Have you ever face any problem in paying or receiving money because of credit cards. Have you ever lost a huge amount of money because the stupid person standing in front in you told you “SORRY SIR, BUT WE CANNOT BUY THIS PRODUCT AS OUR CARD IS NOT ACCEPTABLE”.  If something like that ever happened to you then it’s time for you to make sure that it won’t happen in near future again. Are you searching for an answer? By the end of this article you will be pretty much confident that such incident will not appear in your life ever again. So, ready to know about your new friend? It is called as SQUARE, which is a device that is used for electronic fund transfer.



Square device for electronic fund transfer

The square is a small plug in your mobile phones that allows you to receive credit card payments. JACK DORSEY, the co-inventor of Twitter, invents this device and it got the name SQUARE because of its shape. The story behind the creation of this device is also very interesting. It all begins in 2009 when Dorsey’s friend James McKelvey was not able to sell glass faucets and fittings, cost 2000$, because he could not accept credit cards. This event leads to the creation of one entire firm called as Square, Inc. Jack Dorsey and Jim McKelvey founded this company in 2009 based in San Francisco, California and it launched its first app in 2010.






BUSINESS PLAN OF SQUARE:




    Jack DorseyCurrently SQUARE provides free SQUARE CARDS for free. You can download SQUARE app for free from App store or Google Play store. Now you will be wondering if they provide everything for free what the source of income is for the company. So, the answer is they charge you 2.75% on every credit transaction. This rate, 2.75%, is higher than the conventional rates charged by credit card companies but SQUARE’s manufactures claim that they never charge anything other than 2.75% which is charged by Credit Cards Company and consumers never came to know about that. In addition to that there is no monthly fee or set-up fee. It is considered as a very useful App for entrepreneurs. In very short time SQUARE become very popular as a result of that, in August 2011 Starbucks (an American global coffee company and coffee-house chain based in Seattle, Washington) announced that it would use SQUARE for its transactions. Starbucks also invested $25 Million in Square.





TECHNOLOGY:


The original card reader of SQUARE consisted of simple read head which is directly wired with 3.5mm audio jack. Through this jack only unencrypted, analogue card information is fed to the smartphones. Smartphones with the help of already downloaded App do the amplification and digitization. Which ends in the electronic fund transfer using credit cards.



square in iphone



Square currently uses very strong encryption technology for its devices. Its Cryptography key is at least 2048 bit long and cannot be cracked easily. It reads information on a credit card when it is swiped. The information is not stored on the device but is encrypted and sent over secure channels to banks. It basically makes any mobile phone a cash register for accepting card payments. As a payer, you receive a receipt via email that can be instantly accessed securely online. You can also use a text message to authorize payment in real time. SQUARE’s technology is Payment Card Industry Data Security Standard (PCI DSS) compliant and Verisign (an American company based in Reston, Virginia, United States that operates a diverse array of network infrastructure) certified.

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DEVICES IN WHICH YOU CAN USE SQUARE:-


iPad:-


iPad : FIRST Generation
iPad : SECOND Generation
iPad : THIRD Generation

Compatible with iPad’s running iOS 5.0 or higher.

iOS:-


iPhone 5
iPhone 4S
iPhone 4

SQUARE is compatible with all Apple devices running iOS 5.0 and higher.

Android:-


Samsung Galaxy S III
LG Nexus 4
Samsung Galaxy Note II
Motorola Droid X

SQUARE IS compatible with all Android devices running Android 2.3 and above.





Currently SQUARE is not supported by the following:


BlackBerry Phones and other devices.
Windows Phones and other devices.
Non-mobile devices, such as laptop and desktop computers.
10-inch Android tablets.
Beta software versions for your device.

So, we can say that SQUARE is the future of the Transferring process. And we will advise you to get used to it.



You can get your FREE SQUARE card by signing up on SQUARE


Editor Bio



   Anurag Jain: He is a professional Blogger with expertise in SEO and SMM. He is a technology lover and Social Media enthusiast. He has written many articles on TechieOasis, which are loved by people all over web. He is used to write on unique and problem-solving topics.  He loves to connect with new people, so join him on Google+FacebookLinkedIn and Twitter



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DEVICE FOR ELECTRONIC FUND TRANSFER | SQUARE