It's Cool To Be SQUARE!

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A lot of people have seen these little squares but many don't realize how powerful this little gadget really is. It's simply called the Square credit card system. The idea for the bite sized card reader was helmed by Jack Dorsey, one of the founders of Twitter and has drawn quite a buzz for its clever size and functionality. Square is a fast growing way for individuals and businesses to except all major credit cards in a quick, secure and very compact way. The Square application and card reader are free when you sign up for a new account and its compatible with iPhone, Android smartphones and iPad.

The terms of  the Square credit card system are quite simple. One flat charge of 2.75% per card swipe and 3.5% for card numbers entered manually. Square automatically deposits funds directly to your account the next day. Simply download the app, plug in the card reader and you are ready for business. The Square system is commitment free and it eliminates the complex monthly fees and hidden costs of many other credit card payment services. The Square app keeps a real-time log of all card payment history and allows you to send receipts instantly to your customers by e-mail or text.

Mobile credit card payment services are still a new concept today and many like Square have a challenging road towards profitability. The New York Times reported that the young company was thought to be valued around 1.6 billion in June of 2011. Square has also attracted heavy financial backing from the likes of Khosla Ventures and Kleiner Perkins Caufield & Byers. Despite less than stellar financial projections so far, they are on track to reach profitability in 2012.

What do you think of the latest offerings in mobile payment services? Is this technology something that you currently employ or is it something that you might consider using in the future. Please share your thoughts in the comments below. Please share weather or not you think this type of service will continue to grow or phase out.

Via: IB Times and New York Times