Just when you didn't think the iPhone couldn't become any cooler, along comes Jack Dorsey, Twitters Co-Founder with product co-designed with Jim McKelvey. It is called 'Square'. It is a simple device that plugs into the audio jack of the iPhone.
Once that is done, you can simply slide the credit card through the reader and your transaction, whether you are the buyer or seller, is on its way to completion.
Reporter Rachel Metz (Via the Boston Globe) was able to give readers a glimpse into the process.
"....swipe a card through a slit on its side, and the device will read your credit card number and convert it into an audio signal that can be sent to the iPhone through the audio jack. Software in the iPhone then decodes the signal and sends the transaction data out over the cellular network to Square's servers so the purchase can be authorized. Information is encrypted on the iPhone before it is sent."
Dorsey mentioned that there is a difference between Square, Inc and other processors. Square, Inc., has its own merchant account which will allow virtually anyone to use the service. They are looking to have a user base that doesn't just include the stores, restaurants, etc, but the individual looking to make a purchase of an item on eBay, or craigslist, etc.
Dorsey is hopeful that it will be on the Android phone OS as well. There are about 100 merchants using this now, and is slated to be released early this year.
Comments
this just strikes me as being a bit unwieldy for the market as card readers for businesses already have a network and installation system.
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