In a post this morning, TechCrunch reports that Apple will carry in its brick &mortar stores as well as on its online store, Square solution to allow merchants process credit cards payments with a dongle connected to their iOS or Android devices.
A revolutionary solution that could greatly disrupt the current credit card payment processing ecosystem.
"In America, people do not leave their home without keys, their cellphone and their wallet, but they rarely carry cash. And credit cards can’t be used everywhere," As Jack Dorsey, founder of Square stated. So if you want to sell services or merchandises, you have to apply for expensive point-of-sale equipments to collect the payments.
Square is a new venture that helps small or large business to simply use their iOS device (or Android) with an app and a small adapter with the size of a quarter for a full feature of credit card reader. Merchants are charged 2.75% of the purchase price, plus 15 cents to swipe a credit card; no contract, set-up fee or monthly charge.
The app lets merchant collect payments (small or large), customer can approve and sign on the device and a geo-tagged picture can be optionally taken to enhance protection.
About 50,000 devices were shipped to small businesses and consumers nationwide — ranging from coffee shops and pizza deliverers to doctors and piano teachers — while the service was tested.
[Video courtesy of iJustine]