Now your mobile phone can take credit cards! The founder and president of Twitter, Jack Dorsey has developed a new way for people to accept credit cards and debit card payments. To use this feature, you must either have an iPhone or iPod and the software company to be able to do, but once you do you can use it instantly.
This software is designed to enable small businesses to stop using the large companies such as Visa and MasterCard charge a fee or monthly fee for high sales, according to the amount of sales per month and the amount of each sale - its sum.
The program is also intended to be used by people who want to buy products without using cash - while realizing their iPhone or iPod. People can instantly pay for small purchases - like some of the listed products used Craigslist and other websites.
The main idea behind this technology is to use the wide use of mobile phones to enable anyone to accept card payments, but keeping security payments - since the map information is not stored on the phones users - which could be stolen or pirated (or both) and users will be able to receive feedback and confirmation of their purchases or sales by getting a receipt by e-mail that they can then print.
The data is transferred is conveyed via a large database that takes care of all the details and will be provided to prevent data theft and money, and identity theft.
The company provides a device and squares of plastic that contains a chip that plugs into the bottom of the iPhone or iPod, and is small enough not to become a chore carrying around. This is where the company got its name - Square - because of the small square device containing the chip.
The production of the device is cheap enough to give the company to increase its availability, thus making sellers more accepting and more buyers use it, which means that more will be attracted by this method and will help establish a standard system for individuals and small businesses.
The company's plans are charged a nominal fee for the program itself and give the device, making it very viable to use - there is no fee or major obstacle that the user must accept or jump over to use the system. If the entry price is lower and the potential losses are lower, more dare try.
But the system is intended to be casual and personal and not intended to replace the system set up large credit card companies and banks, users and companies can use to secure bulk purchasing. This is for the occasional purchase and stimulate small businesses.
Posted on February 10, 2010.