The application enables the companys merchants to process credit and debit card transactions through its network with the help of an iPhone, iPod Touch or T-Mobile G1 over Wifi or 3G wireless connections by inserting the card data into the phone. Thus, the credit and debit card transactions are to be processed as card-not-present or offline-debit payments. The cardholders will receive receipts via email, but the company has announced plans to also provide merchants with the ability to print receipts.
The application can be set up via a one-time installation process via a web browser and it can be used by small business merchants, independent contractors and mobile merchants. Momentum Payment Systems provides traditional credit and debit card processing services as well as processing for ATM cards, gift and loyalty cards, prepaid cards, EBT and checks.
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