iPhone Charge Card Processing for Small Businesses
Just as the iPhone has changed many of the ways that people interact and do business, it is revolutionizing credit card processing. iPhone charge card terminals usually cost between $80 and $150. They connect to iPhones and process all major credit cards much like a traditional terminal. They are generally just as secure as traditional terminals, but less expensive and more mobile.
Security of iPhone Charge Card Terminals
Business owners and customers sometimes fear change. However, there is nothing inherently less secure about an iPhone terminal as compared to traditional charge card terminals. The same encryption technology ensures that the cardholder's information is not shared with an unauthorized party, and the mobility of the device allows the card to be swiped right in front of the customer. Some restaurants have even begun having their waiters and waitresses carry iPhone terminals with them in order to assure the customer that nobody is illegally copying the credit card information.
Some customers may be under the impression that the iPhone itself stores the credit card information. This is simply not the case. Much like a traditional terminal does not store information, neither does an iPhone terminal.
Cost of iPhone Charge Card Terminals
In general, the upfront cost of iPhone terminals is less than for traditional terminals. There usually are not monthly fees associated with iPhone terminals, either. Most services charge transaction fees of between 1.5% and 2%, just like any other credit card processing service.
Mobility of iPhone Charge Card Terminals
An iPhone terminal can go anywhere an iPhone can go, which means it can go virtually anywhere. Although mobile credit card processing is certainly not a new concept, most processing systems were bulky and not user-friendly. Not only can an iPhone be carried anywhere, it usually is carried everywhere, reducing the chance of missing a sale. They are also useful for much more than credit card processing. Employers planning to issue iPhones can be confident that their employees will be receiving many other capabilities that will enhance the business.
The use of iPhone charge card terminals may have other positive effects, as well. iPhones are cutting edge. They are efficient but also chic, and businesses may gain credibility with a variety of demographics by incorporating iPhones into a business model.