VeriFone is set to debut a new swipe reader this week, taking Square head on in the mobile payment space.
VeriFone does roughly double the annual payment processing of Square, with about $10 billion in annualized transaction volume each year. And its new swipe reader, called Sail, is designed to target the slightly larger among small and medium businesses.
The value offer for those slightly larger businesses is part of VeriFone’s pricing set-up. The company offers two systems: one, a 2.7% service charge on all transactions; or two, a 1.95% service charge for transactions, plus a $9.95 monthly fee. Companies who generate more than $1,327 a month in card sales will benefit from the latter offer.
Beyond accepting card payments, VeriFone Sail includes social media integration (customers can access a Twitter account from their receipts, for example), support for coupon acceptance, barcode scanning and inventory tracking, NFC compatibility, and an open API, according to Fast Company.
In her reporting about the new device, Fast Company’s Kit Eaton also noted one particularly interesting comment from VeriFone’s Brian Hamilton: “You should be able to take the Google Wallet, and you should be able to take the iWallet,” he said.
Read the full story here.
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