Mobile phones and credit card readers
Square – a credit card reader device that makes any mobile phone a cash register.
Retailers can now hook up a credit card reader to any device with an audio input jack, including a mobile phone. And consumers never have to worry about carrying cash again … in theory.
The device plugs into the audio input jack and immediately is ready to start taking payments, much easier and simpler than many other current methods, says Square.
The system has an easy and intuitive interface and there are no contracts, monthly fees, or hidden costs (though no details of upfront costs just yet).
Retailers have the ability to create a Square payer account to speed up and secure every payment.
For instance, on an iPhone payers can be linked with photo verification which lets retailers identify that the consumer is, indeed, the card holder. There’s also an opportunity for card holders who still prefer to sign for their payments, to do so on-screen.
Square says that it will let retailers know when you’re a repeat customer to get “frequent flier” status and credits.
As a payer, get your receipts sent to your email or mobile phone instantly and access them securely online. You can also use a text message to authorize every payment in real-time.
And Square claims it will donate a penny of every transaction to a cause of your choosing.
Currently, a limited beta version is being tested in the marketplace and rolling out is expected to everyone in early 2010
