Saturday, November 26, 2011

Product Plug: Square

I've mentioned before on this blog how difficult it is to secure and maintain a hotel room at a convention; a lot of work for a huge payoff. And often times, people can't PayPal you the money or don't have the cash on hand. But what if they had a credit or debit card?

That's where Square comes in.

I just bought this revolutionary product that allows you to accept credit card transactions on your phone. You just simply plug in the reader on the headphone jack, open up the application, type in the amount, swipe the card, let the transaction go through, and you're done. Since it's linked to your bank account, the money will be received in a day, allowing you to have that freedom of spending with your own account. Square only charges you 2.75% on all transactions, so receiving a $100 payment for a hotel room would net you $2.75 on fees, but that fee offsets the options that open up for you. Of course, you can always put that same 2.75% to your "customers" as a "service fee" using the tax option on the app.

If you sign up on Square's website, you can get a free reader or you can get one at a local retailer (I got mine at Target) and get $10 back when you sign up. The app is supported for all iOS (including iPad) and Android devices, and Square takes all major credit cards.

I wonder if convention dealers who don't have access to portable terminals will pick up on Square, as this method seems much easier with the same amount of fees. But I know for sure that this will help me with hotel rooms.

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