There is a great revolution taking place in the financial sector in the modern world today concerning how payments are sent and received. Square, a firm established by Twitter co-founder and co-director Jack Dorsey, is one such companies which is revolutionising the financial sector. Square offers a modern method of accepting payments through a smart phone or tablet to individual and small sized microenterprise firms.
Square charges a low flat rate of 2.75 per cent per transaction carried out. The company also provides the required mobile application and a reader for credit card for free. Apple has adopted the avenue that this project is expected to offer to consumers in terms of expanding the existing market based of credit card transactions. Apple has integrated the credit card reader in their Apple stores and Visa who have invested so heavily in Apple stores.
Square has come up with the latest application which may render all cash registers useless and thus removing them from the market. The initial application which Square has called square registers uses iPad and it is out doing the traditional conventional bulky and costly cash registers. The square registers come with a touch enabled point of sale software which has the ability to process and transmit digital receipts.
This device will also assist the business owners to communicate with their clients through a location based directory system. The directory shall allow the business firms to be discovered by local clients. Apart from the local directory, the square registers will also have a featured menu, which will offer a digital sandwich board for advertisement including the costs, common products and daily specials via clients’ mobile phone.
Most of the features integrated in the square registers use the latest card case app. The firm is also trying to make the square registers iPhone and android compatible. The app provides a platform for customers to access the location based directory and featured menu powered by the square register. More interestingly, it also enables the clients to open tabs with firms. The tabs are more much similar to one click purchases in online shopping. The one click purchasing is efficient and user friendly as it eliminates the need for a client to carry a credit card. Credit card information can easily be accessed and verified by the retailer through the square register. After the purchase a product using the credit card through a participating merchant, a text message invitation activates the card case app. The square register app can be downloaded through the App store.