Wednesday, October 21, 2015

Square Register

I went to a local coffee shop today and saw this Square Register. To understand what Square is, let's say I wanted to start my own dog-walking business. I walk my neighbor's dog every day for a week, and at the end of the week, my neighbor could pay me by credit card if I have a Square Reader for my smartphone or tablet. This is a device that goes into the headphone jack of your smartphone or tablet, and you're able to swipe a credit card through it and get paid. Now, if I charge my neighbor $5/day, and I walked the dog for 5 days, my neighbor would owe me $25. The net amount I would get after the transaction is $24.38. For every transaction that is swiped through Square, 2.75% of it goes to paying the Credit Card company, Square, and other thing, but I'm not sure what.

Looking through the website, www.squareup.com, it looks like there is some pretty good software with the app that can help people manage their business and take a deeper look at transactions. I've really only see these Square Registers at small/local shops so far. I'm not sure what the future brings for Square with Apple and Google introducing Apple Pay and Android Pay. Also, I'm not sure what the future holds for the Square Readers that read credit card magnetic strips. This is becoming obsolete technology, with the new credit card chip law coming out. Square does have a credit card chip reader, but it's not as "cute" as plugging the magnetic strip reader into your headphone jack. I will take safer technology over convenience though.

If I was to start my own business, I would probably pursue using Square. The founder and CEO is Jack Dorsey, also the co-founder and CEO of Twitter. I respect Jack and have confidence in what he'll do with Twitter and Square.

Signed,

Mitch

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