Mobile phone card System square full promotion said will subvert the payment method

Beijing time May 11 morning news, according to foreign media reports, starting today, the iphone and Android Apps Square began to provide downloads, and millions of of the card reader will be released free of charge.　　Jack Dorsey, the developer of the software, Dorsey that the app will subvert the way people pay. Square is designed to make it faster for credit card consumption and personal payments. By downloading the app square and inserting a plastic card reader from square into the iphone, ipod Touch, ipad, or Android phone's headphone jack, the digital product will turn into a POS machine, Anyone can receive payment for a credit or debit card. After a quick swipe of a credit or debit card on a card reader, the merchant can hand the device over to the customer, allowing the customer to sign the touch screen with his or her finger. Customers can add a little tip (a fixed percentage or a certain amount), and then enter their mobile number or email address.　　Then perhaps when you leave with the item you purchased, the information about the collection will be communicated to the customer via email or SMS. For consumers, paying through the square system is no different from a POS machine that is normally offered through a credit card company, but Square closes the payment with the merchant every day, not the credit card company, until the end of the month.　　Readers and software are available free of charge, and businesses can check their sales records online. "The goal of square is to get people to use it and make the process as simple and smooth as possible," says Doxycycline. "Some 1000 users are currently experimenting with the square card reader and the West wants to distribute millions of card readers within three months," the manager said.　　Square is not only popular with businesses, even the charity Tipping point uses 25 ipod touch to accept donations, a New York senator candidate even through the system for donations. Most of the current credit card companies need to pay the company's monthly use fees, admission fees and card reader fees, and each card to pay the Commission according to the type of card is different, the minimum of about 1.79%, the number of credit cards can be as high as 4%. As the credit card companies only settle their charges with the merchant at the end of the month, this may affect the balance of payments for small and medium businesses, and many small businesses are unwilling to accept credit cards.　　According to the Philadelphia Federal Reserve Bank of Philadelphia, only 6 million of America's 30 million annual revenues below 100,000 dollars are paid by credit cards. The square system is much simpler and more transparent, with a fee of 2.75% plus 15 cents per transaction, which may not be as low as the minimum charge for a credit card company, but all types of credit cards are uniformly charged for this standard.　　Dorsey says that square accepts almost all kinds of credit cards in the United States. Square is very fastidious in the interface design, specially hires the designer to build, "makes sure each pixel has no problem", in order to ensure that square is both easy to use and makes the person to be fond of. (He Hui)