Square, is an innovative mobile app that provides anyone with the ability to accept card payments with your phone. The brilliance lies in its simplicity and ease of use. You download the app, sign up, and they send you a free card reader device that plugs into your iPhone’s audio jack.
Within minutes of signing up you have the ability to receive payments, send out receipts to your customers and create sales reports. There are no “contract fees, monthly fees or hidden costs,” payees are charged only for each swipe which is 2.75% and the company donates 1% of every transaction to the payers choice!
The technology was created by Twitter founder Jack Dorsey and is targeted towards small business owners. It’s available on both iPhones, iPads and Android. It truly is an amazing concept but unfortunately the service itself is only available in the United States.
Yes, it seems I’m gushing over a piece of technology but I’m gushing over more than that. I will always be drawn to designs that just simply work – holistically – from end to end.
Food for thought
I’m trying to imagine how this technology will be received in Australia. The way we bank, transact and behave as consumers and business owners are pretty different:
- Australians are only just getting used to Mobile Banking.
- Our merchant services are dominated solely by the EFTPOS system. (A full-proof secure system unique to Australia and New Zealand).
- And only recently MasterCard launched the Tap N Go merchant service. MasterCard’s aim was to make it a standard service by the end of 2012 rivalling EFTPOS. We’re now mid-2011 and most of my mates still don’t know what the service is, let alone how to use it.
So placing my gushing to the side I wonder how Square will make its mark if it ever comes to Australia.