VeriFone has this week announced a new mobile payment system called SAIL, which it has created to go into direct competition with Square and similar. The new SAIL payment service has been designed to provide smaller merchants with a flexible tool for taking payments and transactions on the move if required.
The new system has been developed using ChargeSmart which VeriFone purchased earlier this year, and offers smaller merchants a secure gateway for end-to-end encryption, real-time fraud screening, onboarding APIs and processing and settlement services.
Similar to Square and other SAIL includes a mobile dongle that is used to equip mobile smartphones with card swiping functionality. SAIL is available two different pricing plans: a flat 2.7 percent fee or a lower 1.95 percent fee with a $9.95 monthly subscription.