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02-13-2010, 11:48 AM #1
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.
02-13-2010, 11:59 AM #2
02-13-2010, 12:01 PM #3
cool..we need paypass for iphoneTHANK ME THANK THANK AGAIN..
02-13-2010, 12:06 PM #4
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...
02-13-2010, 12:29 PM #5
02-13-2010, 12:40 PM #6
Good idea!!!My Dog Pop Arted!!!
02-13-2010, 12:55 PM #7
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?
02-13-2010, 01:14 PM #8
02-13-2010, 01:16 PM #9
I've been following this for months, and finally it's in public beta, but I can't find the signup form?
02-13-2010, 01:51 PM #10
Wait till the bums start walking around with this. No more "sorry, no change" excuse
02-13-2010, 01:57 PM #11
02-13-2010, 02:18 PM #12
02-13-2010, 05:26 PM #13
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.
02-13-2010, 08:51 PM #14
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
02-13-2010, 09:57 PM #15
Last edited by JedixJarf; 02-13-2010 at 09:57 PM. Reason: Automerged Doublepost
02-13-2010, 10:05 PM #16
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?
Last edited by Razorinthe60s; 02-13-2010 at 10:08 PM.
02-13-2010, 10:20 PM #17
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.
02-14-2010, 05:37 PM #18
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.
02-14-2010, 08:23 PM #19
wait so is the actual service free? or no?
02-14-2010, 10:34 PM #20
good enough i guesskillall Terminal