According to their Twitter Feed, Square, the iPhone, Android, and iPad Card Reader has announced the removal of the 15 cent transaction fee. The card swipe rate will remain at 2.75%. For low ticket, high volume businesses, this will significantly improve margins.
Square is a revolutionary service that enables anyone to accept credit cards anywhere. Square offers an easy to use, free credit card reader that plugs into a phone or iPad. It’s simple to sign up. There is no extra equipment, complicated contracts, monthly fees or merchant account required.
Co-founded by Jim McKelvey and Jack Dorsey in 2009, the company is headquartered in San Francisco with additional offices in Saint Louis and New York City. They can be found at: www.squareup.com
Posted on May 6, 2011 at 12:18 AM
We’ve heard of Square, we’ve read about Square, and we think the Square concept is cool. The writers of this blog have yet to encounter a business actually using one though. On March 2nd, Square announced that $1 Million was being processed through their device on a daily basis. That’s not a whole lot but we’re interested to see if it really catches on.