ILoveVelvet Offers POS Solution on iPad/iPhone

POS solutions are not strictly within the purview of this blog, but this is an interesting story nonetheless.... According to Payment Source: Mobile Banker (an American Banker blog), ILoveVelvet, a New York-based payment-technology company, is offering its "Velvet Suite" POS system to let merchants use Apple's iPhone and iPad devices as retail point-of-sale terminals.

The software can process transactions using a card reader attached to the devices, Patrick Bouaziz,  ILoveVelvet chief visionary officer, told PaymentsSource. Additionally, the card reader includes a bar code scanner to bring up a product's price or to check inventory.

ILoveVelvet makes the holsters, which are available to accommodate magnetic stripe and smart cards.

D-Holster is a complete cradle to :

    * Scan bar code (1D type or 2D type including QR code)
    * Provide magnetic swipe reader (for payment card or loyalty card)
    * Provide smart card reader (for payment card)
    * Provide contactless reader (option)
    * Support iPod Touch, iPhone and iPad usage for in-store mobility

Because ILoveVelvet customizes the direct-to-merchant software to match merchants' branding and inventory, it is not available in Apple's iTunes store, according to Patrick Bouaziz, ILoveVelvet's chief visionary officer. Velvet Suite software manages the data and the devices. Merchants pay a monthly fee of $126 to use the software.

ILoveVelvet's software complies with the Payment Application Data Security Standard, Bouaziz told PaymentSource, although their Website seems to imply that they are only in the process of assessing PA-DSS compliance. Quoting from the site verbatim: "we respect guidelines and principles published by PCI international counsel and EMV consortium. This is the reason why we start the certification process required (PCI PED) but also PA DSS for the payment application. Our components have been sourced considered a minima EMV Level 1 compliance." Huh?!?

ILoveVelvet also has sales offices in Europe, Asia and the Middle East.