Some of our readers will remember Square, which is a mobile payments system for the iPhone, and now Android-enabled smartphones that will let you pay for goods or services with your smartphone.
The Square mobile payment system will also let you accept payments, without the need for a merchant account, so we guess it could be used in a similar way as PayPal.
How Square Works
The service is due to go live this week, and users will be able to make and receive payments on their iPhone or Android smartphone. It could end up being a really popular system, and could replace payments for small items like a cup of coffee or a snack. The Square system works by using a small card reader that plugs into the headphone jack of your smartphone. This reader can read the magnetic stripe on credit and debit cards, allowing you to process payments on the go.
Once you have made a payment using the Square system, your receipt will automatically be emailed to you, giving you a permanent record of all your transactions. This feature is particularly useful for small business owners and freelancers who need to keep track of their sales and expenses. Additionally, the Square app provides a user-friendly interface where you can view your transaction history, manage your account, and even issue refunds if necessary.
Benefits and Potential Impact
One of the major benefits of Square is its accessibility. Traditional merchant accounts can be costly and complicated to set up, often requiring a lengthy approval process and monthly fees. Square eliminates these barriers, making it easier for small businesses, street vendors, and even individuals to accept card payments. This democratization of payment processing could have a significant impact on the economy, enabling more people to participate in the digital marketplace.
Moreover, Square’s integration with smartphones means that you don’t need any additional hardware beyond the card reader and your phone. This portability is a game-changer for businesses that operate in various locations, such as food trucks, pop-up shops, and market stalls. The ability to accept card payments anywhere can lead to increased sales and customer satisfaction, as more people prefer the convenience of paying with cards over cash.
Security is another important aspect of the Square system. All transactions are encrypted, ensuring that your financial information is protected. Square also offers fraud protection and chargeback assistance, giving users peace of mind when processing payments.
Square via Engadget, Tech Chee
Have a look at our article on Android vs iPhone to see which smartphone and mobile platform is best for you.
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