Square: Aiming To Replace Receipts and Registers

The folks over at All Things Digital recently caught up with Jack Dorsey, the cofounder of Twitter and the CEO of Square–a company focused on advancing mobile payments. Square's COO, Keith Rabois, demoed the amazingly simple and convenient device while Dorsey shared his thoughts on the future of accepting credit card payments and how Square intends to replace traditional registers and receipts.

Small business owners may benefit the most as they can start accepting payments without the traditional investment in processing equipment and can more quickly transact at trade shows, farmers markets, or just simply on the go. The tiny card swipe accessory—roughly 1-inch squared—easily attaches to an iPhone, iPad, or Android device. Rabois, says that 50,000 to 60,000 new users are signing up each month.

For merchants to sign up, it's as simple as downloading the app to their mobile device, creating an account, and then receiving the Square card swipe accessory in the mail. However, the convenience does come at a cost. Square charges 2.75 percent plus 15 cents for each swiped transaction. Typed in transactions cost slightly more.

Dorsey envisions completely replacing the traditional register checkout process with one more efficient and connected such that a patron could broadcast their location on Twitter and receive loyalty points with one swipe of their card.

He also envisions revolutionizing receipts so that they become useful rather than just throw-aways. Receipts emailed to the patron would display images of the merchant and details of what they purchased, a map of where they purchased the items, links to other relevant information, and would automatically track any rewards cards and points.

[Via All Things Digital]