Tools we love: Square
I’ve been following Square since it was first announced in late 2009. Square had a simple goal: make it easy and affordable to accept credit cards with a mobile device. This intrigued me, and I was one of the first people to sign up.
To use Square, you attach a small card reader to your iPhone or iPad. Then you open the Square App and you’re ready to accept credit card payments.
Traditionally, if you wanted to accept credit cards, you would have to apply for a merchant account. You would also have to negotiate transaction fees. However, with Square, there’s no merchant account and your transaction fee is set to a low 2.75% (that includes American Express!).
Square disrupts an entire credit card processing scheme by making it easy to accept credit cards and by offering a low no-hassle transaction fee.
Square in real life
This is the mobile food truck in Nashville called The Grilled Cheeserie. They have a small budget and like many food trucks, use social media (Twitter at @grlldcheeserie) to let people know where they’ll be next.
Every time I’ve bought food from them, they didn’t accept credit cards, only cash. Square changed that.
I could see through the window what looked like a Square Card Reader, and in fact it was.
Thanks to Square, The Grilled Cheeserie is now able to use an iPad as their credit card terminal. It’s simple, it works and it’s affordable.
I admire companies that eliminate difficult problems with elegant solutions. Square easily fits that category, which is why they’re on my favorite things list.