Another day, another iPhone based card processing solution comes on the market. This time, PAYware from Verifone, is pushing its app-and-sleeve card reading solution at micro-merchants in the US, with plans for a second generation solution that will work in chip and PIN markets in Europe later this year.
The solution features a sleeve that fits over the iPhone, connecting to the base port and works in conjunction with an app that is downloadable for free from the apps store.
The sleeve allows for card present purchases as it has a magnetic card swipe slot. The customer/merchant opens the app, swipes the card through the slot, and gets a beep that signifies that the data has been scanned and encrypted and sent. The screen then clears for a signature, that the customer then delivers, and with the push of one more button the transaction is complete. Another click and you can email a receipt to the customer.
The service is aimed at micro-merchants such as stall holders and independent traders and offers them the chance to upgrade from clunky credit card carbon machines or no credit or debit card facilities, to a full card present, live card approval.
PAYware is cagey about costs, but Tony Saunders, Verifone’s Marketing Director, does say that “This solution is being targeted to support the micro-merchant who doesn’t typically have a customer present card payment acceptance solution and is a customer who doesn’t necessarily have a high volume of card transaction opportunity. For these merchants the solution has to have a compelling price point to ensure, as a merchant, they can realise a return on their investment”
The app is free from the apps store.
