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
