Square is a physical reader for an iPhone, or an iPad that scans credit cards, and accepts mobile payments. The program has a built in app in it and it transfers money from the phone or tablet to the person's bank account. Square takes a 2.75% off each purchase that the merchant makes with his square reader. This is revolutionary for how we pay for things because now we can use credit cards to buy anything. Merchants on the street don't only have to accept cash they can accept cards and transfer money directly to their accounts in 2-3 businesses days with no hassle. I seen a lot of merchants starting to use this reader in the Union Square Farmers market and customers seem very happy with it. The process is painless and fast. The merchant swipes their credit or debit card, the customers signs with their finger on the touchscreen, a receipt is emailed or texted to the customer and thats it. It's that easy. Square gives anyone a reader for free and the way they make their money is on the 2.75% of the amount of each purchase, so the more the customer uses their product the more money they make. This is a great idea and it will change the way we pay for goods.
Square's Official Website
I was actually walking down the street today, past one of the hundreds of street vendors in the city, and I thought aloud "when can we start paying for things like this with credit cards?" In my opinion, cash will soon become obsolete. I do not carry it with my unless I absolutely have to, and therefore I find myself even paying for a $2.12 bagel in the morning with my debit/credit card. I think this is a fascinating idea, especially allowing certain merchants to expand the way they do business. However I do think Square will take a while to implement and become a regular method of payment for the public.
ReplyDeleteThere's a really great sandwich shop on 37th Street that uses Square. The first time I saw it I was really surprised but then it really did become second-nature. It's really awesome when you come across it in places like the market you mentioned. I saw it once in Boston and it was so convenient for my sister-in-law who was buying a vase but didn't have cash.
ReplyDeleteI saw this for the first time a few weeks ago and it blew my mind. A girl was selling t-shirts that she designed and I couldn't believe it when she said she accepted credit cards. This device is sure to revolutionize small businesses! Imagine paying with cards for street vendors - hot dogs, fruit, accessories, etc.
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