Twitter Co-founder Unveils Credit Card Reader
New credit card reader hooks up to mp3 player or mobile phone…
Jack Dorsey, co-founder of Twitter has given the public its first look at a free credit card reader dubbed ‘Square’ that could replace traditional credit card scanners. Dorsey created the concept when he saw a need for easier payment methods, especially for consumers and retailers who would like to accept credit card payments without the hassle of a merchant account. Dorsey and his co-creators say that Square will bring “immediacy, transparency, and approachability to the world of payments.”
Using special software, retailers can create a payer account and hook up the credit card reader to any device with an audio input jack, including a mobile phone or mp3 player, and immediately start accepting payments. The system has an easy and intuitive interface and there are no contracts, monthly fees, or hidden costs and eliminates the need for consumers to carry cash (though there are no details of upfront costs yet).
Photo identification verifies the user is the genuine card holder. Receipts can be sent instantly to a mobile phone or an e-mail address and then access them securely online. There’s also an opportunity for card holders who still prefer to sign for their payments, to do so on the screen or to authorize every payment via a text message.
A limited beta version is now being tested, with nationwide release expected in 2010. Dorsey also said that Square will donate $0.01 of every transaction to the cause of your choosing.
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