North American Bancard (NAB) announced  today the  launch of its Pay Anywhere mobile payment application, which allows users to process credit card payments via mobile devices. NAB currently processes more than $10 billion in electronic transactions annually for more than 100,000 merchants nationwide.

“Until now people have had to compromise when picking a mobile payment option. While some are flashy and free, they can lack critical financial and security resources on the back-end. Others offer the reliability many consumers want, but are cost-prohibitive,” said Marc Gardner, NAB founder and president.

“Pay Anywhere is the first to offer the best of both worlds – superior hardware and technology, ease-of-use, an affordable pay-as-you-go platform and the peace-of-mind that comes with NAB’s nearly 20 years of credit card processing experience.”

The Pay Anywhere application is free from Apple’s App Store. Upon approval of a merchant account, the card reader accessory, which usually retails for $149.95, also will be given to users free. The card reader is included so that users can swipe cards to receive lower transaction rates.

Pay Anywhere’s application is backed by 24/7 support, NAB’s 400-person staff and nearly 20 years of credit card processing experience. Pay Anywhere uses the highest available level of encryption and the strictest standards of payment card industry security.

Cost and Fees:

• No setup fees
• No application fees
• No monthly service fees
• No cancellation fees at any time
• No monthly minimums required

Pay Anywhere charges a flat fee of 19 cents per transaction, and 2.69% and 3.49%  in service costs for swiped and keyed entries, respectively.
The Pay Anywhere application is currently available for Apple iPhone 3G, 3GS and 4 users, as well as the Apple iPad and iPod Touch, and will soon be available for Android and BlackBerry mobile customers. The card reader accessory is currently available for iPhone 3G and 3GS, with an audio jack accessory for iPhone 4, the iPad and iPod Touch coming soon. Pay Anywhere accepts all major credit cards.

The free Pay Anywhere app can be set up in a few minutes. Pay Anywhere users can set default tax and tip percentages, inventory and categorize items and services, take advantage of real-time sales tracking and reporting and “go green” with custom e-mail receipts.

“We want Pay Anywhere users to be confident every time they sell a product or service or pay for one, so we made the same NAB professional resources and expertise that our business customers receive accessible to everyone,” continued Gardner. “In addition to the free app and free reader, Pay Anywhere merchants will only pay when they use the service. If their business is seasonal and they process transactions only three months of the year, they pay nothing for the other nine months.”

More information: Pay Anywhere