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Square
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100+ thinkers and planners within MSLGROUP share and discuss inspiring projects on social data, crowdsourcing, storytelling and citizenship on the MSLGROUP Insights Network. Every week, we pick up one project and curate the conversations around it on the MSLGROUP Insights Network itself but also on the broader social web into a weekly insights report. Every quarter, we compile these insights, along with original research and insights from the MSLGROUP global network, into the Peoples Insights Quarterly Magazine. We have synthesized the insights from our year-long endeavor throughout 2012 to provide foresights for business leaders and changemakers in the ten-part Peoples Insights Annual Report titled Now & Next: Ten Frontiers for the Future of Engagement. In 2013, we continue to track inspiring projects at the intersection of social data, crowdsourcing, storytelling and citizenship. Do subscribe to receive our weekly insights reports, quarterly magazines, and annual reports, and do share your tips and comments with us at @PeoplesLab on Twitter.
Future of Money
Square
What is Square?
Square is a card reader and set of mobile apps that is reinventing credit card transactions. Square was founded in 2012 by Twitters Jack Dorsey, Jim McKelvey and Tristan OTierney. The technology is used by 4.2 million merchants in the U.S., Canada and Japan, and also brands like Starbucks and Burberry. Sonya Chudgar explains how it works: Square offers a small credit card reader that plugs into iPhones, iPads, and most Android devices. Businesses download the free Square Register app to link the credit card reader to their bank accounts, plug the one-inch reader into the device of their choice, and are set to accept credit cards for a fixed 2.75 percent swipe fee. Square user Tori Wall commented: This app is awesome! Especially for small mobile businesses like craft vendors. Squares dependence on the smart phone or tablets battery and connectivity has an added advantage, as Leo Raudys tweeted:
Source: twitter.com/SAPMobile
Issie Lapowsky reported: In 2010, Square introduced the Card Reader, a 1-inch-square white dongle that plugs into a headset jack and, voil, turns any iPhone, iPad, or Android phone or tablet into a credit card processor. Beyond revolutionizing transactions for business owners and service sector professionals with the Square Register app, Square is also changing the way people pay for things with the Square Wallet app.
Source: twitter.com/LeoRaudys
Second, Square drastically reduces the cost of processing credit card transaction, enabling more people to start accepting credit card payments. The square reader and Register app come free of cost, leading to additional savings for small businesses. Business owner Adam Schneider pointed out: A standard POS and credit card system would have set me back about $5,000$10,000. But, like a lot of people, I already had an iPad. Issie Lapowsky reported: Square charges merchants just 2.75 percent per swipe or, for merchants who swipe less than $250,000 a year, a flat fee of $275 per month. For small-business owners accustomed to hidden fees and rates that can run in the ballpark of 4 percent per swipe, this transparency is the cherry on top. In addition, the company promises next day deposits while traditional players take up to 5-10 days to make deposits. Square user Elizabeth Haley commented: This app is amazing! The app is free, the reader is free, and the cost is very low. No hassle, just a nice deposit the next day!
Source: squareup.com
Source: squareup.com/register
At the end of the transaction, customers can touch-type their signature on the app itself. When applicable, Square also displays information about their loyalty program (two more visits to earn 10% off). Square Register also acts as a business analytics solution. Merchants can view their transaction activity, review daily sale summaries, identify popular products and review deposit schedules via a dynamic dashboard with interactive graphs.
Source: squareup.com/register
Source: squareup.com/register
Future of Money
Square
In addition to acknowledging merchants design tastes, Square also understands their tech habits and environmental concerns. Square Register lets merchants download reports as spreadsheets and share by email and also supports print outs.
Source: squareup.com/register
Similarly, Square Register lets customers choose how they receive receipts via email, SMS or a print out.
Being able to track both cash and card transactions makes settling up at the end of the day so much easier! It is no longer just a credit card app, it is an entire point of sale solution! Square user Catherine Benns applauded the versatility: This app is excellent in cost and effectiveness, quality of equipment and capabilities of coexistence between computer and phone or tablet! Several users hail Square as the iPod of PoS technology, and hope it will become a one-stop shop for all their needs. Square user Tori Wall commented:
Source: squareup.com/register
I wish there was a way to link this to my website and be able to accept payments there too :-) Square user Jman987670 suggested: What I think will be a great idea is to add a optical barcode scanner in the app. You can use the iPad camera to scan product or you can use your iPhone to scan things have it sent to the iPad. Something
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cool to have as a feature and would save money for small business. The three year old technology isnt perfect though. Users continually share feedback on each app upgrade, especially when small tweaks in design impact their earnings. Square user LeoLashes criticized the latest designs impact on tipping: I dont like the latest update. It does not give the option for the client to sign and give a tip percentage on the same page where they sign. They have to go to next page in order to do that and many clients dont. Others are unhappy with the tech-only approach to customer service and demand human-support since credit card transactions and money are involved. Blogger Ben Dwyer noted: Square excels at some things, but customer service is not one of them. The company goes out of its way to avoid verbal contact with customers, and contacting Square customer service is not an easy task.
Source: twitter.com/HollyGoldin
Source: twitter.com/kuzmeister
Source: itunes.apple.com
Source: twitter.com/kuzmeister
Future of Money
Square
But convenience isnt necessarily a good thing according to everyone. Elizabeth Dunn and Michael Norton, authors of the book Happy Spending caution the impact of instant gratification: Technologies that push payment into the future, making paying so convenient that its practically painless, put us in danger of overspending.
As more merchants begin using Square, locationbased search players like Foursquare are sure to take notice. Nidhi Makhija, member of the MSLGROUP Insights Network commented: It will be interesting to see how players like Foursquare react to Square. Will they see Square as a threat, or will they partner to explore synergies?
Source: twitter.com/mirughhh
As more people talk about this alternative, brands may feel the pressure to support Square payments.
Source: twitter.com/shawnhorton
Source: squareup.com/register
Issie Lapowsky reported: Bank of America recently undercut Squares prices with its mobile card reader, which charges vendors 2.7 percent per swipe. And Visa signed a deal with Samsung to equip Samsungs next generation of phones with Visas PayWave app. PayPal, Intuit, and Groupon are also on Squares ever-growing list of competitors. Business Insiders Josh Luger pointed out: In-store mobile payments nearly quadrupled last year, card readers are building up real scale, and mobile payments as part of mobile commerce is exploding (PayPal alone processed $14 billion in mobile payments last year).
Edgy brands like Warby Parker too are experimenting with home-grown solutions.
Source: venturebeat.com
Future of Money
Square
pascal.beucler@mslgroup.com