Square is all set to release an updated card reader that encrypts credit card data this summer, according to an SAI report.
It seems although the current Square has meets industry guidelines, Square has decided to upgrade the device in order to meet the best practices of its new investing partner – Visa.
Today, Visa announced mobile security best practices. Square is excited to collaborate with Visa in helping define and shape the security guidelines for the rapidly evolving mobile acceptance space. The adoption of best practices will help increase trust in innovative payment solutions. Of course, Square complies with all current industry standards, and we are committed to meeting or exceeding industry guidelines as they evolve — all while keeping our card reader free.
Just recently Square was criticized by VeriFone for not encrypting transactions.
New video from Square, the mobile credit card processing for iPhone, iPad, and iPod touch.
The video includes Jackson Walker, iPhone, and a bar, suppose to demonstrate how smooth you can accept / make card payments with Square.
Square offers the service for small businesses to accept credit payments through your iPhone, iPad, or iPod touch.
With a confirmed account, they provide a free card reader and virtual terminal to process CC transactions. The rates are competitive for a small business. This device can be used by both small business and multi-million dollar enterprises.
These days there are a lot of companies that are creating credit card readers for the iPhone, Square is one of them, they will release a mobile credit card transaction this summer. Nothing special? Well this credit card reader & App will only cost $1.
But there is a catch, for every transaction you make they will bank 2.9% of the transaction. So if you are planning to use this reader for big transactions this is probably not the credit card reader you should use. But if you only use it ones in a while for small transactions this could be very interesting.
The other good thing is that Square will work with any bank account, so you don’t need a special merchant bank account.
The last interesting thing is that they will donate 1 penny to your favourite charity.
I assume everyone here knows what Twitter is , but you might not know what Square is. Plugging into the headphone jack of either an iPhone or iPod Touch, the dongle takes a swipe of your card, the seller enters the purchase data and you do your best penless John Hancock on the touchscreen. After that, a receipt is delivered by email and the app retains geotagging data for each transaction.
Engadget reveals that Jack Dorsey, the man behind Twitter, is working on a half-secret startup project since around may. This new project is based around the concept of using the iPhone as a personal cash register which is basically the Square concept.
And that’s no accident. In the images we ran of the Square system, you can see a domain name on a receipt: squareup.com. Squareup.com is the domain of the Square System (obviously), and a casual investigation into the site’s WHOIS profile reveals registrant info that points to an office in San Francisco, and a contact email address which reads… billing@paybysquirrel.com. Square, squirrel, square… are you getting it? So the cat, er, squirrel appears to be out of the bag. Now the question is whether or not Dorsey and co. can turn this fairly obscure piece of tech into the kind of firestorm which Twitter has become — and who knows, maybe there’ll even be a business model this time.
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