What is Square?

Lance Korsun made a comment on my recent blog about mashup.com’s review of mobile payment systems.  He said we should have had Square in there.  He makes a lot of sense because I’ve started to see it popping up quite a bit. Here are some examples:

1. I recently paid for a taxi fare with Square
2. My brother uses Square as a personal payment system.  Have you ever been at a group dinner and were afraid to pick up the tab because you knew someone would short you?  He uses Square to take their credit cards and accept their payments.  Welcome to everyone being a merchant.

What is Square?

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Square is  a credit card processor that has apps on iPhone, iPad, or Android.  They send you a free swipe component that connects to your audio jack. (yes you read it right- audio jack)   You are setup in minutes and taking transactions.  Here is quick bulleted overview.

1. Setup is pretty quick.
2. They charge 2.75% per transaction. That’s it.  It’s a little high than some other merchants that are in the 2% range plus 30 cents but it’s not that much higher.
3. They send you a cool little swiper
4. You can download the register, the swiping app, etc from android and Apple’s app stores
5. The transaction consists of swiping the card and using using your finger or pen to sign on the phone or iPad
6. You get an email receipt – Note: I did have a problem because the receipt for my taxi fare didn’t show the vendor in the email. I had to click through to the link provided in the email to get the name of the business.  My expense people weren’t too pleased with the receipt so I jumped through some extra hoops.
   

   You can sign your name on the Square phone app