A mobile company called ProcessAway, has announced a new application that allows people to process credit card transactions over the iPhone and iPod touch. Capable of making transaction with any internet connection, ProcessAway works with Authorize.net (an internet payment gateway) to let users make authorized credit card payments. After every transaction is completed, an e-mail can be automatically sent to the customer. The application also logs all successful transactions to give a detail record of past activity.

Several other features are provided in the application, including being able to process credit card refunds for transactions that have been settled and cannot be voided, to verify and place a hold on funds until the contract is complete, and to request funds that have been put on hold to the users account for settlement. ProcessAway also comes with the added abilities to download all transactions into Quickbooks, or if they are near a computer, to use the web-based Virtual Terminal to process and store the transactions.

Process Away will be available through the App Store for $20, and also comes in a free ProcessLite version that works the same way but has a limit on the amount that can be charged.