Remember the Square device that we covered some time ago? Square is a revolutionary device and service that easily turns your iPhone into a credit card payment system. By signing up an account with the company, you can simply plug a little plastic magnetic card reader into iPhone’s audio input jack and you’re ready to accept credit card payment with your iPhone. No merchant account is required. Best of all, you can accept credit card payment anywhere.
The Square device comes in black or white and is available for US$9.95. It supports nearly all iOS devices including iPhone, iPad and iPod touch (4th generation). Unlike working with banks, you do not need to open a merchant account to accept credit card payment. To use the mobile payment service, other than purchasing the credit card reader, what you have to do is to sign up a free account on squareup.com and download the free Square app. That’s it and you’re ready to process credit card payment.
Presently, the Square service is only available in U.S. and it only works with U.S.-issued credit cards including Visa, MasterCard, American Express, and Discover cards. The company doesn’t charge any monthly fee for the service. All you pay is 2.75% per transaction.
As mentioned by the COO of Square in January, the company was signing up 100,000 merchants per month. Clearly by working with Apple and selling the device through Apple store, we’ll see more merchants (and even individual) adopting this exciting technology. The company does not mention about the schedule for expanding the service to other countries but I really hope it’ll be available globally soon.
It’s very interesting how iPhone changes the world. Thanks Square. I, as an individual, have never thought of the possibility of accepting credit payment everywhere in such an easy way. If you haven’t heard of Square, remember to check out the videos to see it in action. Whether you’re business owner or selling your own service/product, do give Square a shot especially you’re looking for credit payment solution