Amazon has launched its Local Register mPOS solution, which consists of a mobile card reader and accompanying app, to enable small businesses to take credit and debit card payments using a smartphone or tablet.

Local Register also features in-app reporting to track sales trends, peak times and overall performance.

The card reader, which is compatible with iOS and Android devices, costs $10, but this amount is credited back to the users account once they activate the device. Businesses will be charged a transaction rate of 2.5 per cent, though Amazon is offering a promotional rate of 1.75 per cent to companies who sign up in the first few months.

“From clothing stores to contractors, food trucks to accountants, businesses and organizations using Amazon Local Register will enjoy industry-leading low rates, trusted and secure payment processing, and access to award-winning customer support,” said Matt Swann, VP of Amazon Local Commerce.

“We understand that every penny and every minute counts, so we want to make accepting payments so easy and inexpensive that it no longer gets in the way of a business owner doing what they love – serving their customers and growing their business.”