SQUARE Mobile Payment Interface
At the IDS West show over the weekend I had my first experience using Square. This mobile payment interface connects with iOS and Android devices, and through an app allows merchants to process credit card transactions. What does this mean for the amateur designer peddling their wares at a trade show? It's a game changer. One of the biggest barriers to the marketplace is in the transaction. Sure, you could take a card imprint - but who feels secure with than anymore? Maybe you can set up a cash-only sign, but you have to be sure to have ample change on hand, and get ready to lose customers after you politely direct them to the nearest ATM across a sea of people competing for their pocket change. Maybe you could acquire a POS card reader, that would enable you to process debit and credit, but be prepared to pay for the privilege of using it, and forget about technical support when you need it. On top of all this you'll need to be printing receipts, individually or by hand! So if your product is a hit? You'll be walls deep in a lineup and people will just turn away,because you're hardly moving.
Photo from digitaltrends.com
With Square the super simple device plugs right into your headphone jack, and holds a card reader, POS system and the simple ability to email or text a receipt out to the customer. You simply swipe the card, get them to sign the screen, and punch in the desired address. Square will send you the interface for $FREE and hit you with a competitive 2.75% per swipe fee, and next day deposits. This fee is on par with services like Paypal. For businesses doing <$~20000/mo. a $275/mo flat fee option is available. Square was launched in 2009 by Jack Dorsey and Jim McKelvey filling a void in the market for large transactions for small business. In August of 2012 Starbucks USA (A $25 million stakeholder) announced they would use Square to process all CC and debit transactions. By targeting small business, and providing a value proposition over traditional Credit processing, don't be surprised to see it popping up more and more as retailers adapt to the new business climate.