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Payment processor VeriFone is withdrawing from the mobile card payments market, citing "razor-thin margins." The decision to shutter Square-competitor Sail came to light during a quarterly conference call, with CEO Doug Bergeron calling the market for low-volume merchant processing as "fundamentally unprofitable."
VeriFone will release a new card reader that plugs into the iPhone or iPad's 3.5mm headphone input to process payments. A step up from its PayWare solution for hardware, the new device, called SAIL, will be very close to Square's hardware. VeriFone already makes card payment hardware for larger businesses and stores, and is trying to protect this client base from smaller up and comers like Square, BusinessInsider reported.
