Apple Denies Cash, Gift Cards for iPhone Purchases
October 29, 2007 9:42 AM
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If you want to purchase an iPhone from an Apple Store, forget about using cash or a gift card.
Apple is stepping up its efforts to limits resellers from getting their hands on the popular iPhone. Apple wants to crack down on those who buy, unlock and then resell iPhones to consumers.
Of the roughly 1.4 million iPhones that have been sold since its
introduction in late June
, Apple COO Tim Cook estimates that 250,000 iPhones have been purchased by customers who have the intention of unlocking the phones.
"Customer response to the iPhone has been off the charts, and limiting iPhone sales to two per customer helps us ensure that there are enough iPhones for people who are shopping for themselves or buying a gift," said Apple spokeswoman Natalie Kerris. "We're requiring a credit or debit card for payment to discourage unauthorized resellers."
no longer be an acceptable form of payment for iPhones
and Apple has also reduced the purchase limit from five iPhones per person to two.
Engadget is reporting
that Apple has gone one step further than just denying cash customers. Apple is also denying the use of Apple Gift Cards to purchase iPhones. For those looking to get a stack of Apple Gift Cards for Christmas to put towards the purchase of an iPhone; you may want to rethink that idea.
Apple recorded 67 percent higher profits for Q3 2007 thanks in part to the iPhone. Apple's crackdown on resellers and those who wish to
unlock the iPhone
is no doubt a measure to protect the steady cash flow from AT&T.
According to Piper Jaffray analyst Gene Munster, AT&T is paying Apple an
average of $18 a month for each iPhone customer
. In other words, Apple receives $399 for each iPhone sold plus an additional $432 over the course of a two-year contract thanks to AT&T's exclusivity arrangement.
This article is over a month old, voting and posting comments is disabled
I don't get this
10/29/2007 5:35:49 PM
Where I come from a seller cannot deny cash for a sale.
I am not sure if it is a law (probably is) but the idea is that if i get the sum of money in coins (they can deny notes) then the seller has to accept my money and sell me the item.
I am not too educated in economics so maybe I just made a few people slap their foreheads but thats what i remember from my basic high school economics.
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