Just a couple of days ago we profiled the launch of Square’s mobile payment service and now it seems that the iPhone credit card swiping battle is heating up already with the launch of VeriFone’s PAYware Mobile.
While there are many credit card processing iPhone applications like iSwipe, ProcessAway, iTouch2Pay, etc. the major similarity between PAYware Mobile and Square is the external dongle for actually physically swiping credit cards as opposed to manually entering in the credit card information onto the screen of the iPhone.
Check out the two screen shots of first PAYware and then Square to compare the two external iPhone credit card processing units:
PAYware Mobile Pricing
According to the PAYware Mobile website they boast that merchants can save 30% on credit card transaction fees. The cost of PAYware Mobile is a one time activation fee of $49, a monthly fee of $15, and also 17 cents on each transaction. This is contrasted with the not yet released transaction fee rate sheet that is expected to be released soon.
PAYware Mobile and Square: Want a Stylus?
Another significant difference between PAYware and Square is that PAYware offers stylus to allow the customer sign their name on the iPhone’s screen and complete the credit card transaction where Square does not. Granted, Square is probably correct in assuming that using just ones finger to digitally sign the credit card receipt on the phone works just fine but for merchants who are trying to keep their iPhones clean and germ free it could be nice to have a stylus.
PAYWare vs. Square: Who Will Emerge as the Winner?
It remains to be seen who will emerge as the victor in the battle over accepting mobile phone credit card payments but both VeriFone’s PAYware Mobile and Square are early contestants that are making a strong attempt at grabbing market share.
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I found some intriguing video clips on this new “Payware” app and dongle, which also explain the security technology behind the app and cardreader.
Check it out at: http://www.youtube.com/user/VeriFoneInc#p/u/2/72Lm8Nw8S7U
Very helpful video. It is always interesting to see companies using YouTube and other similar media channels to explain and market their products. Thanks!
$15 a month? Maybe for a business, but not for the millions of average customers that square is targeting.