Today I read a TechCrunch article entitled, "Square Now Processing $1 Million in Mobile Payments per Day." My first thought after reading the article was to wonder why Square is not looking at daily numbers greatly exceeding $1 Million.
If you are a small business (doing anything but retail) with a iPhone, iPad or Android device you should have a Square account. When it comes time to collect on accounts it is far easier to do so when you can offer to take payment via a credit card. The Square account will give you the ability to do this.
The Square account will allow you to accept credit card payments for a small fee of 2.75% per transaction with with no fixed cost. This means that if you take only a handful of credit card payments a year, the only time that you will pay Square is when the 2.75% fee is applied to that payment that you are receving.
Accepting credit cards via a traditional merchant account means an additional fixed month cost, plus equipment costs AND a transaction fee. With Square, you only pay a transaction fee when you have a transaction. With Square, the monthly costs and equipment costs are gone. Only the transaction fee remains.
Once you sign up for an account, Square will send you a small card reader that plugs into the headphone jack of you mobile device. To accept a credit card payment you just plug the reader into your mobile device, launch the Square application, swipe the credit card, type in the amount, and let the payer sign (with their finger on the touch screen.) Square will even email the payer a receipt.