Have you ever face any problem in
paying or receiving money because of credit cards. Have you ever lost a huge
amount of money because the stupid person standing in front in you told you
“SORRY SIR, BUT WE CANNOT BUY THIS PRODUCT AS OUR CARD IS NOT ACCEPTABLE”. If something like that ever happened to you
then it’s time for you to make sure that it won’t happen in near future again.
Are you searching for an answer? By the end of this
article you will be pretty much confident that such incident will not appear in
your life ever again. So, ready to know about your new friend? It is called as
SQUARE, which is a device that is used for electronic fund transfer.
The square is a small plug in your
mobile phones that allows you to receive credit card payments. JACK DORSEY, the
co-inventor of Twitter, invents this device and it got the name SQUARE because
of its shape. The story behind the creation of this device is also very
interesting. It all begins in 2009 when Dorsey’s friend James McKelvey was not
able to sell glass faucets and fittings, cost 2000$, because he could not
accept credit cards. This event leads to the creation of one entire firm called
as Square, Inc. Jack Dorsey and Jim McKelvey founded this company in 2009 based
in San Francisco, California and it launched its first app in 2010.
BUSINESS PLAN OF SQUARE:
Currently SQUARE provides free SQUARE
CARDS for free. You can download SQUARE app for free from App store or Google
Play store. Now you will be wondering if they provide everything for free what
the source of income is for the company. So, the answer is they charge you
2.75% on every credit transaction. This rate, 2.75%, is higher than the
conventional rates charged by credit card companies but SQUARE’s manufactures
claim that they never charge anything other than 2.75% which is charged by Credit
Cards Company and consumers never came to know about that. In addition to that
there is no monthly fee or set-up fee. It is considered as a very useful App
for entrepreneurs. In very short time SQUARE become very popular as a result of
that, in August 2011 Starbucks (an American global coffee company and
coffee-house chain based in Seattle, Washington) announced that it would use
SQUARE for its transactions. Starbucks also invested $25 Million in Square.
TECHNOLOGY:
The original card reader of SQUARE
consisted of simple read head which is directly wired with 3.5mm audio jack.
Through this jack only unencrypted, analogue card information is fed to the
smartphones. Smartphones with the help of already downloaded App do the
amplification and digitization. Which ends in the electronic fund transfer
using credit cards.
Square currently uses very strong encryption
technology for its devices. Its Cryptography key is at least 2048 bit long and
cannot be cracked easily. It reads information on a credit card when it is
swiped. The information is not stored on the device but is encrypted and sent
over secure channels to banks. It basically makes any mobile phone a cash
register for accepting card payments. As a payer, you receive a receipt via
email that can be instantly accessed securely online. You can also use a text
message to authorize payment in real time. SQUARE’s technology is Payment Card
Industry Data Security Standard (PCI DSS) compliant and Verisign (an American
company based in Reston, Virginia, United States that operates a diverse array
of network infrastructure) certified.
DEVICES IN WHICH YOU CAN USE SQUARE:-
iPad:-
► iPad : FIRST Generation
► iPad : SECOND Generation
► iPad : THIRD Generation
Compatible with iPad’s running iOS 5.0
or higher.
iOS:-
► iPhone 5
► iPhone 4S
► iPhone 4
SQUARE is compatible with all Apple
devices running iOS 5.0 and higher.
Android:-
► Samsung Galaxy S III
► LG Nexus 4
► Samsung Galaxy Note II
► Motorola Droid X
SQUARE IS compatible with all Android devices
running Android 2.3 and above.
Currently SQUARE is not supported by the
following:
► BlackBerry Phones and other devices.
► Windows Phones and other devices.
► Non-mobile devices, such as laptop and
desktop computers.
► 10-inch Android tablets.
► Beta software versions for your device.
So, we can say that SQUARE is the
future of the Transferring process. And we will advise you to get used to it.
You can get your FREE SQUARE card by
signing up on SQUARE
Editor Bio
Anurag Jain: He
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