Recently, I had to visit a chiropractor, and he had a set up at home. After he finished the treatment, he took out his iPhone with a white strip on top and proudly claimed that he accepted credit card. He has been using Square to accept the credit card. According to him, his business has grown 30% since he started using Square. That is disruptive.
Square is a revolutionary service that enables anyone to accept credit cards anywhere. Square offers an easy to use, free credit card reader that plugs into a phone or iPad. It’s simple to sign up. There are no extra equipment, complicated contracts, monthly fees or merchant account required.
How does it work? The Square reader converts a credit card’s magnetic stripe into audio pulses, which are then transmitted via the iPhone’s headphone audio connector and cellular network to Square. That is a truly innovative approach.
Also it has disrupted the process – When you signed up for a Square account, you became a credit-card accepting merchant within minutes. previously it took weeks and it was a tedious and costly process.
Square has grown from $1 billion in payments processed annually to $8 billion. The company has closed a $200 million round of funding, which reportedly values the mobile payments company at $3.25 billion.
FastCompany named Square number one
Innovation company of financial industry in 2012. When Square launched in October 2010, it was a mere dongle that plugged into iPhones, enabling anyone--especially small businesses--to accept credit card payments. No more. Square has since set out to transform the entire payments process, launching an iPad app designed to replace the cash register and point of sale credit card equipment and processing and its Card Case app brings the future of the digital wallet to smartphones today without having to wait for a tap-and-pay system of embedded chips and readers.
If you would like to read more about the company @
http://www.fastcompany.com/most-innovative-companies/2012/square
No comments:
Post a Comment