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The credit card processing company Commersense announced on Tuesday they have created a new smartphone attachment that allows businesses to process credit card transactions remotely. The unit fits onto many different popular phone models, and allows an organization or individual to swipe the card directly on the attachment.
Mobile swiping capabilities have been on a steady rise, since processing firms offer better rates for swiped cards over keyed in cards.
In 2009, the co-founder of Twitter, Jack Dorsey, launched a first of it’s kind mobile processing company (www.squareup.com) that allows individuals and businesses to attach a small dongle to their smartphone’s headphone jack and process swiped transactions directly on their phone. Since that time, many other start-ups as well as established processing firms have been scrambling to catch up.
Commersense’s new smartphone attachment is a direct competitor with Square, however, its cumbersome nature may prove to be a deterrent for some on-the-go users. Where Square is very vulnerable, however, is in their processing limits. They currently only allow processing volumes of up to $1000 per month, which can be increased after a merchant relationship has proven itself. But this low initial processing limit offers Square’s competitors an opportunity to steal some of the larger businesses away right out of the gate.
While mobile processing and payment technology is just starting to gain traction with the consumer masses, it has been a topic on many business executive minds for some time. Google recently announced and launched their first attempt at getting into the mobile processing game with Google Wallet, an application and hardware setup that allows consumers with Android powered phones and proper chip setups to use their cell phone as a credit card.
Commersense will operate accounts opened with the new smartphone attachment similar to regular merchant accounts. In a press release issued on Tuesday, they stated that each merchant’s processing needs are unique and therefore require a customized pricing bundle. On the contrary, Square offers flat pricing for all transaction types and offers the same rate to every business.
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