by George Heymann
Square is a mobile payment system that features an app and a compact ‘square’ card reader that plugs into the 3.5 mm headphone jack that allows iPhone and Android smartphones to accept credit card payments. When I first heard of Square back in May of 2010, my first thought was what a great concept!
Square seemed to be the next evolutionary step in mobile payments. Twitter co-founder and former CEO Jack Dorsey stated his goal for his startup Square was that “it become a simple payment utility for everyone.” Accepting credit card payments everywhere without requiring a merchant account, monthly fees or minimums will revolutionize credit payments for individuals.
According to Square you can accept credit card payments using Visa, Mastercard, American Express and Discover for 2.75% per swipe, that’s it, no additional fees. If you enter credit card numbers manually, your cost is 3.5% +15 cents per transaction. The funds are direct deposited to your bank account the next business day. With Square, the app and card reader are both free.
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Filed under: Android, Apple, General technology, Google, Hardware, Ipad, Iphone, Media, Services, Software, American Express, Android App, Android Market, app, App Store, application, Best Buy, Credit card, credit card processing, Discover, iOS app, IPad, iPhone, Jack Dorsey, low credit card processing fees, MasterCard, mobile credit card processing system, mobile payment system, payment utility for everyone, Radio Shack, revolutionize credit card payments, Small business, small business owner, Square, squareup.com, Target stores, Twitter, Visa, Walmart