VeriFone announced Monday that CVS Corporation, the nation’s largest drugstore chain, has chosen VeriFone technology to offer expanded payment options to customers.
The Everest point of sale payment terminal enables CVS for the first time to accept debit payments, in addition to currently accepted credit payments, in all 4,000 CVS stores in 24 states and the District of Columbia.
The CVS chain-wide rollout of nearly 20,000 payment terminals represents one of the largest Everest rollouts in the U.S. and reasserts VeriFone’s position as the dominant provider of electronic payment systems hardware to the chain drug industry. With the CVS rollout, VeriFone will have installed over 45,000 terminals in the chain drug market, contributing to its dominant market share in the overall multi-lane industry.
! “We are proud to have the largest drug store chain using a VeriFone solution,” said Greg Rhine, VP and general manager, VeriFone North America. “CVS extends VeriFone’s leadership position in the major multi-lane industry, joining retailers including Kroger, American Stores, Rite Aid and Ahold.”
The installation of Everest point of sale payment terminals at CVS locations is scheduled for completion in February 1999, allowing CVS to leap into an excellent position for meeting future EBT regulations, and potentially migrating to smart cards.
“At CVS, our concern for the customer drives every decision we make, including our decisions about new technologies,” said Vin Minchillo, vice president of Retail Systems for CVS. “We chose the payment technology of VeriFone’s Everest customer-activated terminal because it allows CVS to offer a greater selection of payment options to our customers. And, because the Everest interfaces with our existing technology, we are able to implement the solution quickly.”
CVS is the nation’s largest drugstore chain in terms of store count with more than 4,000 stores in 24 states and the District of Columbia. Its team of 90,000 employees working in stores, distribution centers, and its headquarters have grown CVS into a market leader ranked second in sales, with sales expected to exceed $15 billion in 1998 and first in store count. In addition, CVS is expected to fill 12 percent of all U.S. prescriptions in 1998. With plans to open 320 new or relocated stores per year, CVS hopes to continue its aggressive growth strategy that was exemplified with the acquisition of Revco in 1997, the largest acquisition in chain drug history, and Arbor Drug in 1998.
VeriFone, Inc., a wholly owned subsidiary of Hewlett-Packard Company, is the leading global provider of secure electronic payment solutions for financial institutions, merchants and consumers. VeriFone has shipped more than six million electronic payment systems, which are used in over 100 countries.