VeriFone introduced a “payment as a service” solution, VeriFone Point, yesterday. The company acquired the Sweden-based payment processor Point in November 2011 for $820 million. Point’s technologies are “at the heart” of the current effort, according to a VeriFone representative. Payment is moved from the software to the device itself, which, the company says, is more efficient to update.

POS systems are in serious danger of being disrupted, with 40% of small business owners reporting using mobile card readers attached to tablets or smartphones to accept payments.

The VeriFone Point solution, presented in the video below, ” utilizes a secure network integration between the VeriFone device and payment processor systems, enabling merchants and service providers to quickly and easily integrate the latest mobile wallets, emerging payments technologies, and EMV specifications.”

The solution also “decouples payment transactions from the traditional POS system (e.g. cash register), ensuring more secure transactions and relieving merchants of PCI compliance issues.”

The value Point delivers to retailers was explained this way: “Rather than having to tweak or rewrite [merchants’] POS systems every time there is a change to EMV, NFC, processor certification, PCI (you name it), the POS can rely on the intelligence in the VeriFone payment acceptance device to be updated as needed.”

VeriFone is based in San Jose, Calif.