment Systems. Based in Downers Grove, Ill., with 84 offices nationwide, Cherry Payment Systems is an independent sales organization (ISO) and one of VeriFone's larger customers for EFT/POS systems. "We view the product as a natural evolution in retail automation," said David Giangreco, president of Cherry Payment Systems. "We have placed a sizable order for Diamond Retailer because we believe there is nothing comparable on the market -- especially for the price -- and we expect our merchant customers to be very excited." "Shrink-Wrapped" and Ready to Use
 Diamond Retailer is fully pre-configured -- or "shrink-wrapped" -- to meet the specific hardware, software and communications requirements of the small specialty retailer. In addition, VeriFone provides sales tools and hands-on training, leasing and trade-in options, and customer services to facilitate successful sales and support by banks, independent service providers (ISPs) and ISOs.
 Diamond Retailer comes complete with EFT/POS and ECR functionality, including:
 -- Electronic credit authorization
 -- Electronic draft capture and settlement
 -- Electronic check verification and guarantee
 -- Clerk sign-on and sign-off with password security
 -- Price look-up for up to 1,000 items
 -- Suspend and Resume transactions
 -- Consolidated Shift and End-of-day reports (also called "X" and "Z" readings)
 -- Department movement report
 -- Batch settlement
 -- Sales history by period
 Diamond Retailer is easy to install and ready to use, requiring only two single power outlets and a dial-up telephone line. It includes the following hardware:
 -- 1 megabyte of battery-backed memory
 -- 65-key keyboard with 20 customizable department or "hot" keys
 -- 2-line x 20-character clerk display
 -- Magnetic stripe card reader
 -- Integrated dial-up modem
 -- Media drawer for cash, checks, coupons and gift certificates
 -- Roll printer
 -- Two ports for connecting optional VeriFone peripherals such as a billboard display
 -- Three ports for connecting third-party peripherals such as scanners
 -- Memory card port for easy installation of new applications or upgrades to existing applications Certified on All Major EFT/POS Networks
 With VeriFone's extensive library of certified EFT/POS applications, merchants using Diamond Retailer can access all major payment networks for credit and debit card authorization, draft capture and settlement, and check verification and guarantee.
 A certified EFT/POS application can be installed on the Diamond Retailer system in minutes over a standard telephone line. Flexible Design
 Diamond Retailer is designed to grow and change with the needs of the business. The base system accepts a variety of optional peripherals including a two-line-by-20-character customer billboard display, a hand-held merchandise scanner and a slip printer.
 Diamond Retailer's integrated retail application is designed especially for the business needs of the small specialty retailer. The application provides more capabilities than do comparably priced retail systems, yet avoids "feature overload" to make the system easy for clerks and store managers to learn and use. The EFT/POS portion of the retail application will be familiar to anyone who has used VeriFone's popular ZON(R) Jr XL or TRANZ(TM) 330 products.
 Unlike traditional ECRs, which have fixed functionality, Diamond Retailer can be easily modified to meet the merchant's changing needs:
 -- System is fully programmable in the industry-standard "C" language
 -- Operating system and application upgrades can be made remotely over telephone lines
 -- System memory can be expanded
 -- Industry-standard RS-232 ports allow connection of peripherals Service and Support
 VeriFone offers Diamond Retailer distributors an extended warranty and a variety of service plans, including a 24-hour expert help desk that provides single-call support for the entire system. Diamond Retailer is designed to allow remote troubleshooting over the system phone line so that problems can be identified and corrected without unnecessary service calls. Distribution, Availability and Price
 Diamond Retailer is available from banks, ISPs and ISOs. This distribution strategy takes advantage of the retailer's existing relationships with these organizations, which are committed to helping the merchant maintain a continuous flow of transactions, and to providing other financial services such as loans and checking accounts. This approach also simplifies one-stop leasing, an important option for small retailers. Over the past several years, banks, ISPs and ISOs have delivered more than one million VeriFone EFT/POS systems to small specialty retailers in the United States, the target market for Diamond Retailer.
 Diamond Retailer is available immediately. U.S. reseller prices range from $1,465 to $2,120, depending on quantity. Gemstone Transaction SuperSystems
 Diamond Retailer is a member of the Gemstone family of Transaction SuperSystems, introduced a year ago at the National Retail Federation's 80th Convention and Exposition. The highly modular "building block" architecture of Gemstone products integrates multiple retail functions. It allows retailers and their suppliers (banks, ISPs and ISOs) to configure SuperSystems and applications to meet specific requirements and to upgrade them as needed.
 Other members of the Gemstone family of products include the Sapphire SuperSystem(TM), a high-end product for retailers who require item-level report capability and other store-management functions from the point of sale to the back office; and the Emerald SuperSystem(TM), which supports electronic verification of patient eligibility for health insurance coverage and submission of claims in physicians' offices and other medical facilities.
 In 1991, the Industrial Designers Society of America (IDSA) and "Business Week" magazine, co-sponsors of the Industrial Design Excellence Awards (IDEA) contest, presented a Bronze award to the Gemstone family of products for Industrial Design Excellence. The entries were judged on ease of human interface, innovation, market potential, manufacturability, aesthetics and social value. The Company
 VeriFone Inc., based in Redwood City, is a leading global provider of Transaction Automation solutions used to deliver payment processing and other transaction services to the retail, petroleum, healthcare, government, and vending and food service markets. The company has more than 25 facilities -- including regional offices, development centers, and manufacturing and distribution centers -- located throughout the United States and in Frankfurt; London; Madrid; Paris; Singapore; Sydney; Taipei and Kaohsiung, Taiwan; and Bangalore, India. To date, VeriFone has shipped more than two million Transaction Automation systems, which have been installed in more than 60 countries. The company's 1990 revenues totaled $155 million. VeriFone was recently named one of America's 100 fastest growing companies by "Fortune" and one of the 200 best small companies by "Forbes."
 -0- 1/12/92
 NOTE: VERIFONE and ZON are registered trademarks of VeriFone Inc. Diamond Retailer, Gemstone, Transaction SuperSystems, Emerald SuperSystem, Sapphire SuperSystem, TRANZ are trademarks of VeriFone Inc.
 /CONTACT: Alan Rockhold of VeriFone Inc., 415-696-8823; or Michael Sullivan of Wilson McHenry Co., 415-592-7600, for VeriFone/
 (VFIC) CO: VeriFone Inc. ST: California IN: CPR REA SU: PDT


JL-DG -- SJSU1 -- 8876 01/12/92 10:01 EST
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Article Type:Product Announcement
Date:Jan 12, 1992
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