Posts Tagged ‘transaction’
|Is Square a sham or the next big thing?
Wednesday, December 2nd, 2009
Seems everyone is falling for this but me. I had to look at the TechCrunch video presentation of Square few times and I still do not understand what Square is up to.
Is it a clearing house, a merchant provider, payment gateway, a mobile POS – read Point Of Sale 
, a technology platform or all the above? I don’t have the answer and my guess is Square is exploring all possibilities.
Whatever is shown on that short video presentation is not an easy form of payment process. It took a couple of minutes to pay for a coffee as it takes less than 10 seconds 
to do the same at any Starbucks. What happens during rush hour when 60 people need to pay for coffee? Expect a 120 minute wait to process payment!
What’s the point of a $200 iPhone PoS (Point of Sale – don’t want any confusion here) when you can process credit/debit payment on a virtual terminal at $0 additional cost?
I read somewhere it’s a huge opportunity for pop and mom kind of business, eBay sellers, Craigslists transactions, farmers and so on.
First I believe they could all accept credit cards today if they wanted to. There is a gazillion solution out there for them.
Second do you think those really want to be exposed to chargeback, fraud, IRS, sales tax and potential liability for identity theft?
Third – credit/debit card sales is not CASH in da pocket. Often I shop at Coconut Grove Organic Farmers Market and let me tell you – they don’t like/want your plastic. Cash allow them to live. They already struggle, take it away from them and they die.
So what am I missing? Should I buy the concept because Jack Dorsey – Twitter co-founder- is behind it? Enlighten me.
Tags: dorsey, iPhone, mobile payment, payment, square, transaction, virtual
Posted in Apple, Economy, Entrepreneur, Geek, Telecom, USA, iPhone | 10 Comments »
