The relatively new retail point of purchase solution called Square, is now being sold in Walmart. It is designed to be used by small retailers who don't want to invest in expensive point-of-sale setups that include computers, monitors, Moneris systems, etc...
With this new Square technology, customers will be able to attach this Square processing machine to their smartphone through the headphone jack. This will allow them to use their smartphone to complete their credit card purchase. The retailer is charged a 2.75% service fee when customers use this machine, but it seems well worth it considering the costs of alternative point-of-sale setups.
This creates competition for wireless Moneris systems that are used today in restaurants and retail stores. The costs to the retailer are lower, and this has the potential to be used in service oriented businesses. Home service companies - roofing, cleaning, maintenance, etc could all use this machine to process credit card payments at their customers' homes as opposed to being paid by cheque or cash. It is a great alternative and I believe this could one day replace cheques.
Maybe His Man Friday could use this instead of having a cashier desk? Or maybe use it as a supplementary system along with the cashier desk?
Square now processes over $11 million per day in payments! This is catching on quick!
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