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07/01/2011 -
As businesses look to become as mobile as their customers, new technologies are emerging that will allow them to perform payment processing anywhere from their smartphones or tablet computers.One of the most talked about players in the game so far in 2011 is Square, which was founded by Twitter co-creator Jack Dorsey. The company's inception was announced with a tweet in early December 2009, according to the website Wired.
Square works on the iPhone, iPod Touch, iPad or Android-powered phones. The company is targeting small businesses who don't have the funds to process credit cards, as the technology does not require a merchant account or contract to use it.
It charges $0.15 as well as a 2.75 percent fee for a swiped card and and a 3.75 percent fee for typed-in account information. However, the application itself is free, according to Practical eCommerce. Receipts from Square transactions are automatically sent to customers via email.
The Los Angeles Times reports that Square recently rounded up a new wave of funding, making the company worth approximately $200 million. In addition, the startup is currently processing millions of dollars a week in transactions.
