May
30

20,000 retail outlets to sell Square readers

Square, the US company, has a dongle that can convert any iOS or Android device into a car reader that can accept credit card payments.

Square has doubled its retail presence since the beginning of 2012.

Square’s target group includes small traders – street vendors, bar owners and plumbers. These people typically don’t have the infra or cash to invest in the traditional POS readers. Square dongles are available to them in stores for $9.99 with a credit of $10 added to it. They need to download the “Register” app and payments can be accepted immediately.

Square’s dongles have been a huge success and have disrupted traditional in-store payment businesses. A range of competitors has also spawned including old school payment specialists like Intuit.

Square believes its 1 million registered customers are letting it handle $5 billion of annual transactions. Square is now charging 2.75% per transaction and moved away from a fixed fee model.

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