The tech sphere is abuzz with Square CEO Jack Dorsey's announcement of a couple new features that are already hailed as a new model for digital payments. To hear Dorsey (one of Twitter's co-founders) tell it:
We revolutionized the payment industry with the Square card reader which makes it possible for anyone to accept credit cards on their phone. Now, with Square Register, we're reinventing point of sale with a beautiful, intuitive iPad app. Card Case goes beyond point of sale to transform the entire buyer-seller relationship... we're transforming everyday transactions between buyers and sellers into something special
The Square app+card reader allows merchants to turn their iPads into a mobile point of sale, with customizable inventory, as well as "Google-style analytics"—i.e. full reports of daily transactions—and digital receipts. It's a significant upgrade from the simple (yet innovative) credit card reader that launched over $1 billion in sales, in 1 million total transactions, for small businesses.
Geolocation rounds out the Card Case's seamless integration into real life: the app features directories, menus, specials and even exclusive incentives from local businesses.
The 2.75% transaction fee will remain the same for all transactions.