Square Is Now Ringing Up Payments
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.
Square scares me...
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.
... 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.
Another blow to banking