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  • Square Mobile Credit Card Reader in Public Beta
    [ame=http://www.youtube.com/watch?v=QSzsFAJAKHI&feature=player_embedded]YouTube - Welcome to Square[/ame]


    Square - formerly known as Squirrel - the iPhone-based credit card payment system that's being developed Twitter co-founder and chairman Jack Dorsey, has just entered public beta. Square lets anyone with an iPhone take payments from a credit card, using their app and card-reader dongle. They released a video to promote the service, which WIRED Gadget Lab is already heralding as "the death of cash."

    "Our only concern is that we're not able to get this into people's hands fast enough," Dorsey said to CNNMoney this week, promising that Square will get the dongles into the hands of their beta testers early this summer. The app and dongle will be free, though it is not yet clear what Square will charge on every transaction.

    Square has $10 million in venture capital so far, according to crunchbase.com, and differs from products like Mophie's Marketplace and card-reader behemoth VeriFone's PAYware Mobile which are more oriented towards retailers. Square, in comparison, is made for small transactions between people, and doesn't require you to open a merchant bank account. If someone buys something from you on Craigslist, for example, but is short on cash, he could just let you charge his credit card. He signs on the screen, and photo verification lets you confirm that the card isn't stolen.

    Square's dongle is about the size of a quarter, and plugs into the iPhone's audio jack. The card reader modulates the data from the card's magnetic strip, which is then demodulated and processed by the accompanying app. Using the headphone jack allows the same dongle to be used for all smartphones, and Dorsey says that the company intends to have apps for Android and Blackberry phones as well as, ultimately, Macs.

    "Signing up for Square is just a matter of putting your name and address and picture in our system," Dorsey says. "What we're trying to do is remove friction from every part of the process." You can apply to be participate in the public beta on Square's website.
    This article was originally published in forum thread: Square Mobile Credit Card Reader in Public Beta started by Paul Daniel Ash View original post
    Comments 25 Comments
    1. jdogkirby's Avatar
      jdogkirby -
      Super Cool!!!
    1. pacmac's Avatar
      pacmac -
      cool..we need paypass for iphone
    1. iLaw-One's Avatar
      iLaw-One -
      Does this store any information on the phone or can it be accessed in any way? Won't want my card details remaining on the phone long after I'm done with the transaction! Otherwise, it looks cool...
    1. Brandonii's Avatar
      Brandonii -
      Quote Originally Posted by iLaw-One View Post
      Does this store any information on the phone or can it be accessed in any way? Won't want my card details remaining on the phone long after I'm done with the transaction! Otherwise, it looks cool...
      Everything is encrypted while sent to the square server, leaving nothing on your iphone.
    1. henners123's Avatar
      henners123 -
      Good idea!!!
    1. Go Gators's Avatar
      Go Gators -
      Very cool! No one can say "sorry, I don't have any cash on me" anymore. I wonder how much the fee is per transaction though?
    1. JStraitiff's Avatar
      JStraitiff -
      this is a pretty cool little product. The only problem is that it looks a little flimsy because it plugs into the audio jack. But this way it is probably going to be able to be used on devices other than the iphone/ipod/ipad.
    1. ctran's Avatar
      ctran -
      I've been following this for months, and finally it's in public beta, but I can't find the signup form?
    1. Eninety2's Avatar
      Eninety2 -
      Wait till the bums start walking around with this. No more "sorry, no change" excuse
    1. Brandonii's Avatar
      Brandonii -
      Quote Originally Posted by Eninety2 View Post
      Wait till the bums start walking around with this. No more "sorry, no change" excuse
      If only bums had iphones.
    1. matthew1111's Avatar
      matthew1111 -
      That's pretty cool-will probably use it...
      But I can imagine all the little funny iPhone viruses getting a lot worse on this...
    1. thebearisradd's Avatar
      thebearisradd -
      I honestly am very excited about this, and can't wait till I am able to get a hold of a Square for my iPhone. It's going to be much easier to take payments when selling Presale Tickets or even payments for admission to the concerts I promote.
    1. brianlg's Avatar
      brianlg -
      Looks cool.. but seems very sketchy. Especially if you manually enter someones credit card number. I'm sure a lot of people will get ripped off or have extra money taken from them
    1. JedixJarf's Avatar
      JedixJarf -
      Quote Originally Posted by Go Gators View Post
      Very cool! No one can say "sorry, I don't have any cash on me" anymore. I wonder how much the fee is per transaction though?
      "Our charges are simple:

      2.9% of the total charge if you swipe the card.
      3.5% of the total charge if you manually key it in."

      Quote Originally Posted by brianlg View Post
      Looks cool.. but seems very sketchy. Especially if you manually enter someones credit card number. I'm sure a lot of people will get ripped off or have extra money taken from them
      There are hundreds of POS systems that can already do this.
    1. Razorinthe60s's Avatar
      Razorinthe60s -
      Very nice. I cant seem to find sign up form or link. How long does it take for the payment to show up on your account? Does the payment go straight to your account or does it use paypal or other methods?
    1. Classick's Avatar
      Classick -
      For now this looks like a very good idea. I'll hold off on judgment until I find out how many days it takes for the transaction to process, and how exactly I'll be able to convince my friends that I'm not trying to steal their credit card info. lol

      Oh, and how long the app would take to process the payment.
    1. knguyen's Avatar
      knguyen -
      The idea is cool but their transaction fees are too high. I own a business and a lot of my customers use credit cards. My merchant fee is only 1.5%/transaction. This, along with all of the other credit card terminal apps charges way too much.
    1. jadi929's Avatar
      jadi929 -
      wait so is the actual service free? or no?
    1. rhekt's Avatar
      rhekt -
      good enough i guess
    1. CZroe's Avatar
      CZroe -
      I went to a swap meet yesterday where I was thinking "Boy, it would help some of these parking-lot vendors a lot if tey could accept credit card transactions using their phones to tether an Internet credit card machine or, better yet, dongle/app combination on their iPhone." Then I wen to work, loaded up ModMyi.com and saw this article.