But after introducing new services that included marketing tools and loans for merchants, Square is coming full circle by doubling down on its core payments business. On Monday, it announced a completely redesigned card reader for mobile devices that connects to phones and tablets wirelessly and accepts
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“We want people to know that anywhere they see the Square logo, they’ll know that they’ll be able to use Apple Pay,” Square CEO Jack Dorsey told FORBES at a San Francisco Blue Bottle Coffee shop where his company was testing one of its first Apple Pay readers. The new devices won't be available until the fall.
For Square, which was founded in 2009 with its iconic credit card dongles that transformed mobile phones and tablets into payment terminals, the move to work with Apple follows a three-year period in which it tried to grain traction for its own mobile wallet application but failed. It also comes at a time when the U.S. government is forcing merchants to accept credit cards equipped with standardized chips, called EMV, which are safer. To accept the new cards, most merchants will have to upgrade their cashier terminals by October.
To facilitate that, Square will be offering 250,000 of its new wireless readers, which will allow for both near field communication with Apple Pay-enabled devices and EMV card scanning, for free to merchants who apply. After that, businesses will be able to pre-order the square-shaped gadget for $49, which will then be reimbursed in full through waived processing fees.
'We want to make it easy for every type and size of business to accept Apple Pay with our latest Square reader, the most powerful and affordable contactless and EMV reader on the market,” said Jesse Dorogusker, Square's head of hardware, in a statement.
For Apple, Square's decision to open up to Apple Pay could provide a boon to its fledgling payments platform, which has yet to crack the world of small business. Announced last September, Apple Pay has been introduced at large retailers such as Walgreens and McDonalds and has had mixed levels of acceptance, despite CEO Tim Cook calling 2015 'the year of Apple Pay.' In March, the company announced that Apple Pay was being accepted at 700,000 locations, while the company said in its presentation on Monday that it would be at more than 1 million locations by next month.
'Apple Pay is still optional and not yet essential for merchants,' said Forrester analyst Sucharita Mulpuru in a statement following Apple's presentation. Her firm expects U.S. mobile payments to top $142 billion in five years, up from an estimated $67 billion this year.
'In fact, Apple Pay needs merchants more than merchants need Apple Pay,' Mulpuru added.
While a Square spokesperson declined to detail how many merchants currently use its payments services, it's fair to say that the new reader will open up the possibility of Apple Pay integration for millions of small businesses.
On Monday, the company tested its new reader at a downtown Blue Bottle, setting up a special kiosk outside for passersby curious about the new device. Most demos happened without a hiccup, with users ordering iced coffees by waving iPhones over the pocket-sized reader that was able to recognize phones in less than five seconds. A cashier then prompted for customers to tip and sign for a receipt through a Square Register.
That's a vision that Dorsey has had for years, but was simply unable to execute with the now shuttered Square Wallet. In Apple, he's turned a competitor--and once rumored Square buyer--into a partner in a move that will likely increase the influence of both companies in the payments space.
'>The last 12 months for San Francisco-based startup Square have been about reinvention. Rattled by reports last year that suggested it was hemorrhaging money, the company had gone from focusing on payments to finding new ways to help small businesses.
But after introducing new services that included marketing tools and loans for merchants, Square is coming full circle by doubling down on its core payments business. On Monday, it announced a completely redesigned card reader for mobile devices that connects to phones and tablets wirelessly and accepts
“We want people to know that anywhere they see the Square logo, they’ll know that they’ll be able to use Apple Pay,” Square CEO Jack Dorsey told FORBES at a San Francisco Blue Bottle Coffee shop where his company was testing one of its first Apple Pay readers. The new devices won't be available until the fall.
For Square, which was founded in 2009 with its iconic credit card dongles that transformed mobile phones and tablets into payment terminals, the move to work with Apple follows a three-year period in which it tried to grain traction for its own mobile wallet application but failed. It also comes at a time when the U.S. government is forcing merchants to accept credit cards equipped with standardized chips, called EMV, which are safer. To accept the new cards, most merchants will have to upgrade their cashier terminals by October.
To facilitate that, Square will be offering 250,000 of its new wireless readers, which will allow for both near field communication with Apple Pay-enabled devices and EMV card scanning, for free to merchants who apply. After that, businesses will be able to pre-order the square-shaped gadget for $49, which will then be reimbursed in full through waived processing fees.
'We want to make it easy for every type and size of business to accept Apple Pay with our latest Square reader, the most powerful and affordable contactless and EMV reader on the market,” said Jesse Dorogusker, Square's head of hardware, in a statement.
For Apple, Square's decision to open up to Apple Pay could provide a boon to its fledgling payments platform, which has yet to crack the world of small business. Announced last September, Apple Pay has been introduced at large retailers such as Walgreens and McDonalds and has had mixed levels of acceptance, despite CEO Tim Cook calling 2015 'the year of Apple Pay.' In March, the company announced that Apple Pay was being accepted at 700,000 locations, while the company said in its presentation on Monday that it would be at more than 1 million locations by next month.
'Apple Pay is still optional and not yet essential for merchants,' said Forrester analyst Sucharita Mulpuru in a statement following Apple's presentation. Her firm expects U.S. mobile payments to top $142 billion in five years, up from an estimated $67 billion this year.
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'In fact, Apple Pay needs merchants more than merchants need Apple Pay,' Mulpuru added.
While a Square spokesperson declined to detail how many merchants currently use its payments services, it's fair to say that the new reader will open up the possibility of Apple Pay integration for millions of small businesses.
On Monday, the company tested its new reader at a downtown Blue Bottle, setting up a special kiosk outside for passersby curious about the new device. Most demos happened without a hiccup, with users ordering iced coffees by waving iPhones over the pocket-sized reader that was able to recognize phones in less than five seconds. A cashier then prompted for customers to tip and sign for a receipt through a Square Register.
That's a vision that Dorsey has had for years, but was simply unable to execute with the now shuttered Square Wallet. In Apple, he's turned a competitor--and once rumored Square buyer--into a partner in a move that will likely increase the influence of both companies in the payments space.
IntelliSwipe CC is the smart, easy-to-use credit card reader that scans credit card information into any program.
No drivers required: just plug it in and start swiping cards. Emulating a USB keyboard, the IntelliSwipe reader types detailed credit card information into any application as if typed manually, including FileMaker Pro, credit card authorization software, Microsoft Office, web browsers, point-of-sale applications, and text editors.
What makes IntelliSwipe different from the rest?
Unlike ordinary credit card readers, IntelliSwipe features a smart processing chip that turns the cryptic information on your credit card into instantly usable information. After formatting the credit card information (based on which model you order), the reader triggers USB keyboard emulation of the data -- that is, the reader pretends to be a keyboard to your computer and rapidly types the credit card details as if they were entered in by hand.
IntelliSwipe comes in multiple models, each with its own output format.
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Learn more about the IntelliSwipe CC and available models, check out the technical specifications, or order your credit card reader online.