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Friday, 26 October 2012

Square is going international, with Canada as its first market outside US

Square is revolutionizing the mobile payments business. The company lets business and store owners accept payments through their iPhone, iPad or Android device through an add-on accessory. Initially launched in the U.S., Square is gradually opening to an international market, with Canada as its first step.
“We are focused on making commerce easy for everyone. Square builds free tools for local businesses of all sizes and types to thrive,” says Alyssa Cutright, vice president of international at Square.
Square offers its card reader for free, and charges a 2.75% fee per transaction. The accessory plugs into an iOS or Android device’s audio jack, and accepts payments from swiped credit cards. Square promises next-day deposits so store-owners don’t  have to wait long to get their funds. The company also offers the use of its Square Register app, which is a point-of-sale service that businesses can use to track inventory. Square also features a Square Directory, where business owners can promote their establishment.
One concern that TechCrunch notes, though, is that Canadian credit and debit cards mostly prefer to initiate payment through smart card rather than magnetic strip. But going beyond swiping credit cards, Square has actually partnered with establishments for card-less payments with its Pay With Square feature. As such, the company is not limited to credit cards, but may actually open to additional payment protocols in future.
Expanding to Canada makes sense, given its proximity and language. But apart from North America, Square is rumored to have plans to expand to other regions, including Asia.
SOURCES TechCrunch Square Register on Google Play



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