If you’re in need of a credit card processing solution for your iPhone and can’t wait for a free one to arrive, then check out the Credit Card Terminal iPhone app.
Credit Card Terminal iPhone app allows you to enter all necessary information (name, address, credit card number, CVV2, etc…) and charge your customer on the spot, wherever you are. You will need an Authorize.Net account to use the Credit Card Terminal. Authorize.Net is a provider of payment gateway services.
Credit Card Terminal transmits credit card information directly to Authorize.Net. The credit card information is not communicated to our servers. All transactions are protected with SSL encryption. Credit Card Terminal does not store credit card numbers after the transmission is complete.

This app retails for $49.99 through the AppStore, while you can expect additional charges of about 2.09% to 3.79% per transaction charged by Authorize.net.
[Thanks: http://www.iphoneworld.ca/]
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