Recently I was at a concert, in Camden NJ. Before the show started, people were in the parking lot selling their goods. This has always been a cash only thing. For the first time ever, I met a guy selling his product, and taking credit cards through an iPhone / Intuite credit card reader. Genius!
Now for the details of the equipment... Obviously this was a mobile - commerce system, which allows for one to conduct business "anywhere, anytime."
The input in this scenario included: Entering the transaction amount, and swiping the credit card.
Processing we know was the transmission of data (price amount) to the merchants account.
The output, in this case was the confirmation of a completed transactions. In some cases an email receipt is sent, (the document or report).
The feedback - which shows both the merchant and customer that the process is moving along is show as - the loading screen of the program, the ability to change fileds during input, a rotating circle during the transactions, and a transaction complete notification at the end of the transaction.
The perks of this system include:
Accessibility - ability to take a transaction at any time
Accessibility - ability to take a transaction at any time
Accuracy - as opposed to cash, no change = no lose in profit
Security - the hardware, and software is all encrypted so security is "allegedly" not an issue. This also beats out over cash which can be lost or stolen.
Timely - information is delivered when it is needed
Verifiability - Both the customer and the merchant have the ability to verify the transactions has gone smoothly at any time.
This is a light weight device that allows for a merchant to expand their market in respect to a client base. In some cases such as my own, a purchase is made just for the novelty of using the device. In the event that the customer doesn't have any money, they finally have another way to pay. It also gives the merchant an added security. If say the device is stolen, they still retain the data, transaction information and payment. If the merchant takes the usual route of just taking cash they run the risk of losing their money without the ability to get it back. In addition, they merchant would not have to carry change. Lastly, the merchant also retains customer data such as an email address, to allow for future contact with a potential customer.
Very good! You understand some very important concepts.
ReplyDeleteWhat you would want to add - is the value as a business process (in addition to the quality of information processing that you already have), like why would somebody use it versus other options, what utility do the users actually have.
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ReplyDeleteThis is crazy! I cannot believe technology has advanced to allow credit cards be processed through an IPhone. Way to go APPLE, this opens the doors to virtual store fronts for any kind of business. Imagine all sales reps taking sales and processing payment at your hand instead back in a remote office. This blows my mind with what the purchasing world will be in another year or two. I thought processing credit card info on a computer vs a Credit Card terminal was advanced but using an IPhone?? I can see the future having this technology everywhere. Think about all the places that only accept cash because of the location, but if they had an IPhone to accept Credit Cards they not only are going to make more sales, opened their business to more customers. Now a days people only carry debit/credit cards on them instead of cash. This will allow those buyers to purchase anything they want, whenever. This software is amazing, I cannot believe technology has advanced to this.
ReplyDeleteI actually experienced this recently when I went to the Apple store. Every employee in the store had an Iphone with a little attachment that allowed them to take payments from customers immediately on the spot wherever in the store whenever the customer was ready. I thought this was fantastic and eliminated having to wait on line at a register. The only thing that people become wary about is security and some people might be worried that their credit card data might be stolen.
ReplyDeleteI've seen this before it is pretty cool and very convenient. They also have it the other way around where you can have your bar-code for your credit card come up on your phone and all the merchant has to do is scan it. It is amazing to see how far technology has come these days.
ReplyDeleteYea I just recently heard actually that our phones will be replacing our credit cards completely and we won't need to carry credit cards anymore. I forgot what the technology is called and am not exactly sure how it works but the feature is supposed to be embedded in next generation cell phones - maybe someone else knows what I'm talking about.
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