Twitter co-founder, Jack Dorsey not long ago started mobile payment company – Square which is the simplest way for individuals and businesses to accept credit cards according to their description on the Apple.com Store.
Right now, Square is available on iPhone, iPod Touch and iPad. The whole concept of Square is to allow easy credit/debit card transactions using a small, sleek looking device which you plugs directly into the headphone/microphone jack.
It’s very difficult to get a place in the Apple.com Store and even harder actually in-store, though Square has achieved both. The device which allows for easy credit/debit card transactions is available online right now for $9.95. The apps are free and you are given $10 of credit for Square – meaning you in theory gain $0.05 for purchasing online.
As mentioned above, Square are making a loss of around 5 cents per sale – so what’s really the point, and why bother with selling – well, Square take a percentage of every transaction and obviously realise that they’ll make a lot more money, if they can get people using the service and to use the service you need the external swiper.