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Square Is Now Ringing Up Payments

Article Comments  4  

Oct 25, 2010, 7:11 PM   by Philip Berne

Square, the mobile service that lets smartphone users accept credit card payments with their devices, is finally active. The service relies on a piece of hardware that users plug into the standard headphone port on their phones. An app then lets users collect payments via credit card, charging users 2.75% of the transaction cost, plus a $0.15 fee. CEO Jack Dorsey, who previously helped found Twitter, told CNN that he believes this cost is in line with what retail stores pay for a similar service. The app and accompanying accessory work on Android and iOS devices.

more info at CNN »

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Comments

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TDBearCT

Oct 26, 2010, 3:00 PM

Square scares me...

... I am assuming that it is just a matter of time before someone reverse engineers the interface used by the Square scanner and writes an app for your local waitress or cashier to steal credit card information.

I have already had my credit card stolen twice by waiters-- one who was copying down all corporate Amex cards he handled, another who rang up $500 in convenience store charges on my personal card before I was able to cancel it. Only the former was caught, because his manager caught on to what he was doing.

Square is a good idea, poorly executed.
TDBearCT said:
... I am assuming that it is just a matter of time before someone reverse engineers the interface used by the Square scanner and writes an app for your local waitress or cashier to steal credit card information.

I
...
(continues)
Larrys7791

Oct 26, 2010, 8:55 AM

Another blow to banking

This could be another income blow to banking. The device seems so simple yet effective. Perhaps a little consumer concern at first but this could be huge!!
Surprised
The credit card companies/banks are still making money with the fees and interest on the credit cards
 
 
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