Turning your iPhone (or other mobile device) into a credit card terminal. Some things are so incredibly simple, but so incredibly smart. Square, which I posted about earlier, is a beautiful example of marketing how it should be; finding an untapped market and making an easily accessible product to serve it. Now the idea has moved on from concept to the real deal, as the movie below explains:
I am sure the technology behind it is incredibly complex, but it seems to be such an easy product to use. Looking forward to getting my hands on one these and test it.
On Coolhunter I read about this smart new application for the iPhone. It actually turns the iPhone into a credit card terminal.
The project, codenamed “Square”, is the brand new iPhone-based payment processing system that’s currently being tested at the new Self Edge store inNYC. Besides to keeping the entire process paperless, Square makes check-out clean and easy.
The innovation is in a small, plastic card reader that fits in to the headphone jack of an iPhone (or iPod Touch) pictured on the left, and some software in the form of an app. The reader transfers the credit card’s swipe data to the app. After that, the employee enters the amount to charge, the customer confirms by scrawling their signature with their finger and then either one enters the customer’s email address to receive the digital receipt via email.
The customer’s receipt, pictured above, includes a map showing the location of the transaction which is handy for those who record, sort and file such things, or people who just want to be reminded where all of their money has gone!
The payment is processed by Square for a small percentage plus a fixed fee; the funds are transferred directly to the store’s bank account, cutting both time and complexity on the processing side.
The great thing about this app is that it allows anyone with an iPhone and a wireless connection to do creditcard transactions. Wherever they are. A brand new direction for applications of the iPhone…
On Coolhunter I read about this smart new application for the iPhone. It actually turns the iPhone into a credit card terminal.
