Transparent Financial Services, or “TransFS,” a provider of financial services for businesses reportedly announced the launch of the TransFS Card Terminal, an iPhone (News - Alert) app that provides credit card acceptance capabilities to businesses from any location.

TransFS Card Terminal is an iPhone app which is free of cost and it provides flexibility in the choice of credit card processors, company officials said.

With this new application, business users have the ability to introduce or test mobile card acceptance without wasting on cost and other commitments. Also most other apps need the user to contract with a particular processor which leads to multiple invoices and unexpected price increases.

TransFS Card Terminal provides card acceptance facilities without the cost of purchasing or leasing terminals. The new solution enables merchants and those implementing credit card solutions to save significantly per point of sale.

“Using an iPhone to accept a payment adds mobility and freedom for professionals in the field or in an office,” Sean Harper, CEO of TransFS, said. “We believe this freedom should also extend to the price of the app and the choice of credit card processor, and our Card Terminal delivers on that belief.”

iPhone is an ideal device for providing mobility and convenience in payment acceptance for several industries such as in hospitality including restaurants, hotels and recreation. It can be used in home services also by providers of electrical, landscaping and plumbing services. TransFS Card Terminal also finds usage in transportation of people and direct product delivery besides in retail kiosks, outdoor venues and trade shows.

According to company officials, TransFS helps businesses retain profits through a private and secure reverse auction in which credit card processors bid to win business from merchants. Credit card processors in the TransFS network have to satisfy a stringent certification process and are bound by price transparency and customer service rules.

Businesses that download the TransFS Card Terminal benefit from multiple processor selection options such as rapid configuration of the app to use a processor of choice. A new merchant account can be set up instantly with a pre-negotiated rate plan which is offered by the TransFS Certified processor. 

TransFS reduces credit card processing fees by 30 to 40 percent with the merchant incurring no cost. The merchant can apply for the app on TransFS.com and view the complete results of the competitive comparison which can be reviewed at the merchant’s convenience. The merchant will be connected with a processor of his/her choice only.