Square currently leads the small-business payment processing market with its Square Card Reader, but the company will soon have some serious competition because Verifone, the largest maker of credit-card terminals, has decided to enter the world of mobile device payment processing.
Verifone is planning on launching SAIL, its new mobile payment processing platform, today.
SAIL, like the Square Card Reader, will plug directly into the iPhone, the iPad, and Android smartphones to let small businesses and sole proprietors take credit card payments.
According to Verifone, SAIL has several advantages over competitor Square, including a lower transaction rate for high volume customers, easy upgrades, barcode scanning, and online tools for tracking transactions and managing inventory.
SAIL will also be opened to third party developers, allowing third party apps to use built-in payment processing.
Square has remained successful in spite of other competitors, but Verifone’s new system may very well get it a significant chunk of the mobile payment market, which is worth more than $5 billion annually.
[via Business Insider]