“Square, the startup that democratized credit-card transactions with its little plastic doohickey which allows any business (or anyone) to accept plastic as a form of payment, is at it again,” Harry McCracken reports for TIME Magazine.
“It’s built a new iPad application called Square Register that’s designed to let brick-and-mortar merchants use Apple’s tablet to ring up sales and run their business, even if they sell thousands of products,” McCracken reports. “Like the company’s less meaty existing iPad app, Register works both with the Square Card Reader — a card swiper that plugs into the iPad’s headphone jack — and with Card Case, a mobile-wallet app for the iPhone and Android handsets that lets you pay at Square-equipped retailers without even removing your phone from your pocket.”
McCracken reports, “As before, the app and Square Reader are free; merchants pay a flat 2.75 percent fee per transaction. According to Square, it’s now on track to process $4 billion of sales a year, up from $2 billion in the last quarter of 2011.”