Square is hoping to be your next and only way to process payments and looks to completely change the world of payment processing.
Founded in 2009 by Twitter Co-Founder and previous CEO Jack Dorsey, Square is a mobile payment solution that seeks to aggregate credit card payments to iOS devices, including the iPhone and the iPad, and support Android devices.
The product itself is a tiny square dongle that plugs into your devices headphone jack and allows you to conveniently and easily process credit card payments over the web.
Now, after receiving the okay from Visa, Mastercard and American Express to accept credit card payments, the company has begun moving full force into the mobile payments ring, seeking to be the #1 option for small businesses and stands everywhere looking to process credit cards.
And merchants have taken notice. In fact, back in April, Apple partnered with Apple and began selling Square on their online retail store, helping to boost sales of the device. Just one month ago, Square was processing $3 million worth of a payments a day, and that number is surely bound to go up.
Still very much in its infancy, Square’s potential for changing the way payments are processed and how merchants interact with their customers is huge. It seeks drastically increase the convenience of payments, allowing customers to easily purchase products at their favorite vendors by using just their name and stored credit card information. Available for free on Squareup.com, the only fee associated with the device is the 2.75% process fee per order.
Your smart phone is quickly becoming your digital wallet, and the future is beginning to look less and less bleak for future lemonade stand entrepreneurs.