Square has been around for a long time, but if you don’t live in San Francisco you may have missed it. Square is a device that allows anyone with a smartphone, or device such as a tablet, to accept credit cards. The device (pictured below) plugs into the audio jack of your iPhone or iPad and after a simple approval process, you can begin processing credit cards!
What is particularly amazing about the device is that it uses the audio jack to transmit data to the device. This allows for the charging port to remain open so as not to limit device operation. All you have to do is apply for a merchant account in a much simpler way than with the big guys, buy the device, install the app and swipe away! It’s a seamless process that is now allowing even the smallest merchants to offer credit card payments.
Square is a big deal. Not just because it opens up all kinds of opportunities for small businesses, but also because it allows them to operate from virtually anywhere. No longer are are businesses tied to their brick and mortar locations – you can now find merchants walking along the street processing transactions as they go.
I am particularly excited about Square because, as I mentioned previously, cash is horrible and credit is king. Although it will be interesting to see how Square pans out because mobile phone payment systems like Google Wallet are gaining steam and will soon begin to take hold. Both mobile phone payments and systems like Square will dramatically change the way we buy things and I cannot wait!
The only detractor to both of these new technologies is that they are rolling out slower than I expected. Square has been around for over 2 years and I was hoping it would have made in-roads into Toronto but it seems to be slow going for the technology. Mobile phone payments, on the other hand, are extremely new so I don’t expect full-market adoption at this stage.
What do you think? Are you as excited about these new technologies as I am?