Square credit card processing via iPhone
Mobile payment app and hardware provider Square gets a big boost today from its inclusion in the Apple online store and will begin selling in Apple retail locations this week. Square is aimed at the lower tie of credit card processing, a level or two below the sweet spot for larger companies like Verifone.
From Techcrunch: “This is Square’s first large-scale in-store retail promotion and it landed a huge fish. Millions of consumers visit Apple’s retail outlets each day, and this will certainly translate into more sales and exposure for Square.
The device will be only payments product featured in the store, and while display location may vary by store, we hear that Square will be included in the store area where main consumer-oriented accessories are displayed. Apple and Square will also be partnering to host educational seminars at the stores, where consumers can learn how to use the device.”
Square has big competition from above from all of the established payment processors but also faces heat from companies that are relying on carrier billing and from even smaller start ups like Dwallo. Dwallo is a web based software that allows users to send and recieve money from any other user. For merchants it eliminates the need for credit card transactions and has a maximum transaction fee of just 25 cents.
Also recently out in the marketplace is a company called Bitcoin. From the website: “Bitcoin is the first digital currency that is completely distributed. The network is made up of users like yourself so no bank or payment processor is required between you and whoever you’re trading with. This decentralization is the basis for Bitcoin’s security and freedom.”
