PayAnywhere is onboard with Apple Pay and will be launching its compatible mobile device credit card transaction reader in September. This should give independent merchants another option for joining in on the Apple Pay action, and give consumers more payment options when they're out on a spending spree.
Apple Pay gets another mobile payment partner
Much like Square, PayAnywhere uses a small card reader that attaches to the audio port on your iPhone or iPad so you can process credit card transactions without needing an expensive bank merchant account. The company, which is part of North American Bancard, takes a small transaction fee that's typically much lower than the cost of handling credit card payments through a merchant account.
"We are very excited to launch sales exclusively in Apple stores throughout the country," said North American Bancard CEO Marc Gardner. "To demonstrate how simple and easy it is to accept Apple Pay, we have chosen to offer all customers the first $5000 free in Apple Pay transaction processing with a new PayAnywhere account."
Along with Apple Pay, the new PayAnywhere reader will support other NFC-based cardless transactions, EMV-based (chip credit card) transactions, and traditional magnetic card swiping, too.
The Apple Pay-compatible PayAnywhere reader will be for sale exclusively in Apple's own stores starting in September for US$39.95.
Square announced their Apple Pay-compatible card reader a few months ago with plans to ship soon. With both PayAnywhere and Square on board with Apple Pay support, indy merchants have options available to keep them in line with the new bank card requirements starting in October. Banks are requiring NFC or chip-based card transactions, and will hold retailers liable for any credit card fraud stemming from magnetic swipe transactions.