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forno
10th December 2009, 08:17 AM
Twitter founder unveils the Square, a mobile phone payment system | News.com.au (http://www.news.com.au/technology/twitter-founder-unveils-the-square-an-iphone-payment-system/story-e6frfro0-1225808882398)

SRG
10th December 2009, 09:43 AM
The equipment is one thing but who will be doing the merchant account on the back end?

Would be great if they teamed up with say Paypal so you could take payments on this into your paypal account. A Bank merchant acocunt is a/ expensive at smaller volumes and b/normally tied to their equipement at extra costs.

Still a interesting development.

marc
10th December 2009, 09:44 AM
Looks great.

The big question is: why didn't Visa or Amex invent it?

El Guardo
10th December 2009, 11:08 AM
The big question is: why didn't Visa or Amex invent it?

Only Apple kills its cash cows.

marc
10th December 2009, 11:50 AM
Only Apple kills its cash cows.
I see this is a new opportunity for income. It'd be pretty easy to limit the amount of transactions via a device like this, making it brilliant for 1-2 person operations, but no good for anything bigger.

SRG
10th December 2009, 01:25 PM
Marc agree for a small operation would be very good (subject to what I said above). A transaction limit of $100 and maximum transactions a month could be applied so it doesn't get used by more mature operations that should/can have a normal merchant account. This would allow the cost to be kept down as a very targeted low transaction system can be put in place.

Sure this won't be the only one out there now the idea is out in the wild.

Richdave
10th December 2009, 02:14 PM
IMO it seems cumbersome and slow.

As stated, great for low usage, like babysitter et al but for buying coffee or similar from a street vendor... no way.

Great way to skim cards I bet too....

marc
10th December 2009, 02:58 PM
Great way to skim cards I bet too....
Yeah. This + a dodgy Cydia/custom app = skimmer's heaven.