Be Square: You, too, can accept wireless payments
You’ve heard of it, and most likely seen one. Chances are, you’ve made a payment to a company who uses Square. Step into a cafe, a market, or stroll down an art promenade and you’re likely to see their iconic logo, and someone swiping their credit card through a small white square dongle attached to a smart phone.
Perhaps you’ve decided to downsize, or start up a business initiative that’s always been on your mind. Since fewer people use cheques or carry cash, you can offer a quick and easy mobile payment option with Square. It’s an easy way to get paid, especially if you want to rid yourself of no-longer-wanted items.
It’s been approximately five years since Square introduced their micro-payment system to Canada. Payment is enabled through a magstripe reader that’s plugged into the headphone jack of your mobile device. It has changed the way that small businesses process their transactions. It’s put budding entrepreneurs and service providers, as well as street market sellers and garage sale vendors, on a more level playing field.
Being able to make a secure, credit card payment transaction (with a simple swipe) was a privelege previously reserved for major players.
With the free companion Square point-of-sale (POS) app, you can track your activity, add product photos and prices, and manage your inventory. Square’s invoice app allows you to bill your clients, and send invoices and automatic payment reminders via e-mail. This allows secure payment transactions to be facilitated when not dealing face-to-face.
Getting better and better
Square is taking advantage of the latest technologies, and has now included more features and payment options, so that customers can pay the way that they want. Not only are you not limited if your mobile device doesn’t have a headphone jack, or if their payment requires a chip and a PIN, but you’re not limited to just accepting credit cards.
For users with iOS devices, including the iPhone or iPad, Square now has a magstripe reader that plugs into the lightning port. However, Square’s new Contactless + Chip Reader has to be its finest feature. This palm-sized, battery-powered, wireless device quickly pairs with most Bluetooth enabled mobile devices.
With this new reader, customers can simply tap for purchases up to $100. For anything over that amount, they insert their chip-enabled credit card into the reader, and enter their PIN number on their mobile device to complete the transaction. Customers can also tap for payments via Interac Flash (debit), as well as Apple Pay and Google Pay.
Square encrypts the card information, so the data is never stored on your mobile device in order to protect the customer.
The cost of doing business
Cost for Square payment processing is only 2.65 per cent for all credit card transactions and only 10 cents for debit transactions. Apple Pay + Google Pay fees will depend upon whether the customer has a credit card or debit card connected to the account. There are no other hidden fees or service charges. Your funds are sent directly to your bank account, and are available in one to two business days.
The Square Contactless + Chip Reader retails for $59, and includes a free magstripe reader. Both can be connected to your devices at the same time. There’s also an optional wedged-shaped reader dock for Square Reader ($39), in order to keep it charged. Available at Staples, Best Buy, Telus or Apple Stores.
|Greg Gazin is a syndicated tech columnist, blogger, podcaster (host and producer), and contributes to canoe.com, Troy Media and Active Life magazine.|