VeriFone SAILs into Android - TheStreet

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) - Get Report

,

MasterCard

(MA) - Get Report

,

Discover Financial Services

(DFS) - Get Report

and

American Express

(AXP) - Get Report

for processing transactions.

VeriFone edges into mobile payment

SAIL, geared towards business owners, was introduced on

Apple's

(AAPL) - Get Report

iPhones

last month

. Square and

PayPal Here

are already available on iPhones and Android. Android is

Google's

(GOOG) - Get Report

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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