Quick Credit Cards

By now, most people either use Twitter to communicate online, or at least know what Twitter is. What you might not know is that Twitter founder Jack Dorsey is now out to release technology that could drastically change the credit card industry.

Enter SquareUp.com, a program operated by Dorsey’s new venture, Square, that allows users to make and accept payments with their Apple iPads. It’s billed as a simple, secure way for money to change hands, whether you are paying or getting paid. Simply download the free iPad app and enter your mailing address when prompted. You’ll be delivered a tiny plastic device to attach to your iPad that allows you to swipe a credit card, and the transaction is processed via the company’s Web site. Over time, any mobile device with the ability to access the Web could be used with Square.

So what does this mean for the credit card industry?

Low cost

Traditional credit card processing equipment can be expensive, from the card readers to the software required to operate them. Then there are the costs involved with operating a credit card merchant account. With the Square service, you pay only a few dollars for the software, nothing for the tiny “Square” device, and a small fee for each transaction.

True mobility

The Square service means that business owners are no longer tethered to their stores or offices. With their iPads, they can accomplish just as much on the road as they can from work, including processing credit card payments. Those who sell wares from stalls, at farmers markets or any other mobile area can now accept payments from anybody who has a credit card.

Not just for merchants

Square also enables individuals to pay back small debts and lend each other money quickly and easily.

Another major benefit of Square is that it cuts down on the paper used during a transaction. Receipts are e-mailed or sent to you by text message so that you can choose to print them or not as needed.

With the iPad release, Square closed its iPhone Beta phase so the iPad is currently the only device that runs the app. However even with the iPad, Square could potentially benefit regular cardholders, business owners, traveling sales professionals and anyone else for whom credit cards are part of daily life.

Steve Thompson

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