Payment processing company VeriFone Systems is taking its newly launched SAIL mobile payment product to Android-based smartphones.
VeriFone’s SAIL application offers a credit-card swipe gadget and two different pricing plans for swiped transactions, including a flat 2.7 percent fee and 1.95 percent fee for higher volume accounts — slightly lower than competitor Square’s flat fee of 2.75 percent for swiped transactions.
However, both payment products charge less than credit-card companies Visa, MasterCard, Discover Financial Services, and American Express for processing transactions.
SAIL, geared towards business owners, was introduced on Apple’s iPhones last month. Square and PayPal Here are already available on iPhones and Android. Android is Google’s mobile operating system.
Last week, The Street downgraded VeriFone to “hold” from “buy.”
“The company’s strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and weak operating cash flow,” The Street said in its report.
Verifone has plunged 30.93 percent over the last year and are down more than 13.5 percent year-to-date. Shares were lower in Thursday trade.
—By TheStreet.com’s Nathalie Pierrepont
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