Ideal for small businesses, Square iPhone app will change the way we shop

May 18, 2010
Tech

It’s been awhile since I’ve truly been excited about an iPhone app, which is why I was delighted to learn about the new Unlike other credit card terminals, Square doesn’t require a merchant account, charge a gateway or activation fee, or require contracts or monthly fees. Currently, the service has transaction limits of $100 per day […]

It’s been awhile since I’ve truly been excited about an iPhone app, which is why I was delighted to learn about the new Unlike other credit card terminals, Square doesn’t require a merchant account, charge a gateway or activation fee, or require contracts or monthly fees. Currently, the service has transaction limits of $100 per day and $700 per week; however, the company is working to expand these restrictions depending on seller credit histories. Square’s processing fees are 2.75 percent plus 15 cents if you swipe the card through the dongle, or 3.5 percent plus 15 cents if you have to manually key in the card information. Cheaper fees can be found elsewhere, but they often require you to purchase equipment or pay extra fees. A 3G or Wi-Fi connection is also required to use the app.

You can also process cash transactions via the app, allowing you to keep your bookkeeping in one place (it can be exported as a spreadsheet), as well as creating digital receipts for your customers.

Square is also available for Android, and there are plans to release the app for other devices in the future, so keep an eye out for the logo-branded stickers at merchants near you.

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