PayAnywhere to launch Apple Pay-compatible card reader at Apple Stores

Posted:
in iPhone edited August 2015
A company called PayAnywhere is preparing to launch a self-named card reader that could help bring Apple Pay support to small businesses, which have so far mostly foregone the technology.




The reader plugs into the headphone jack of an iPhone or iPad, and supports not just Apple Pay but other unspecified wireless payment systems. It can also process credit cards whether they use a magnetic stripe or EMV chip technology.

PayAnywhere is charging 2.69 percent per transaction, but with no other recurring fees. A vendor's first $5,000 in transactions will come at no cost whatsoever, albeit with a six-month time limit.

The reader itself will cost $40 and be available exclusively from Apple's online and retail stores come September.

Apple Pay has gained hundreds of supporting banks since it first launched in October 2014, but merchant support has expanded much more slowly. The majority of partners are large national and regional chains, and many of them have yet to deliver on promised support. Some examples include Kohl's, Dunkin' Donuts, T-Mobile, and and Marriott.

The main obstacle is likely the need to upgrade payments terminals with NFC compatibility. While many companies are having to upgrade anyway to meet new security standards, the expense and complexity of doing so may be slowing adoption, especially for independents. Small businesses also have a number of established mobile options to turn to, like Square or PayPal.

Comments

  • Reply 1 of 4
    Here is an easier and better alternative:

    My previous credit card processor wanted to charge me $2,400 for a new reader that took Apple Pay and Chipped Cards. I totally objected, particularly since their fees were already $1000 a month and they did not want to negotiate.

    I went to Costco as an executive member.

    I signed up for their merchant account program through Elavon - a HUGE credit card transaction processor. With Costco, every member is grouped together under Costco's umbrella resulting in a huge discount in fees. And you can be assured the companies will be here for your lifetime.

    I was sent a Verifone reader. The reader works with Apple Pay. In fact, I got stickers for my windows. I stuck a small one on the machine. The reader is CHEAP and sophisticated at $200 and reliable. Customers get their usual paper receipt. It works much more quickly than my old machine.

    There are no annual fees, batch fees, reporting fees, etc.

    I am charged 1.38% per transaction - a lot less than the 2.69% charged by PayAnywhere.

    With the new machine, I can settle with every transaction so the money immediately goes straight to my bank account. No delays like Amazon gives you so they can make money from the interest accrued during the delay.

    I save $1000 a month [$12,000 a year] compared to my previous credit card processor.

    It is fantastic.

    Thanks, Costco!
  • Reply 2 of 4
    calicali Posts: 3,495member
    Why the F**K does this even exist?!!!

    When I mentioned the iPad should have had NFC capabilities, closed minded people defended the absence and said "No ones gonna take an iPad to the store to use ?Pay!"

    Now I'm shaking my head even more seeing this pay add on device. What a clunky solution.

    "The main obstacle is likely the need to upgrade payments terminals with NFC compatibility. While many companies are having to upgrade anyway to meet new security standards, the expense and complexity of doing so may be slowing adoption, especially for independents. Small businesses also have a number of established mobile options to turn to, like Square or PayPal."

    iPad POS systems with NFC could easily boost store adoption.

    Let's hope Apple releases a futuristic POS solution with IBM next gen..... Otherwise just let MS finally find a niche for it's Surface.
  • Reply 3 of 4
    And Square has that too...
  • Reply 4 of 4
    Quote:

    Originally Posted by cali View Post



    Why the F**K does this even exist?!!!



    When I mentioned the iPad should have had NFC capabilities, closed minded people defended the absence and said "No ones gonna take an iPad to the store to use ?Pay!"



    Now I'm shaking my head even more seeing this pay add on device. What a clunky solution.



    "The main obstacle is likely the need to upgrade payments terminals with NFC compatibility. While many companies are having to upgrade anyway to meet new security standards, the expense and complexity of doing so may be slowing adoption, especially for independents. Small businesses also have a number of established mobile options to turn to, like Square or PayPal."



    iPad POS systems with NFC could easily boost store adoption.



    Let's hope Apple releases a futuristic POS solution with IBM next gen..... Otherwise just let MS finally find a niche for it's Surface.



    A business that used an NFC enabled iPad for payments would be unable to sell to customers who coninue to use credit cards. 

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