Square in North America is taking over $4 billion in payments a year but isn’t available over here yet, although 2012 may be the year! One of its founders was Jack Dorsey of twitter fame and he’s currently still their CEO. There are numerous articles on the company but we liked this comprehensive one by Technology Review although it’s a little out of date. Even our very own Richard Branson is both an investor and supporter!
The “basic” service provided by Square is a simplified way for, typically small, businesses to receive credit/debit card payments using mobile devices ie smartphones and tablets. Obviously other organisations can use it and apparently both Obama and Romney’s election campaigns are signed up to assist them in collecting supporters contributions! The simplicity extends to the pricing (North American) which is a flat fee of 2.75% of the value of the transaction. The hardware “Square”, which fits into the device’s audio headphone jack, and the app itself are also both free.
Here’s Squares video:
There are more videos at their Vimeo page
A preview of a report due to be released at the end of the month reflects the increasing iPad usage in business particularly the SME/SMB’s. They state based on a fairly large (1,400) sample that usage has quadrupled in a year to some 34%.
We increasingly recognise the business potential of tablets but are holding our corporate breath until that Square peg fits!.