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Twitter creator Jack Dorsey is launching a new startup this week called Square. The service allows just about anyone with a smartphone to take card payments everywhere they go. Square is both a software and hardware solution. The application is expected to be sold for around $1 and the card swipe dongle will be offered for free.
Initially the service will be available on the iPhone, but support for Android is coming soon. Square is currently looking to hire an Android client engineer.
The potential uses for this service are virtually endless. I imagine it will be a boon for small business owners who don’t want to go through the lengthy process of getting their own merchant account and card processing software. Even in its early stages, Square is already valued at $40 million.
TechCrunch has posted a short video demonstration of the service.
Customers can sign for their purchases using the touch screen.
Receipts for transactions can be sent via email or SMS.
The idea is brilliant but very simple, so I will leave this post short. For more info see the full report on Wired.
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Comment RSS21 Comments
That’s really cool! Now I can actually make some profit with my lemonade stand!
FINALLY! My drug dealer can accept my bank card.
And your mom can take mine.
Are they really gonna sell it for a buck with a free dongle, how will that work?
They make money from the credit card processing fees, which have yet to be announced.
Because they take a percentage of ever transaction and then 15cent on top of that, so after a couple of payments they’ve made back the cost of the card reader.
Can’t wait for android version!
I wonder if the police have the right to track transactions like they do with credit cards. If cash can be removed completely then this could have far reaching benefits or drawbacks depending on how you look at it.
I think a lot of people will struggle to sign their name on a small mobile phone screen. Then again, most countries are switching to PIN numbers, so it may not be a problem in the near future.
I thought that too then I remembered how terrible my signature is. None of my signatures look alike and you can never read them so its not like anyone is checking them in the back room of a bank somewhere. Any chicken-scratch will work.
the point in the chicken scratch is in case someone does use your car. they can do a recognition on it if you say it wasn’t you.
I run a service business and am completely mobile. This is exactly what I have been looking for and if the service fees are in line it is the way to go! can’t wait!
I am a freelance graphic artist if this come to Android me life would be complete
What excited me most about Square is the possibility for reps and “superfans” to sell e-tickets using this software on behalf of events promoters and artists. Integrated with an online promotion platform this means that everything would be electronic. A promoter would list the event and tickets on their website then invite their reps to sell. These reps could then use person-to-person sales alongside their usual Facebook links and other online referrals. When they sell in person the receipt will be sent directly to their phone via SMS, shortly followed by their e-ticket, which contains a barcode. The guests can then turn up and flood into the venue by having their phone screens scanned. This is the final piece of the jigsaw for seamless promotion, sales and operation of events we’ve been striving for. And what’s more, no trees were felled for paper during this process so we can save the world one night out at a time! But we do need a chip and pin version first for the UK and Europe.
http://www.fatsoma.com – online promotion and ticketing platform
http://www.somasoapbox.com – event and music industry blog
Signatures seem weak for authentication. Other than messy signatures, would also create opps for fraud. Why not biometrics?
Hello,
My name is Joe, I am the Supervisor of Corp Sales at US Merchant Systems. I specialize in ECommerce, Android and Iphone processing apps, wireless, and International and High risk accounts. If you have special needs please contact me at 510-771-4216. I can get everyone accepted.
Thanks
Joe Mendonca
I’m just worried about my card information getting stored to who ever phone it may get swiped to
I am sooooo geeked about this! I can’t wait for the Android version, hurrrrrry up ya’ll!
I would love to get one of your products I’m located at 456 eldon dr. Suite f-5 corpus christi,Texas 79512 I have two small buisnesses thank-you for your time.