The new, open, payment-as-a-service SAIL platform enables merchants to accept payments on the go with iOS and Android mobile devices (view press release). The solution comprises of a free mobile app and card reader and provides merchants with a mobile SDK and payment gateway with end-to-end encryption, real time fraud screening and boarding APIs, merchant processing and settlement services, and the ability to connect to third party marketing, loyalty and social media tools to help merchants attract and retain customers.

The solution offers two pricing options for lower and higher volume businesses. Lower volume merchants can opt for a flat fee of 2.7% for swiped transactions while high volume merchants are offered a monthly subscription of USD 9.95 with a discounted transaction rate of 1.95%. Merchants with high volumes and multiple locations can also integrate SAIL with traditional VeriFone countertop devices that support emerging standards such as EMV smartcard, NFC contactless and mobile wallet.

“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 maximise choice for small to medium-sized businesses,” said VeriFone CEO Douglas G. Bergeron.

The launch adds yet another player to the increasingly competitive mobile POS space led by Square and PayPal Here.