Blackberry users will tell you, vociferously, that the iPhone is not good for business. They’re talking corporate e-mails and such for real business. But now the iPhone can do point of sale transactions which means the iPhone just got real businessy.

What’s more businessy than being able to take credit (and debit) card transactions? Nothing really. The app that makes your iPhone a credit card machine is called Innerfence. Would be moguls have to sign up for with a payment gateway service to get the whole thing working but once everything is set up just type the card number into the iPhone and the transaction is underway.

The downside? The app costs $49.99 (Edit: One time fee, not per month) which is a lot by app standards but not much when it eases transaction woes and when you’ll have to cough up $25 a month to the payment Gateway service. And the price is even less when you consider that it will make sales (no cash, no problem) much easier at all those places people tend to run out of cash at (beaches, renaissance fairs, “free” outdoor concerts).

It seems like the entire concept is full of win on the surface and undoubtably there are places where it will go over big time. On the other hand you have to wonder if people unfamiliar with the app and the iPhone will really hand their credit card to that guy selling stickers out the back of his van at Bonnaroo.

If people can get past that, and that will be a tough nut to crack, Innerfence will be a monster hit.

via: TechFlash