IPHONE BECAMES CREDIT CARD PROCESSOR THANKS TO MOPHIE AND INTUIT

Credit card processing is becoming the hot app for the iPhone.  Thanks to Mophie and Intuit there is now a competitor to Square.  Using the Mophie created app and reader device you can except credit card payments for an initial set-up fee of $179 and $0.30-$0.34 per transaction through the Intuit's GoPayment system.  This transaction fee is double that of Square who only charges $0.15 per transaction.

However, the Mophie/Intuit system will charge a smaller total overall payment fee of 1.7% - 3.7% depending on the type of card being used.  Square is charging 2.75%-3.5% comparatively.

Currently, this only works on the iPhone 3G/GS, but an iPhone 4 app is in the works.