Hypercom has unveiled the first two members of a product family that enables smartphones to accept mag stripe card payments for merchants with iPhones.
Hypercom’s payment solutions for the iPhone extend e-payments beyond in-store retail to home merchants, door-to-door delivery and repair services, event vendors and an array of other merchants with business-critical features.
Unlike competitor products, Hypercom claims SmartPayments Mobile is designed for retailers who want to stay close to high-value customers on the retail floor and expedite their purchases. SmartPayments Mobile will begin shipping Q2. SmartPayments Mobile products have a slider case with an encrypted, PCI, PA-DSS certified card reader that protects the iPhone and lets merchants avoid the potentially high cost of card not present transaction fees that are a weakness in application-only solutions, the company says.
It also includes a barcode scanner for instant pricing, inventory control, auto population and validation of drivers’ licences or other forms of barcoded information as required for on-the-go merchants selling products and services. The addition of barcode scanning opens the door to an array of payment-enabled business applications and vertical market solutions available on the iPhone platform. For merchants not requiring barcode scanning, the SmartPayments MobilePro has the same iPhone-protective card reader and signature capture.
Other standard features on both models include Hypercom’s end-to-end payment data protection, a built-in rechargeable battery that increases usage time by not relying solely on the iPhone battery, dual battery recharging capabilities with a single cable, itemised email receipts, and an opening for the iPhone camera lens. Transactions initiated by SmartPayments Mobile will be managed through Hypercom’s SmartPayments Server and routed to credit card processors for near instantaneous authorisation and settlement.
Both SmartPayments Mobile card readers encrypt all magnetic stripe card information immediately at card swipe, eliminating the potential of compromise either on the iPhone or when information is transmitted over Wi-Fi or cellular wireless.