December 01, 2009
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News: Twitter Founder Launches Square
The long anticipated mobile platform for point of sale credit card payment processing has finally arrived. Jack Dorsey, co-founder of Twitter will be launching his cell phone application called "Square" that enables anyone with a cell phone or iPod to accept credit card payment. The new technology will change the way field personnel conduct business. With the Square application, there will no longer be a need for contractors to wait to return to the office to run credit card payments. Service can be scheduled immediately upon approval of payment and customers are served faster. Square is a small plastic device, no larger than a postage stamp that plugs into a mobile phone or computer's headphone jack. The cardholder swipes his card through the device and signs. A receipt can be sent either to the individual's email or text message. Merchants are not privy to the customer's email address or phone numbers as the user enters the numbers which remain invisible to the seller.
The Square application meets the PCI standard which prohibits merchants from retaining credit card data after the transaction has been completed. The application also enables registered users to submit photos to confirm their identities. Square comes with a set of added benefits that alerts the user if he is a repeat customer and also allows him to donate a penny to his favorite charity. Dorsey has not worked out all the final details on the mechanics of the service. There's a possibility that he will receive a small perk from the credit card companies for each transaction.
Intelligentsia Coffee & Tea will be among the first vendors in Southern California to test the application. Dorsey has high hopes for the new credit card processing device which he believes will eventually replace every cash transaction. The device is very inexpensive to manufacture which will allow the company to either give them away or sell the application for a very small fee. Interested individuals can get additional information and details on how to sign up for the service by visiting Squareup.com.