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 services. 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.
Features and Benefits of SAIL
The new system has been developed using ChargeSmart, which VeriFone purchased earlier this year. This acquisition has enabled VeriFone to offer smaller merchants a secure gateway for end-to-end encryption, real-time fraud screening, onboarding APIs, and processing and settlement services. These features ensure that transactions are not only swift but also secure, providing peace of mind for both merchants and customers.
Similar to Square and other mobile payment systems, SAIL includes a mobile dongle that is used to equip mobile smartphones with card swiping functionality. This makes it incredibly convenient for merchants who operate in various locations, such as food trucks, pop-up shops, and market stalls. The ability to accept card payments on the go can significantly increase sales opportunities and customer satisfaction.
Pricing Plans and Flexibility
SAIL is available with two different pricing plans to cater to the diverse needs of small businesses. The first option is a flat 2.7 percent fee per transaction, which is straightforward and easy to understand. This plan is ideal for businesses that prefer a simple, no-commitment approach to payment processing.
The second option offers a lower 1.95 percent fee per transaction but comes with a $9.95 monthly subscription. This plan can be more cost-effective for businesses that process a higher volume of transactions each month. By offering these two pricing structures, VeriFone ensures that SAIL can accommodate various business models and transaction volumes.
In addition to these core features, SAIL also provides merchants with access to detailed analytics and reporting tools. These tools can help business owners track sales trends, monitor inventory levels, and make informed decisions about their operations. For example, a food truck owner could use the data to determine which locations and times of day generate the most sales, allowing them to optimize their schedule and maximize revenue.
Moreover, SAIL’s real-time fraud screening capabilities are particularly beneficial in today’s digital landscape, where cyber threats are a growing concern. By implementing advanced security measures, VeriFone aims to protect merchants from fraudulent transactions and chargebacks, which can be costly and damaging to a business’s reputation.
Another noteworthy aspect of SAIL is its onboarding APIs, which facilitate seamless integration with existing business systems. This means that merchants can easily incorporate SAIL into their current workflows without significant disruptions or additional costs. For instance, a retail store using a specific point-of-sale (POS) system can integrate SAIL to enhance their payment processing capabilities without overhauling their entire setup.
Furthermore, VeriFone’s commitment to providing excellent customer support ensures that merchants have access to assistance whenever they need it. Whether it’s troubleshooting technical issues or seeking advice on optimizing payment processes, VeriFone’s support team is available to help.
In conclusion, VeriFone’s SAIL mobile payment system offers a comprehensive solution for small merchants looking to enhance their payment processing capabilities. With its secure gateway, flexible pricing plans, and advanced features, SAIL is well-positioned to compete with established players like Square. By addressing the unique needs of small businesses, VeriFone aims to empower merchants to grow and succeed in an increasingly competitive market.
Source: Engadget
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