VeriFone SAILs into Android

NEW YORK (TheStreet) -- Payment processing company VeriFone (PAY) 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% fee and 1.95% fee for higher volume accounts -- slightly lower than competitor Square's flat fee of 2.75% for swiped transactions. However, both payment products charge less than credit card companies Visa (V), MasterCard (MA), Discover Financial Services (DFS) and American Express (AXP) for processing transactions.

VeriFone edges into mobile payment

SAIL, geared towards business owners, was introduced on Apple's (AAPL) iPhones last month. Square and PayPal Here are already available on iPhones and Android. Android is Google's (GOOG) mobile operating system.

Last week, The Street downgraded VeriFone from "buy" to "hold."

"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% over the last year and are down more than 13.5% year-to-date. Shares were lower in Thursday trade, off 1.63% to $30.70.

--Written by Nathalie Pierrepont in New York.

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