What is an iPhone merchant account? How does it work? Is it secure? What is an end-to-end encryption? And What are its benefits? What are the frequently asked questions that pertain to the use of an iPhone Merchant Accounts
Merchant accounts are essential for online businesses whether it may be small-scale or big time. However, if you need to conduct business almost anywhere, you would have to go mobile. You can have the option of having a merchant account on your iPhone. Here are some FAQs about it.
What is an iPhone merchant account?
It is defined as an agreement between the merchant, the bank and the payment processor for the processing of credit card and debit transactions through your iPhone. The basic requirements are iPhone 3G or 3Gs and your merchant account. IPhone merchant accounts such as PAYware mobile caters to credit card and "check" card transactions.
How does it work?
Merchant accounts such as PAYware Mobile software application conducts communication between the secure payment gateway and your iPhone unit. You would need to have an iPhone credit card encryption sleeve installed. It can be downloaded easily at any iPhone application stores. The PAYware mobile encryption sleeve is available in some VeriFone distributors.
Is it secure?
IPhone merchant accounts undergo through third-party testing and authentication. It is regulated under the PCI Security Standards Council criteria, as they reinforce the norms that every payment processing system providers must follow upon the development of any software. In relation to security, the customer's account info is truncated.
What is an end-to-end encryption?
The end-to-end encryption is utilized to help maintain the security of the customer's credit card details the moment the card is being swiped. All the card information is encrypted towards your credit card processing service. This feature can evade any events that confidential card information would penetrate your iPhone.
What are some benefits you could get?
By availing an iPhone merchant account, you can confidently accept credit card payments, anywhere, anytime, through your iPhone. You can conducts businesses at every place and avoid the chance of losing any deals because of the inability to process credit cards. You can also add a tip with your sale by entering a certain amount or allowing the application itself to calculate the tip from the percentage of the sales made. Also, they have the feature of specifying the tax percent entailed in each sale which can be charged on the go.
Having a merchant account, you can now monitor and maintain your online business with ease. But by having a mobile merchant account, you can conduct business at any place and at any time at your convenience.