Can I use VoIP with verizon business internet?

My business has been slow lately due to economy and I'm looking for a way to reduce spending.

I'm currently having verizon phone only that is connecting with my credit card machine so I'm planning to cancel my phone and get verizon business internet. Its cost 39.99 per month and i'm planning to hook up either magicjack or vonage for phone and my credit card machine with it.

Is it feastable to do that or verizon will prevent me from using magic jack or vonage?

If it works for me then it can reduce my cost while giving me alot of options and features because my verizon phone is basic with no caller ID or long distance. On top of that during the peak hour, my credit card machine can sometime giving me a busy error which I have to re-swipe the card several times to get it to go through.

If you guy could helpful and honest answer I will greatly appreciated.