Square is the new mobile digital payment system company founded by Jack Dorsey, who is one of the main founders of Twitter. He is now changing the world for both digital payment consumers and merchants by allowing the use of credit card payments anywhere with your Iphone, Ipad or Android phone. It is a FREE app and a FREE peripheral device, which can be ordered from their website. The device connects into your headphone jack, and allows you to swipe a credit card through making the transaction. The money then gets deposited to what ever bank account you designate.The only catch is that they want 2.75% of the transactions that occur when using the device/service. I have already ordered mine just to see what all the hype is about, it's free so why not! Say your friend wants to purchase something from you but doesn't have the cash on him, just tell him to swipe his card and the item is all his. It may seem that Square will soon become a competitor with PayPal as many merchants are already frustrated with some of its current policys. PayPal does have a large percentage of the market for digital payments but should definitely be on the lookout for the increasing growth of this new company and form of digital payment.
Heres a youtube link for a review of the product for all you skeptics: http://www.youtube.com/watch?v=z0BwYz1P0BE
The official website to order "The Square" is www.squareup.com. It's easy an convient but does ask for some personal information to verify who you say you are.
References:
www.squareup.com
http://www.youtube.com/watch?v=z0BwYz1P0BE
http://www.getthefive.com/articles/the-idealist/square-the-little-four-sided-payment-device-that-i/
I think this new device is a very cool and innovative way to complete transactions. If it is really free, then it is definitely less costly than other IT transaction systems. The only thing that seems to be a concern to me is the security behind the thing. I have so many questions, being a cautious consumer, that I feel like I would almost be scared to swipe my credit card. How do I know my information is not being accumulated and shared to unwanted eyes. I know this is still pretty new, so I think I may need to wait and see how this tool progresses before I put my trust in it. I do think it is very innovative and a great idea, but where is the security?
ReplyDeleteSecurity is also the big issue with me when it comes to this new technology. Although it is a very convenient tool, the risks seem to outweigh the benefits. Not only do you have to worry about the person swiping your card, but what if you are connected to a Wi-Fi network when swiping your card. Can anyone also connected to the same network somehow get your credit card information? I would definitely consider using the App if I knew such security issues were addressed.
ReplyDeleteI like this idea, because it makes life easier and convenient. I am also going to purchase this device for my phone also. Since I use my credit card a lot and do not carry cash on me I think is is great thing. I did not even know this even existed before I read this blog.
ReplyDeleteWe just started using this at my work (a small, locally owned coffee shop) because we were getting KILLED by fees for every credit card swipe. So far, so good with it. Many of our customers have downloaded the application to pay through their phone or even iPod, it makes it more convenient for them and for us, we do not have to swipe a card, key in a card or deal with cash. It also saves paper because there is an option to email or text them a receipt instead of having to print one out for every customer that wants one.
ReplyDeleteAs far as security goes, we cannot accept payment through the square app if the picture that shows up is not the customer's picture.
The credit card part works the same as a normal credit card swipe, so you have no way to know if that is actually their card or not, just as it would be anywhere else.
Its a really cool and convenient new technology, if nothing else then I think it will be a big help to smaller businesses that are getting overrun with credit card fees.
I have seen this before. But I never knew that it is free. What a great idea. I wonder if the 2.75% really adds up over time. I can definitely see this being competition for paypal but this shouldn't interefere with online transactions too much. However this is proof of how far we have come with technology. Again, what a great and convenient idea.
ReplyDeleteI think this is a great idea and know of many stores that use it for when the lines at the registers get to long. If the 2.75% is for every credit card that is actually not a bad fee since that is what visa and mastercard usually charge stores anyways, while i hear amex depending on the store can go all the way up to 7% of the amount. This is a net idea and i think will have a big impact on how retail stores start to do business.
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