Jack Dorsey, the co-inventor of Twitter, is
promoting his latest invention called the Square.
The square is a small plug-in attachment to
your mobile phone that allows you to receive credit card payments.
The idea originated from Dorsey's friend Jim
McKelvey who was unable to sell some glass work to a customer because he
couldn't accept a particular card being used.
Accepting credit card payments for something
you're selling isn't always easy, especially if you are mobile like a
tradesman, delivery service or a vendor at a trade show.
This latest invention uses a small scanner
that plugs into the audio input jack on a mobile device.
It reads information on a credit card when it
is swiped. The information is not stored on the device but is encrypted and
sent over secure channels to banks.
It basically makes any mobile phone a cash
register for accepting card payments.
As a payer, you receive a receipt via email
that can be instantly accessed securely online. You can also use a text message
to authorize payment in real time.
Retailers can create a payer account for their
customers which accelerates the payment process.
For example, a cardholder can assign a photo
to their card so their photo will appear on the phone for visual identity
confirmation. Mobile devices with touch screens will also allow you to sign for
goods.
There are no contracts, monthly fees, or
hidden costs to accept card payments using Square and it is expected the
plug-in attachment will also be free of charge.
A penny from every transaction will also be
given to a cause of your choice.
As with Twitter, it's anticipated that Dorsey
will direct the company based upon feedback from users.
Square Inc. has offices in San Francisco,
Saint Louis and New York and is currently beta testing the invention with
retailers in the United States.
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