It would be fair to say that if you’ve heard about Square, it’s more likely to be due to the CEO than the company itself. The CEO of course being Jack Dorsey who is otherwise known for being a co-founder of Twitter. But the buzz surrounding Square isn’t just about the man behind the company. Square has big plans and an impressive offering that deserves it’s own spotlight.
Quick facts about Square:
- Currently available in the US only but with plans to expand abroad
- The name Square comes from the concept that a square deal is a fair one and when two parties settle a deal they “square up”
- Square is based in San Francisco and has over 100 employees
- The company is currently valued at $3.2 Billion USD after a recent
What Square is really about:
Square has 3 product lines:
Square Card Reader
Square Card Reader essentially turns your iPhone or Android mobile it a credit card scanner. You simply plug the scanner into your headphone jack, download the app, sign up for an account and add your bank details. Within a few minutes you’re completely set up to take payment. And that’s only half of what makes this product so sweet for retailers. What makes Square reader so “disruptive” is that the retailer is charged one flat rate regardless of the type of credit card used for payment. That is completely unheard of in the retail industry and, combined with the ease and access of set up, removes the barriers that keep small retailers from accepting credit card payments. The August issue of Wired Magazine said that it “would democratise the credit-card industry.”
Where Square Card Reader transforms an iPhone into a payment system, Register turns your iPad into…well, a register. Aptly named. The interactive app allows a user to add a custom inventory and when combined with the Card Reader makes for a very fast check-out process. The information from the sales is stored and can be used for in-depth reporting on which products are selling and at what times. The app can also be linked to a cash drawer.
Pay With Square
Pay With Square, if it takes off, could really begin to match Twitter for it’s mass appeal. The video on the Pay With Square site (which I can’t sadly can’t embed here) highlights the process but you basically download the app, add your information and then use the app to pay and received rewards at any participating retailer. And if you’re doubting whether this actually has legs, Square recently signed a deal with Starbucks that will soon see this service available in nearly 7000 Starbucks locations in the US.
Do you think Square is revolutionising mobile payments or is it only hyped because of its famous CEO?