From the Wires
Small and Medium-Sized Businesses Set SAIL with VeriFone
By: Business Wire
May. 8, 2012 08:16 AM
VeriFone Systems, Inc. (NYSE: PAY) today introduced SAIL by VeriFone, a streamlined, cost effective payment-as-a-service platform that provides business owners and merchants an easy and secure way to accept payments wherever business takes them. With SAIL’s simple sign-up process, merchants can begin accepting payments at cost-saving rates within minutes.
SAIL by VeriFone is an open and flexible mobile payment solution that eliminates complicated processing statements and simplifies the retail checkout process, giving merchants more time to focus on managing and growing their business. (Photo: Business Wire)
The open and flexible nature of SAIL makes the solution uniquely compatible with mobile devices, such as tablets and smartphones, as well as traditional payment acceptance devices. Other micro-merchant systems are closed to the US bank and processing community. VeriFone's unique open platform allows for rapid expansion and adoption through VeriFone's extensive network of processors, ISOs, and channel partners.
Customers using iOS or Android devices with SAIL will receive a free mobile app and card reader that securely encrypts card data with each transaction. For merchants with higher volumes and multiple locations, SAIL offers integration with traditional VeriFone countertop devices that support emerging standards such as EMV smartcard, NFC contactless, mobile wallet, and more.
“VeriFone has created a unique open ecosystem that builds on our payment-as-a-service vision to foster innovation in the developer and payments communities and maximize choice for small to medium-sized businesses,” said VeriFone CEO Douglas G. Bergeron. “We are delivering a flexible experience with the level of security and reliability that businesses and consumers have come to expect from VeriFone.”
SAIL offers two simple pricing options to meet the needs of many business types, from the newly emergent mobile merchant to those more established with fixed locations: lower volume businesses can opt for a flat 2.7% fee for swiped transactions, while those with higher volumes may select a monthly $9.95 subscription with a discounted 1.95% transaction rate that could save up to thousands of dollars in fees annually over competing services.
SAIL enables banks, technology companies and independent sales organizations to build their own payment or marketing solutions on top of VeriFone’s secure infrastructure. The platform includes a mobile SDK and secure gateway with end-to-end encryption, real-time merchant fraud screening and boarding APIs, merchant processing and settlement services, and the ability to connect to third party marketing, loyalty and social media tools.
Vantiv, Inc. (NYSE: VNTV), the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S., will begin to market SAIL technology to select merchants. “As a simple and cost effective solution, SAIL complements our existing merchant service offerings to small businesses,” said Bill Weingart, Chief Product Officer at Vantiv. “Leveraging the VeriFone platform opens up new opportunities for our clients to transact card payments and provides a foundation that allows us to continually innovate.”
SAIL is designed to help businesses retain and attract customers through integration with social media channels such as Facebook, Twitter and Yelp. In addition, SAIL eliminates complicated processing statements and simplifies the retail checkout process, giving merchants more time to focus on managing and growing their business. Key features that enhance the ability of businesses to increase sales and better manage payments include:
The SAIL app for mobile devices is immediately available for download from the Apple App Store, and will be available on the Android Market later this month. Merchants can subscribe to the service directly from their mobile device or visit www.sailpay.com. Setup is instant, with merchants able to accept payments immediately upon enrollment.
The SAIL Developer and Channel Partner programs will officially launch in Summer 2012. Interested parties can visit www.sailpay.com/developers to express interest in participating.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: customers’ acceptance and adoption of VeriFone’s SAIL payment as a service solution and other new product and service offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50267750&lang=en
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