Little did we know at the time exactly how hot the “credit card processing by smartphone” trend was. Now we are in a much better position to assess the situation – being able to safely assert that not only is consumer demand for such services blooming, but the previously loner pioneer Square has to face up to some major competition.
It has recently been announced that Intuit financial software giant Intuit has partnered iPhone accessories manufacturer mophie to roll out a similar iPhone-based credit card processing service offering dubbed the Complete Card Solution – which, according to Intuit, will hit Apple retail outlets and the Apple.com online store by the end of the month. Watch out, Square!
How it works
The Complete Credit Card Solution rolled out by Intuit and mophie enables small businesses to process credit card payments via the Apple iPhone. It integrates Intuit’s GoPayment credit card processing app and merchant account with the mophie marketplace iPhone credit card reader. This package has been made available in Apple Retail Stores and is set to be available soon on Apple.com.
The new Intuit Merchant Account application process is designed to let small business owners apply and be approved to start processing credit cards. A user can apply from the GoPayment App online or by calling Intuit from their iPhone. As an option, GoPayment is also compatible with QuickBooks Mac.
By adding the clip-on mophie marketplace card reader, merchants can swipe credit cards instead of entering numbers by hand. After swiping the card, data is encrypted using Intuit’s industry-standard security methods.
Customers authorize the payment by signing their name on the iPhone touch screen. The merchant can then send them an e-mail or text receipt. GoPayment processes the credit card within seconds and funds are deposited into the businesses’ bank account.
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