18/11/2011

By Scott Thompson

iZettle has announced the completion of its test phase and the start of commercial availability. The Swedish company’s app and chip-card reader enables people to take payments anytime, anywhere using their iPad, iPhone or iPod touch.

“In fewer than 90 days iZettle has grown the Swedish PoS market by five per cent,” says Jacob de Geer, CEO and co-founder of iZettle, which last month raised €8.2 million in venture funding. “We’re now ready to enter new markets worldwide where chip cards are standard.”

iZettle has no starting costs and no fixed fees. It takes 2.75 per cent of a sale, plus a €0.16 transaction fee, and then electronically deposits payments in the seller’s bank account the business day following a transaction. “iZettle has opened a new and massively untapped market for card payments,” says Mats Taraldsson, head of market development at MasterCard Nordic & Baltic region. “We like to call it the 20 million merchant opportunity,” he adds, referring to recent research indicating approximately 20 million European companies only accept cash, checks or invoices.

The completion of the testing phase coincides with the release of a new version of the company’s iPad application for businesses that need to process multi-product sales in a single transaction.