When it was first introduced, the iPhone mobile credit card terminal was greeted with open arms by some, and with suspicious sneers from others, splitting the merchant account community in two in their estimation of a cell phone application that could turn a smart phone into a wireless payment processing device. But even amid such a revolutionary advancement, none could have foreseen the day when it would be considered a crime-fighting device—or, more precisely, a fraud-fighting device.
Putting Skimmers On Notice
You’ve probably already heard about credit card skimming and the various methods used by the dishonest employees of legitimate merchants to steal credit card information while ringing up actual transactions. So how can your merchant clients use the iPhone credit card terminal to minimize the risk of these occurrences? When you consider that an iPhone isn’t tied down to any terminal, it makes it easy for merchants to enforce a policy among their employees that all credit transactions be done in the customer’s presence. The iPhone’s versatility and increasing affordability also opens up the possibility that in the future, larger retailers may implement its use on a wider scale.
In the end, it may not be up to speed with Superman’s faster-than-a-speeding-bullet approach, but the iPhone credit card application has at least offered up previously unrealized possibilities of fraud prevention. If that’s not superhero action, we don’t know what is.