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The iPhone has transformed the way we do many things, and credit card processing on the go is no exception. Mophie, a retailer of iPhone accessories, is planning to launch a credit card reader accessory that will allow merchants to swipe and process credit cards right from an iPhone.
There is no doubt in my mind that this has the potential to transform the way that small businesses accept credit card payments. Although merchants are currently able to take payments using an app on the iPhone, to do so they have to manually enter your card information into the phone. Obviously this can be a hassle for the merchant and this manual process also generates unnecessary security concerns. Both of these issues are addressed with a secure card reader that allows a merchant to quickly and securely swipe and process a card in just seconds.
Mophie is currently in a race with Square, (a mobile payment company founded by Jack Dorsey, one of the co-founders of Twitter) to get a credit card reader accessory for the iPhone on the market. Regardless of which company is victorious, this should make the lives of many small business owners a little bit easier.