A New Advance in Mobile Technology: Payment Processing

Jack Dorsey is best-known as the creator of Twitter. However, it is his most recent venture — Square, Inc. — that is impacting the payment-processing system in retailing. The firm is a mobile payment-processing provider.
Here’s how Issie Lapowsky, writing for Inc. describes the new company: “Square introduced the Card Reader, a 1-inch-square white dongle that plugs into a headset jack and, voilà, turns any iPhone, iPad, or Android phone or tablet into a credit card processor. Today, more than three million merchants are using the Card Reader to process $12 billion a year in transactions. The reader, which is free to order on the Square site, connects to Square Register, a souped-up point-of-sale app that replaces the traditional cash register, allowing customers to pay with cash or swipe a credit or debit card and sign on the screen with a finger. In 2011, Square launched a consumer-facing app, Square Wallet, that allows customers to walk into a store and pay by just saying their names. It’s being used at more than 250,000 locations in the U.S. and Canada.”
Click the image to read more.


This entry was posted in Online Retailing, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Technology in Retailing and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

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