If you are a merchant with products or services to sell while on the go, you can now use your iPhone to make your business take you further. Effective March 5, the iPhoneSwiper is available as a wireless credit card processing terminal. The terminal is free for those who sign up for a merchant account with iPhoneSwiper’s partner, Impact PaySystem from the iPhone app store.
The iPhoneSwiper is presently the only credit card terminal which has the power to read the magnetic stripe on credit cards. It can also scan the infra-red barcodes on products and has a thermal printer.
When the terminal is used with the gateway software, merchants have total control over the products in their stores and can accept customer credit card payments on the spot. The iPhone then becomes a full point-of-sale system for the merchant on the go. They can scan the barcode of the product, tally an order, and accept the payment all at the same time.
Additionally, the software works with the in-store inventory and automatically updates it to reflect purchases being made. Merchants have the ability to track inventory to see what sales are the strongest and which products have not moved at all.
Who Benefits From Point-of Sale Technology?
There are so many small businesses that offer innovative products and many entrepreneurs rely on the Internet for every aspect of their business. Sales and services in e-commerce have opened many doors and together with the iPhone technology, there is more opportunity than ever for conducting instant business.
Small business entities that do not accept credit card payments have been shown to not remain as competitive as others who do. Since many people, especially for online purchases, rely on the protection of major credit cards, few will be willing to pony up cash, money orders or personal checks. By limiting how your customers pay, you are limiting how much you end up selling. This can seriously put a debt in your profit margin.
While there are third-party services that will process payments via credit card, there is no denying that your ability to process cards on the spot is beneficial to your business. For instance, those who rely on the profits from sales at a farmer’s market, a convention, or other locations away from the office or the Internet, the capability to process credit cards on the spot will likely give you the edge over others who can not.
The benefit for both merchants and consumers is the protection guarantees offered by Impact PaySystem, especially in this day and age of rampant credit card fraud. All credit card processing transactions are reviewed and the company states they ‘fully and faithfully stand behind’ their product and technologies.
Will You Get on Board?
Obviously having an iPhone is the first priority for the small business owner who want to employ the on the spot swipe technology. As this is the first opportunity for merchants on the go to handle inventory and payments from the convenience of their phone, it seems like a win-win situation for everyone involved. There will likely soon be copycat technologies that will offer even more innovative credit card technologies but for now it seems the iPhone is the way to stay in the game and increase your profit-earning capabilities.