Online and mobile payments service WePay has launched an iOS app today to help small and growing businesses in the United States accept credit card transactions with minimal fuss.

The app means that firms can use an iPhone as a virtual terminal, charging credit cards at any time and at any location without using dedicated hardware. It also includes a number of invoicing features, allowing the user to send and manage custom-made, professional itemized bills.

Processing credit cards and sending out invoices will cost 2.9 percent of the total amount paid, in addition to a 30 cent charge per transaction taken by WePay.

If the client is having any problems with the service, it’s also possible to call or email customer support directly from within the WePay app.

Bill Clerico, CEO of WePay says the needs of small business service providers aren’t being met by the existing mobile payment apps on the market. “Our solution offers these businesses everything they need to get paid,” he said. “Now whether they’re on the road or in the office they have access to everything people love about WePay [...] all without requiring any extra hardware or a dongle.”

WePay has a number of other firms to compete with though. Digital payments company Square is one of its biggest competitors in the United States, having recently announced that it is now offering a complete hardware package to help businesses run its Square Register solution.

Mobile payments platform LevelUp, known for its use of QR codes, is also actively targeting small businesses in the United States by offering custom-made apps. Earlier this month restaurant chain Sweetgreen became the first firm to take advantage of the service, and it’s been confirmed that an app for First Trade Union Bank is also in development.

iZettle, meanwhile, has just introduced a new device in Europe based on chip and pin technology, which accepts all major credit cards including Visa. It’s only available in Finland, Sweden, Norway, the UK, Germany and Spain for now, and works in conjunction the free iZettle app.

They’re already competing with a number of other up-and-coming startups such as SumUp (we took a sneak peak at its upcoming SumUp Pay solution at Finovate Europe) and Rocket Internet-incubated Payleven, the latter of which has also opted for an app plus chip and pin reader combination. Meanwhile, eBay-owned PayPal is looking to launch its mobile payments service, PayPal Here, in the UK before the end of the summer.

The caveat here is that most of these services are still operating in select regions, restricting growth not only in transactions but also the number of businesses adopting it.

All of these mobile payments companies are looking to expand though, so if WePay wants any chance of keeping up with the rest of the pack, it’ll need to keep developing its mobile app offerings in the United States – and quickly.

➤ WePay | iOS

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