Mobile Payment Startup Square Gets Apple Nod
Startup superstar Square struck oil earlier today. Square’s CEO and Twitter founder Jack Dorsey tweeted the credit card reader Square provides to work in conjunction with their mobile payment app (Square) will be available for purchase in all 225 Apple stores nation wide.
The reader, which is available for free on Square’s website
, will sell for $9.95 and come in both black and white. The $9.95 price seems to be more of a storefront Apple formality as Square is offering $10 rebates to those who visit their site with proof they purchased the reader from an Apple storefront.
The Square reader and the accompanying iOS or Android app allows owners to collect mobile credit card payments. It is a simple swipe and sign process. Receipts can be mailed to both the merchant and customer. Sales tax can even be applied to the purchase. Fees for using the program are a reasonable 2.75% if the payment is made via a card swipe and 3.5% plus 15 cents if the card information has to be entered manually. The device has become incredibly popular among small business owners and freelance contractors (like myself).
It’s incredibly encouraging to see such a useful and business friendly tool get the thumbs up from Apple. The fact square is providing a rebate for in store purchases is even more encouraging. In an economic climate that has creditors and banks becoming increasingly unpredictable with debit and credit fees, the stable nature of Squares fees is welcome. It makes bottom lines easier to predict and budget for at the beginning of the month.
Added bonus, no one can ever give you the excuse “Sorry bro I’m out of cash. I’ll get you back later.”
No. You’ll get me back now.
Sources: Twitter, Apple, IntoMobile
Do any Modmyi members use Square's mobile payment service? What are your thoughts?