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- Square - An Attempt To Revolutionize How We Get Paid
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Square - An Attempt To Revolutionize How We Get Paid
What is it?
Square is aiming to change the way we take payments forever. How are they doing it? By enabling anyone to be a merchant and enabling to take payments anywhere. The service, which is currently available for iPhone, iPad, iPod, and Android devices, allows merchants to accept payments on their mobile phone. The Square device plugs into your smart phone’s audio jack, allowing you to swipe a credit or debit card wherever you are. You enter an amount, a description, and you can optionally snap a photo of the product you’re selling. Once the transaction is approved, your receipts are archived on Square’s site and you can also opt to send the customer a receipt to their e-mail address—all right from your phone. Of course you’ll need a good data signal where you are for the service to work.
The rates are very reasonable, ranging from 2.75% + 15 cents for card swipes to 3.5% + 15 cents for card not present (keyed in) transactions. There is no monthly fee and the Square device is even free! There is a several week backlog on the device, so we haven’t received ours yet, but we’re looking forward to it.
How can I get it?
Just head to http://www.squareup.com and sign up. Be prepared to enter your organization’s details and bank account information so Square can deposit your funds for you.
What do you think about the Square concept? Do you think it will revolutionize the payment processing industry? Speak your mind in the comments below…
