Squares iPad app to all set replace cash registers

first_imgSquare, a company founded by Twitter co-founder Jack Dorsey, has been on a roll as of late. The company offers individuals and small businesses a non-traditional method to receive payments via a smartphone or tablet without the need for contracts or monthly fees. The company charges a simple 2.75% per transaction while offering the necessary mobile application and credit card reader for free. This model, which offers to greatly expand the current footprint of credit card transactions, has received support via Apple and its inclusion of the credit card reader through Apple Stores and Visa who made a strategic investment in the company.Now the company has announced the launch of new applications which promise to make cash registers all but obsolete. The first application, Square Register, works with the iPad and replaces bulky, expensive cash registers with a touch-enabled point-of-sale solution which includes the ability to send receipts digitally. In addition to processing transactions, Square Register businesses will be able to communicate with customers through a location-based Directory feature which allows them to be discovered by local customers and a Menus feature which acts as a digital sandwich board to advertise menus, prices, daily specials and popular items through a customer’s mobile phone.Many of the features within Square Register work in conjunction with the new Card Case app the company is also making available to iPhone and Android customers. The app allows customers to access the Directory and Menu features powered by Square Register in addition to opening Tabs with businesses. Tabs is similar to one-click purchases available at online stores which eliminates the need for customers to carry credit cards to make purchases. A retailer can simply access a customer’s credit card information through Square Register after verifying a customer’s identity via a stored profiled and photos. The Card Case app is activated via a text message invitation after a customer makes a credit card purchase at a participating merchant.The Square Register app is currently available for download through the App Store.Read more at the Square press release.Brian’s OpinionI believe Jack Dorsey’s Square may soon be more successful than Twitter. Unlike Twitter, there was no question how Square’s technology would be monetized out of the gate. Also, the fees charged by Square are so significantly cheaper than those charged by companies offering traditional credit card terminals it’s hard to understand why an individual or business wouldn’t look to use Square to process credit cards.Initially, my biggest concern for Square was that it was about to go up against Goliath in the form of traditional terminals. That’s big business for companies and as VeriFone has already demonstrated they are going to do whatever it takes to maintain their market share. Unfortunately for companies like VeriFone, there is two companies bigger. That would be Visa and Mastercard. We know at least one of them, Visa, already sees Square as a way to increase credit card transactions so they could really care less of VeriFone loses market share along the way.last_img read more