While perusing the interweb, I came across a great article article about a mobile app. Every once in awhile, I see an idea and say to myself "Damn, if only I would have thought of that". This was one of those times.
The company is called Square.
The app (QR code here)? Well, it allows you to take credit card payments on your smartphone.
I tested it on the Android platform using my HTC EVO. It has a clean interface and is extremely simple to use. I was able to process a $10.00 payment to myself within minutes of registering for the service. Within seconds, I received two e-mails. The first was an e-mail noting that I had accepted a payment of $10.00 to my account. The second was my receipt. It's that simple. Really.
The registration process itself is straight forward. You'll need to provide some pertinent identifying information including a routing number. Once set-up, there are some things that you should know:
- They limit deposits made to your account to $1000/week. Anything above that will be deposited within 30 days (it is reviewed to help prevent fraud). Providing more information up front and continued use can raise that limit.
- There is a higher fee for taking a payment without swiping the card through the reader. The reader is free when you register for the service, but until it arrives, you'll be manually entering transactions.
- They charge a percentage of the total, plus a $0.15 fee per transaction. It's 2.5% for transactions processed with the reader and 3.5% for transactions processed without the reader. There is no monthly charge and no equipment charge.
It makes it so easy to easy to accept card payments, that you never really need to think about it. You can take credit card payments at a bake sale if you feel the urge. You can even track cash payments and download them as a .csv to import into other software. Plus, it's pretty fun to scribble your name on your phone.
This really is my new favorite app.
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