Square processes credit card payments anywhere with a smartphone or tablet-- Leveling the playing field
Square has been around for a long time, but if you don’t live in San Francisco you may have no idea who they are. Recently they were interviewed on the CBC's show 'The Lang And O'Leary Exchange'. The episode is available here.
Square launched in Canada on October 24 2012. Canada shows the same ehthusiasm and acceptance of mobile payment methods as Square saw in San Francisco and New York. Launching in Canada was a natural next step.
What I found the most interesting was how this technology levels the playing field for small busiensses, giving them the ability to offer a great pay experience anywhere that competes head-to-head with big merchants.
Square is a device that allows anyone with a smartphone or tablet, to accept credit cards. The device plugs into the audio jack of your iPhone or iPad and after a simple approval process, you can begin processing credit cards.
What is particularly amazing about the device is that it uses the audio jack to transmit data to the device. This allows for the charging port to remain available so you can continue to use the device.
All you have to do is apply for a merchant account in a much simpler way than with the big banks. Then buy the device, install the app and swipe away! It’s a seamless process that is now allowing even the smallest merchants to offer credit card payments.
Square is a big deal. Not just because it opens up all kinds of opportunities for small businesses, but also because it allows small businesseses to operate from virtually anywhere.
No longer are businesses tied to their brick and mortar locations – you can now find merchants walking along the street processing transactions as they go.
Mobile phone payment systems like Square will dramatically change the way we buy things.
Square has been around for over 2 years and it is slowly expanding across North America. By the way, Starbucks is one of Square's biggest customers. In August, Starbucks signed on to use Square's technology in 7,000 stores alongside the Starbuck's existing card system.
Square Walelet allows people to make purchases from mobile devices without taking it out of their pocket. This service is going to come to Canada in the upcoming year.
Square takes a 2.75 per cent transaction fee. Funds are deposited into an account for the business within two business days.