Accounting software outfit FreshBooks enters mPOS market

Accounting software outfit FreshBooks enters mPOS market

Toronto-based accounting software outfit FreshBooks is entering the crowded American mPOS market through the launch of an app and dongle-based system that lets small businesses accept card payments through their iPhones.

The FreshBooks card reader will work with new EMV chip-enabled cards as well as magstripe plastic when it launches next Spring.

The dongle will cost $29, while merchants will have to hand over 2.7% plus 30 cents per Visa and MasterCard transaction, and 3.4% plus the 30 cents for Amex - more than Square charges.

However, the firm is hoping to win over users through integration with its payments offering and accounting software, which means that invoices and reports are automatically updated as payments are processed.

Although it will initially only work with iPhones, FreshBooks says that is working to make the reader compatible with its Android and iPad apps.

Mike McDerment, CEO, FreshBooks, says: "Seventy five percent of small businesses already use mobile devices to run their businesses, and the FreshBooks Card Reader will offer them with yet another way to streamline their workflow while on-the-go."

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