Last month VeriFone launched its new Sail mobile payment service, which has been designed to compete with Square and other similar payment services already established within the market.
As with Square, the Sail payment service has been created to provide small businesses with a flexible way of taking credit card payments using a smartphone. Today, VeriFone has announced that their new Sail payment service is now available on Android devices.
Flexible Payment Solutions for Small Businesses
VeriFone Sail is available in two pricing plans: a flat 2.7 percent fee or a lower 1.95 percent service fee with a $9.95 monthly subscription. This dual pricing strategy allows small businesses to choose the plan that best fits their transaction volume and financial needs. For businesses with higher transaction volumes, the subscription model with the lower percentage fee can result in significant savings over time.
Brian Hamilton, vice president of SMB Commerce at VeriFone, explained:
“You’ve got to be prepared to play nicely with the existing ecosystem and that’s what we want to be,” – “I don’t think Square can effectively do it all themselves as they move up market.”
This statement highlights VeriFone’s strategy to integrate seamlessly with existing business operations and ecosystems, rather than attempting to overhaul them. By doing so, VeriFone aims to provide a more user-friendly and adaptable solution for small businesses.
Comparing VeriFone Sail to Competitors
When comparing VeriFone Sail to its competitors like Square, several key differences and advantages become apparent. For instance, Square charges a flat rate of 2.75 percent per transaction, which can be more expensive for businesses with higher transaction volumes. VeriFone’s tiered pricing model offers a more cost-effective solution for such businesses.
Moreover, VeriFone Sail’s availability on Android devices expands its accessibility. While Square also supports Android, the competition between these services drives innovation and improvements, ultimately benefiting small business owners. The ability to choose between different platforms ensures that businesses are not locked into a single ecosystem, providing greater flexibility and choice.
VeriFone Sail also offers robust security features, which are crucial for businesses handling sensitive payment information. VeriFone has a long-standing reputation in the payment processing industry, and their expertise in security can provide peace of mind for business owners concerned about data breaches and fraud.
Additionally, VeriFone Sail includes features such as inventory management and sales analytics, which can help businesses streamline their operations and make data-driven decisions. These added functionalities can be particularly beneficial for small businesses looking to grow and optimize their processes.
Real-World Applications and Benefits
Consider a small coffee shop that has recently started using VeriFone Sail. The shop owner, previously limited to cash transactions, can now accept credit card payments, attracting more customers who prefer to pay with cards. The owner opts for the subscription model, paying a lower transaction fee, which proves to be cost-effective given the shop’s high volume of daily transactions.
Furthermore, the coffee shop can use the sales analytics feature to track which items are most popular, allowing the owner to adjust inventory and marketing strategies accordingly. The ability to accept card payments and access valuable business insights helps the shop grow and better serve its customers.
In conclusion, VeriFone Sail offers a comprehensive and flexible payment solution for small businesses. With competitive pricing, robust security features, and additional functionalities like inventory management and sales analytics, VeriFone Sail stands out as a strong competitor in the mobile payment market. Its availability on Android devices further enhances its accessibility, making it a viable option for a wide range of businesses looking to modernize their payment systems and improve operational efficiency.
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