NEW YORK (
) -- Payment processing company
is taking its newly launched SAIL
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
flat fee of 2.75% for swiped transactions. However, both payment products charge less than credit card companies
Discover Financial Services
for processing transactions.
VeriFone edges into mobile payment
SAIL, geared towards business owners, was introduced on
. Square and
are already available on iPhones and Android. Android is
mobile operating system.
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,"
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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