Square: Now, Accept Credit Cards with Your iPhone
1/03/2010 10:22:00 PM - 1 comments
All of you’ll agree for sure that credit cards have simplified the way we live nowadays. Credit cards are as integral a part of our lives as the iPhones (for all of you who have woven your lives – business and personal around it). However, until now either of them never traversed each other’s way till Twitter co-founder Jack Dorsey's startup initiated the tie-up where credit cards can now be accepted with your iPhone.
Appropriately named Square, hundred of these squares are being tested by merchants in several cities across the country; and the company anticipates the release of its first product publicly in early 2010. As of now, the company plans to give away the micro terminals and make money by charging transaction fees to those accepting payments; although the fees are yet to be determined.
Optimism & Apprehension around iPhone as a Credit card reader
Square app for the iPhone will thrive, courtesy its timesaving aspect. With Square, you can finish the transaction on the spot by just swiping a customer's card. However, there is a sense of apprehension and security risk regarding encrypting data on the iPhone itself, even before the data is loaded to the device.
Square's decision to have a merchant account for the company itself; and not requiring individual businesses to have their own has however, raised a few eyebrows. This has added to the skepticism about sharing confidential information, as many compared it to sharing bank accounts with your neighbor.
However, showing optimism on Square’s approach, analysts at Gartner research firm confides that Square could just be right for street vendors and other small merchant. There is also a bright chance that many consumers who are used to paying for things with credit and debit cards might be interested in using it too; thus, democratizing the receipt of credit card payments
In summary, Square has made a big media splash in the mobile credit card reader sector its pioneering presence. Apart from that, its response to mobile credit card payments is a platform agnostic hardware device that plugs-in to phones via audio jacks. The latest news from company insiders reveal that Square, which has currently developed software for the iPhone, has newer plans to reveal in the in the coming months. Other than that Square also plans to give their square-shaped reader away for free, charge a minimal fee for the application and support customer loyalty programs as well.
Posted: Seuli.B
Appropriately named Square, hundred of these squares are being tested by merchants in several cities across the country; and the company anticipates the release of its first product publicly in early 2010. As of now, the company plans to give away the micro terminals and make money by charging transaction fees to those accepting payments; although the fees are yet to be determined.
Optimism & Apprehension around iPhone as a Credit card reader
Square app for the iPhone will thrive, courtesy its timesaving aspect. With Square, you can finish the transaction on the spot by just swiping a customer's card. However, there is a sense of apprehension and security risk regarding encrypting data on the iPhone itself, even before the data is loaded to the device.
Square's decision to have a merchant account for the company itself; and not requiring individual businesses to have their own has however, raised a few eyebrows. This has added to the skepticism about sharing confidential information, as many compared it to sharing bank accounts with your neighbor.
However, showing optimism on Square’s approach, analysts at Gartner research firm confides that Square could just be right for street vendors and other small merchant. There is also a bright chance that many consumers who are used to paying for things with credit and debit cards might be interested in using it too; thus, democratizing the receipt of credit card payments
In summary, Square has made a big media splash in the mobile credit card reader sector its pioneering presence. Apart from that, its response to mobile credit card payments is a platform agnostic hardware device that plugs-in to phones via audio jacks. The latest news from company insiders reveal that Square, which has currently developed software for the iPhone, has newer plans to reveal in the in the coming months. Other than that Square also plans to give their square-shaped reader away for free, charge a minimal fee for the application and support customer loyalty programs as well.
Posted: Seuli.B
I think Square is going to change the Credit Card world and purchasing methods. So pumped for this App/attachment!
http://timskaggs.net/blog/2009/12/square-hopefully-the-best-thing-to-happen-to-smart-phones-in-2010/