A technology named ‘Square’ has come up recently which is going to help a lot of people who are stuck at times when they have to use internet for receiving payments from their customers. This technology has been invented by the co- creator of Twitter, Jack Dorsey. Square is a small device that can be attached on mobile handsets and will allow users to receive payments via credit cards. The thought of this new technology seem to have evolved when Dorsey found a friend in a perplex situation where he was having problems selling glass to his customer as receiving the payment was not possible through mobile phone.
This is always a problem faced by sellers who are on the go like in stalls in trade fairs, delivery service or even tradesman. This new technology is very simple to use and is compact too. It has a scanner than can be attached easily to the input jack of the mobile phone. The scanner reads the information of the credit card. The card can be swiped and the reader will directly send the information to the banks. Information of the credit card is not saved on the mobile device though.
Square- a smart device converts any phone into a cash book that makes receiving of payments very easy via credit cards. The payment is authorized quickly through this device and it does not even take much time. The receipt of the payment can be received by email which can be accessed instantly online. Text is also another way of verifying payment. The process of the payment is fastened when a separate account for their customers are opened by them. Square Inc. is now testing and surveying about its benefits and effectiveness in the transaction process among the retailers and payment receivers.
