• Verifone Introduces PAYware Mobile-iPhone Credit Card Reader

    Verifone released a device and App to go along with it that will directly compete with Square, the new startup by Twitter creator Jack Dorsey, in the iPhone/iPod touch payment space. The App and Device by Verifone is called PAYware Mobile. This free application, when paired with the hardware, allows you to use your iPhone to easily accept credit card payments, just as Square does. But, VeriFone also clearly believes its solution is the safer bet for merchants thanks to its secure payment gateway.

    A quick download of the PAYware Mobile app to your iPhone 3G or 3GS opens the door to increased sales and margins by enabling you to accept more "card present" payments. And the app is remarkably easy to use. Just swipe the card and a tone tells you the fully encrypted transaction data has been accepted. Push a button to capture the signature. Push another to add a tip to the bill. Push one more to finalize the sale.

    Want to email the receipt to your customer? Click. Done.

    Any time, you can review previous transactions, check daily transaction summaries, even bring up a map showing where each transaction took place.
    Powerful, yet easy-to-operateSignature captureOne-button, customizable email receiptsPA-DSS certified

    It’s the complete payment solution that transforms the iPhone into a secure payment portal. With VeriFone’s PAYware Mobile, you’ll never miss a sale. Simply swipe a card, capture a signature and enjoy the convenience of payments wherever, whenever. With PAYware Mobile, not only do you have the ultimate in convenience, you have the ultimate in security. In addition, the app-plus-reader combination can lower your cost of accepting credit cards by 30%. PAYware Mobile. Solid. Secure. Delivered.
    You're also paying for this extra security. VeriFone's solution has a $49 activation fee, along with a monthly fee of $15-25 on top of the 17-25 cents you're paying on each transaction. Verifone has acquired The Phoenix Group, one of the largest independent distributors in the POS industry, to distribute the device and set-up Gateway and Merchant accounts. They have developed subsidized pricing options when choosing a 2-year agreement and one of their "third-party" merchants. However, if you choose to bring your existing merchant account over to PAYware mobile, you will be paying around $25 a month and $0.25 per transaction just in Gateway Fees in addition to your merchant fees.

    The PAYware Mobile device also gives you the ability to obtain signatures with it's built in stylus, just one more of the addition security features with this device.

    Currently PAYware Mobile works only with the iPhone 3G and 3GS models. It is not backward compatible with older iPhone models. However, Verifone says that the device will be compatible with future models as well. It will be an interesting battle to watch as Verifone and Square compete in the card reader market.

    Video Demos are available via the PAYware Mobile website.
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