ILoveVelvet, a New York-based payment-technology company, says its new Velvet Suite products can enable merchants to use Apple Inc.’s iPhone and iPad devices as retail point-of-sale terminals.

The software can process transactions using a card reader attached to the devices, says Patrick Bouaziz, ILoveVelvet chief visionary officer, tells 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.

Because ILoveVelvet customizes the direct-to-merchant software to match merchants’ branding and inventory, it is not available in Apple’s iTunes store, Bouaziz says.

Velvet Suite software manages the data and the devices, Bouaziz says. Merchants pay a monthly fee of $126 to use the software.

ILoveVelvet’s software complies with the Payment Application Data Security Standard, Bouaziz notes.

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

The company’s name stems from a survey of 100 women about their descriptions of specific shopping experiences. “They all agreed that they loved the idea of something unique and welcoming, like taking coffee on a sofa while viewing a retailer’s private collection,” Bouaziz says. “The next question we asked: What kind a sofa? The response was ‘A velvet one.’”

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