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Square: Become a Retailer Using Your iPhone

abstract:If you want to do point of sale transactions for your business or non-profit - look no further than Square.com. This is an electronic payment service popular among entrepreneurs. It works the same as the device you use at the table when paying at a restaurant, but you don't have to rent their device anymore. The SQUARE attaches to your iphone. They are shipping out for free in the USA, or you can purchase online or at any Apple store.

The original creator was Jack Dorsey who in 2009 listened to his friend, James McKelvey complain that he was unable to complete a sale for his glass faucets and fittings because he could not accept a credit card. Dorsey built a prototype and the name is apparently due to both the shape of the device and the common phrase when making a transaction, "Are we square?"

A list of angel investors is on Wikipedia page where it also describes its business model: Square charges 2.75% on every credit card transaction. There is no monthly fee or set-up cost.

article:

September 15, 2012

 

 

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