Square consists of a small card reader that can plug into a smart phone or tablet device with two apps: Square Register and Square Wallet. The register app accepts credit cards using the card reader.
It is amazingly easy to register for this product and get it for free online, or stop by your local Starbucks and pick one up for $ 10 - which is then credited to you bank account once you start using it. Might help that Starbucks CEO Howard Schultz just invested $ 25 million in the firm, and as a result he got a seat on their board.
Square Wallet app allows people to use their smart phone a cash free mobile payment device, competing with the likes Google Wallet.
Signing up for the Square Register is a delight - they have an amazingly simple consumer interface and registration process, including identity verification when you enter your bank account information. How did they know where I lived back in 1992?
And best yet is their simple pricing model: Either 2.75% per swipe, or a monthly flat fee of $ 275 with 0% per swipe. This must have the Banks and their "merchant services" units shaking their heads, and watching their market share do a nose dive as a result of this innovative offering.
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