The ‘Square’ payment system has the potential to take advantage of one of the biggest hassles for many small businesses: accepting credit cards. It promises no contracts, monthly fees, or hidden costs as well as effortless money management through an intuitive interface.
Payers benefit from the ability to instantly get receipts via email or mobile phone with secure online access. iPhone text messages can be used to authorize real-time payments.
Twitter creator Jack Dorsey recently launched the squareup site for the up-and-coming Square mobile payments startup. Khosla Ventures and other angel investors have reportedly ponied up some $40 million in venture capital.
Key Themes Behind This Trend
- Mobile Payment Revolution
- Square's payment system streamlines credit card transactions for small businesses and offers an intuitive interface that could disrupt traditional payment processing industries.
- Simplified Money Management
- Square's intuitive interface simplifies money management for small businesses and could disrupt traditional accounting software industries.
- Real-time Payment Authorization
- Square's real-time payment authorization via text message disrupts traditional payment verification methods.
Where This Applies
- Payment Processing
- Square's payment system disrupts traditional payment processing industries.
- Accounting Software
- Square's intuitive interface for money management could disrupt traditional accounting software industries.
- Security and Verification
- Square's real-time payment authorization via text message disrupts traditional payment verification methods and could disrupt security and verification industries.
