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VeriFone to reduce signings of small businesses, Reuters reports

VeriFone Systems (PAY) plans to pull back from signing up small merchants to accept credit cards payments, reducing competition for start-up Square Inc and other companies that moved into the space recently, sources say, reports Reuters. It has become difficult to make a profit from these services because the provider is at least partly responsible for any problems, such as fraud. That's one reasons VeriFone decided to pull back from the business, the sources added.