Square, the mobile credit card transaction processor, has been a new sensation in the business world. CEO of Square and co-founder of Twitter, Jack Dorsey, created a mobile technology that is very practical, functional, and user friendly — so easy that it only takes about 15 minutes to create and be able to use your account. As of June, Square, processed $6 billion a year in payments. This number will grow exponentially, as major corporations like Starbucks begin using the technology.
Square is now being sold at Apple, Wal-mart, Best Buy, and Target and will soon be sold at AT&T stores to allow greater exposure. Square costs $9.99 in stores, but comes with a $10 redeemable credit, which makes the switch to Square basically free for business owners.
With Square, business owners have the option to pay 2.75 percent per swipe or choose the flat rate of $275 a month with no added fees. Charging capabilities are up to $250,000 annually.
Square has a feature where business owners can display items purchased right on the receipt. This feature can be used to track sales and identify trends.
Transactions are completed quickly and businesses often are paid the following business day.
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