Accept Credit Cards Anywhere, Anytime

If you are a traveling merchant, you've probably used the clunky and hardwired credit card terminals that can often lead to headaches for both the merchant and the buyer (especially when a signal can't be found). Now, three companies: Systems from VeriFone, Mophi, and Square will allow merchants to process credit cards using their iPhones or iPod Touches.

Each company is releasing small Apple compatible products that will allow anyone to accept credit cards from anywhere. Currently, the companies' products are in the hands of testers and soon the favorite of most merchants will emerge.

Merchants that have iPhones can already accept credit cards using applications including Swipe It and iMerchant Pro, they cannot swipe credit cards with these applications, but they can enter the card numbers by hand. However, these merchants pay higher fees for these non-swipe applications and they are much more vulnerable to fraud. Not to mention how much quicker it is to simply swipe the card then to type individual numbers into your phone, merchants and buyers will save time with the new swipe technology.

Each company has it's own benefits for merchants. For example, Square, a new company started by Twitter co-founder, Jack Dorsey, doesn't require merchants to open merchant accounts with banks in order to use the technology. Dorsey has been quoted saying, "What we're trying to do is remove friction from every part of the process." Good news for merchants that are tired of the headaches that come from the process!

Although VeriFone and Mophie do require merchant accounts, they have their own benefits. VeriFone has users pay a one-time fee of $49 and sign a two year service agreement that costs $15 per month, but VeriFone is a name synonymous with credit card processing and has become a trusted name for many merchants. Mophie, however, is new to credit card processing and is known for making aesthetically pleasing cases for iPhones, now they will make an aesthetically pleasing credit card processor.

Although, it's yet to be seen who the favorite will be, it is certain that the life of traveling merchants will be made a little easier by the emergence of this new technology.