Square is a company dedicated to providing mobile payment solutions and deal specifically with credit cards. Around 25% of the US public currently uses Smartphones and mobile shopping is becoming the next big thing. Companies are already desperately trying to create ‘mobile friendly’ versions of their websites so it’s only natural that businesses would like to receive payments on the move. The company uses an incredibly simple tool that can be plugged into a number of different mobile devices. The interface is small and easy to read and allows you to accept credit card payments. From the purchaser’s side, they can use ‘Card Case’ to pay for goods. It is free to use though Square do pick up a small fee for all transactions.
Unlike similar companies who have a number of confusing charges, Square makes their fees abundantly clear. You get charged a fee of 2.75% on every transaction. It’s possible to use fairly simple mathematics to find out how much profit you’ve made on the transaction. It should be noted that Square has one set of extra charges for those who enter credit card numbers manually: 3.5% plus $0.15 per transaction.
You can download one of the many Square apps that are available. It can be used on iPhones, iPads and most Android devices. When you’re setting up, you need to enter your tax information, including your social security number and some selected personal information. Naturally, Square have a large legal section on their site which covers their usage of your private information. Read this thoroughly before signing up. The app itself is clean, easy to use and lovely to look at. After you’ve successfully registered for a Square account, the company sends you a card reader which is free. This is a white plastic square that is barely more than half an inch squared in area. It plugs into the headphone jack of your mobile device. You can connect it immediately upon receipt and start issuing payments as and when you like. The reader works with a standard Wi-Fi connection.
Buying And Selling
To get paid, just swipe the card and choose an amount. It’s also possible to create a virtual shelf which showcases items for sale. One minor problem with the reader is that occasionally it takes a couple of tries for it to read properly but it doesn’t cause major delays. You can give the consumer a receipt and they sign their name by using their finger on the touch screen. Thanks to the set charges, you know that $97.25 out of every $100 you make is yours unless transactions are entered manually. You can also link your bank account to the Square account and money will be deposited automatically within 24 hours.
‘Card Case’ is the interface used by customers. If you are purchasing valuable items, you will need to use a 4 digit PIN for your safety. One problem with ‘Card Case’ is that you can’t become a member until you’ve purchased something from a Square supported shop. If you open a tab at a Square store, it expires after an hour if you forget about it.
This is a great mobile credit card solution for buyer and seller alike. From a seller’s point of view, it allows them to make sales on the street. Buyers can use ‘Card Case’ to purchase something they like within seconds. There is little doubt that Square’s way of doing business will become more popular in the very near future.