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Square: Payments Anywhere

Square: Payments Anywhere. Max Kramer mckramer@unc.edu. Commerce. Transactions between consumers and businesses Cash Check Credit Transactions between individuals Cash Check Credit Why not credit too?. Card Reading Systems. Expensive to buy Difficult for new businesses

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Square: Payments Anywhere

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  1. Square: Payments Anywhere Max Kramer mckramer@unc.edu

  2. Commerce • Transactions between consumers and businesses • Cash • Check • Credit • Transactions between individuals • Cash • Check • Credit • Why not credit too?

  3. Card Reading Systems • Expensive to buy • Difficult for new businesses • Hard to program • Costs • Per use • Monthly • Hardware • Most require wires • Not portable

  4. Square • Twitter co-founder Jack Dorsey • Phones = computers • Use power of everyday device to handle credit transactions • Major obstacles • Fraud • Keep cost to user low by keeping fraud low • Input • Type in credit card number • Read magnetic strip from card • Mobile platforms

  5. Magnetic strip reading • Challenge • How to get information from credit card to the phone? • Solution • Create hardware to read strip • Transfer data to the device • How to transfer?

  6. The Square Device • Need to make independent of phone • Android phones use USB • iPhones use the proprietary iPod connector

  7. The Square Device • Solution • Use the audio jack • Standard on virtually every phone • Steps

  8. Features • Store • Common products • Images of goods • Track sales • Tips & tax • Location • Receipts • Identity • Square users

  9. Pricing • Square (hardware) is free • Activate account and company ships hardware for free • Cost per use • Swipe: 2.75% + $0.15 • Type: 3.5% + $0.15

  10. Possible uses Any small business Artist Craigslist seller Tennis lesson pro Tutor Babysitter Fundraising Haircut Doctor who makes house calls

  11. Future uses for the hardware • User Identification • Security • Companies • Loyalty cards • Drivers license • Extend • Android API

  12. Last words • Named to top 50 inventions of 2010 by Time magazine • VeriFone released competitor • Sleeve for iPhone • Not audio

  13. References • CNET • Twitter co-founder's 'Square' comes into focus • Pogue’s Posts • State of the Art - A Simple Swipe on the iPhone, and You’re Paid • Tech Crunch • Square Now Processing Millions Of Dollars In Mobile Transactions Every Week • Square on github • Repositories • Android API

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