Square is a mobile payments start-up that turns phones and iPads into credit-card readers. It is ideal for people who need quick and easy to use payment possibility for using credit cards. To use the electronic payment service you only have to follow the following steps:
1. Download the application
2. Register the account
3. Plug in the free card reader or enter the details manually
4. Accept credit card payments
The method can easily replace the cash register and credit card terminal. All the major credit cards are accepted by Square: Visa, MasterCard, American Express, and Discover.
The Square application can be used with all the Apple Products (iPhone, iPod, iPad) as well as Android-based mobile phones.
The application has been launched in May 2010. The key people of the company behind the payment service, Square Inc. are Jack Dorsey as CEO and Keith Rabois as COO. Jack Dorsey is very well known, as he is one of the Twitter Creators.
The Service seems to be very promising; less than one year after the launch of Square, Visa invested in the company and made sure that one of their executives will be included in Square’s advisory board . It seems that Square may become one of the major players in the payment business.
To become more mainstream, Square has also tried to establish a partnership with Apple so that the applications would be sold in its stores. They have succeeded in that until today.
Sources:
- http://bits.blogs.nytimes.com/2011/04/27/visa-invests-in-square-for-mobile-payments/
- http://en.wikipedia.org/wiki/Square_(payment_service)#cite_note-aboutsquare-0
- http://itunes.apple.com/us/app/square/id335393788?mt=8#