Twitter co-founder Jack Dorsey’s new venture, Square has announced an upcoming transaction services application for Android and iOS (iPhone, iPad) mobile devices that will allow them to double as portable payment systems or more specifically mobile transaction centers.
Square unveiled two related transaction services applications which will allow both customers and businesses to utilize mobile devices as a pay and transaction service; directly eliminating the need for a credit card authoring machine or full cash register.
The first application unveiled, Square Register, is designed for the Apple iPad. The general focus of Register is to speed up transaction time and eliminate excess steps in a standard sale process. Register is a full touch-enabled checkout application that bridges the gap between business and consumer communication.
Register- the Premiere Transaction Services Application
The Register transaction services application also handles digital receipt creation, it alerts and highlights price and sale changes and provides a virtual product browsing experience similar to what can be seen in Amazon’s Windowshop app.
The entire transaction process can be completed directly on the iPad, starting with a point of sale interface. Consumers can shop directly via the device through informative product descriptions, photos, prices and various sorting options. The business can then accept cash (physically in person) or credit cards that are swiped using a unique card reader add-on (used in conjunction with Card Case). When the transaction is complete the consumer can sign and authorize the sale on the iPad screen and will subsequently receive a text message or e-mail with a copy of the receipt.
The Register transaction services application can also track inventory or stock and sales patterns. It can directly translate which products are the most popular and which ones are not selling at all, ultimately allowing businesses to optimize their menu or product selection for increased revenue.
Finally, the Register application allows any business to connect socially with customers by allowing them to electronically publish a menu/ product selection list, coupons and special deals, or news announcements.
Card Case- The Consumer Friendly Transaction Services Application
Square’s second application, Card Case, is meant to provide a quicker method for scanning credit cards during a transaction. The Card Case transaction services application will allow consumers to pay with a Visa, Mastercard, American Express, or Discover card using an iOS (iPhone, iPad) or Android mobile device. Card Case also supplies a more organized and digital method to store receipts.
With Card Case traditional businesses can also allow customers to add an existing bill to an electronically recorded “tab” that can be paid using standard payment methods.
So the next time you go to a bar and rack up a “tab” you don’t have to worry about walking out the door without paying, because you can walk out the door and pay later.
With the purchase and registration of an active Card Case account users will also receive a free credit card reader for the relevant mobile device that plugs directly into the device audio jack. The Card Case application, when used for a business, automatically pays out 2.75% of each purchase (credit swipe) to the relevant sources (Square’s cut).
Square’s CEO, Dorsey says: “Cash registers and credit card terminals are relics of an expensive, complicated, and impersonal commercial transaction system. With Register and Card Case, we’re transforming everyday transactions between buyers and sellers into something special.”
Square is indeed turning everyday transactions into “something special”, and is also certainly embracing technology and its significant impact on culture.
According to the participant list on the official Square site, businesses in San Francisco, New York, Washington DC, St. Louis and Los Angeles are already utilizing Square’s applications to complete transactions.
Before long we could be seeing digital transaction processing adopted at every business in the country, wouldn’t that be something?
Square’s Transaction Services Application Series
Square’s Register app is available through the Apple App Store for free, and Card Case is available via the relevant mobile device market.
Consumers interested in using Card Case to pay for “tabs” and products must first visit a participating retailer and pay traditionally by credit card. They will then receive an e-mail or text message with information about setting up their account.