There's an App for that. In fact there are several. A few companies are now offering an advanced merchant service account that can process credit cards over your iPhone or other smart phone. Some even have a card reader you can attach to your phone. The best part is most apps don't charge you a processing fee because it uses your data connection to process the transaction merchant processing services. While it sounds cool and may be a solution for some, you have to ask yourself how comfortable customers will be with you running around sliding their credit cards through your phone.