How to Turn Your iphone into a Credit Card Terminal.

I took the plunge and got rid of my knuckle breaker (credit card impression mechanism). In it’s place I started using my iphone.  The Credit Card Terminal application that I’m using is the one featured on the iphone commercials.  When the commercials first came out the app. was selling for $49.99, but now it’s only .99 cents.

I was explaining how I set up my account to my friend Susan Gilbert-Collick of Daisy Chains Jewelry and realized the information might help others as well.   So let’s get down to the knitty-gritty.  If you don’t have an iphone, I’m not sure if this post will help. 

This is the first screen that pops up when you are ready to type in your customer’s information.

After typing in the credit card number, expiration, amount of purchase, CVV, and zip, touch the “more” bottom.  This next screen pops up.

Like a lot of credit card machines/companies the more information you enter the better your transaction rate. The best part is that the receipt is emailed directly to your customer.  Another added benefit is that you and your customer don’t have to worry about losing their credit card number because the numbers are not stored. After you enter all the necessary information turn the phone clockwise to capture your customer’s signature.

After acquiring the signature press “done” and then the original screen reappears and press “charge.”  It’s that easy! 

But what’s the cost of this convenience? Phones range from $99-$600, here’s a great resource for pricing out smart phones total costs. You also have to take into consideration the monthly wireless bill and data network plan.  Wireless credit card terminals can range from $150-$800.  For my terminal the initial set-up fee is $100 and then the transaction rate is about 2.8%.  This app. is run through Authorize Net (a gateway service provider) and Power Pay (the merchant account) that transfers money into your bank account.  I hope this helps, if you have any questions let me know.

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