Paynet Systems has updated its Credit Card Machine application that lets retailers and merchants accept all major credit cards on Apple’s iPhone or iPod touch.

With an aesthetically improved interface, the services that the application provides are targeted at small businesses. Paynet is offering the mobile payment services for a fixed monthly fee of $10.

“Paynet Systems is targeting the growing number of small businesses that seek a way to accept credit cards from their customers, while minimizing the upfront cost associated with this service Jack Chevalier, president of Paynet Systems, Alpharetta, GA. “Prior to smartphone applications, wireless credit card machines could cost upwards of $700.

“These machines offered conveniences, but the costs were often prohibitive for many small-business owners,” he said. “With our Credit Card Machine app, a business owner can now accept credit cards, with all the conveniences of mobility, and not spend a cent in upfront costs.

“As matter of fact, our app offers many more features than a standard wireless credit card machine.”

Paynet Systems has provided credit card processing services to more than 35,000 businesses throughout the United States.

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Paynet Systems uses its own processing gateway to provide the mobile payment services.

The company offers a range of multifunctional opportunities for controlling the application, processing gateway, merchant account and pricing.

Credit Card Machine provides access to all major credit cards such as Visa, MasterCard, American Express and Discover.

As far as security is concerned, the application supports AVS and CVV2 security and fraud detection features.

There are encrypted and secure SSL connections as well, assuring data security, per Paynet.

Credit Card Machine now includes a product/services database, as well as a customer database for a lesser need of manually entered data.

The application now features a viewable transaction log with history details and the ability to fully manage accounts online.

Paynet Systems also offers a mobile swipe terminal for iPhone or iPod touch, letting customers accept cards right on the mobile device.

All operations are now done automatically with no need of manual input.

Paynet claims that this unit draws minimal power from the device and, once detached, all local memory is erased for security.

PayNet Systems is getting the word out about the platform using traditional banner ads that are run across the various smartphone advertising platforms.

Another important element is word of mouth spread.

“It’s amazing how many business owners start asking questions once they’ve had the opportunity to see this technology being utilized by one our customers,” Mr. Chevalier said. “To encourage interaction from our current users, we also offer a $100 referral fee—this doesn’t hurt!

“We’ve had a strong demand from business on-the-go and small businesses simply looking to avoid the cost of hardware,” he said. “As a business accepting a few credit card sales a day, or even a month, a stand-alone credit card machine is simply not needed.

“Additionally, in today’s world, people are rarely found without their smartphone close by, so when the need arises for payment, the convenience of whipping out smartphone and processing a sale on the spot simply can’t be beat—not to mention that the cost for this convenience is minimal.”