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Square: Payments Anywhere

Square, co-founded by Twitter's Jack Dorsey, transforms payment processing by enabling consumers and businesses to conduct transactions effortlessly, using their mobile devices. By addressing the high costs and complexities associated with traditional card reading systems, Square offers a portable solution that allows users to process credit transactions via the audio jack on their smartphones. With no upfront hardware costs, it’s ideal for small businesses and service providers. Square's low transaction fees and user-friendly interface have made it a top choice, earning recognition as one of Time magazine's top inventions of 2010.

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Square: Payments Anywhere

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  1. Square: Payments Anywhere Max Kramer mckramer@unc.edu

  2. Commerce • Transactions between consumers and businesses • Cash • Check • Credit • Transactions between individuals • Cash • Check • Credit • Why not credit too?

  3. Card Reading Systems • Expensive to buy • Difficult for new businesses • Hard to program • Costs • Per use • Monthly • Hardware • Most require wires • Not portable

  4. Square • Twitter co-founder Jack Dorsey • Phones = computers • Use power of everyday device to handle credit transactions • Major obstacles • Fraud • Keep cost to user low by keeping fraud low • Input • Type in credit card number • Read magnetic strip from card • Mobile platforms

  5. Magnetic strip reading • Challenge • How to get information from credit card to the phone? • Solution • Create hardware to read strip • Transfer data to the device • How to transfer?

  6. The Square Device • Need to make independent of phone • Android phones use USB • iPhones use the proprietary iPod connector

  7. The Square Device • Solution • Use the audio jack • Standard on virtually every phone • Steps

  8. Features • Store • Common products • Images of goods • Track sales • Tips & tax • Location • Receipts • Identity • Square users

  9. Pricing • Square (hardware) is free • Activate account and company ships hardware for free • Cost per use • Swipe: 2.75% + $0.15 • Type: 3.5% + $0.15

  10. Possible uses Any small business Artist Craigslist seller Tennis lesson pro Tutor Babysitter Fundraising Haircut Doctor who makes house calls

  11. Future uses for the hardware • User Identification • Security • Companies • Loyalty cards • Drivers license • Extend • Android API

  12. Last words • Named to top 50 inventions of 2010 by Time magazine • VeriFone released competitor • Sleeve for iPhone • Not audio

  13. References • CNET • Twitter co-founder's 'Square' comes into focus • Pogue’s Posts • State of the Art - A Simple Swipe on the iPhone, and You’re Paid • Tech Crunch • Square Now Processing Millions Of Dollars In Mobile Transactions Every Week • Square on github • Repositories • Android API

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