Square is a mobile payments startup company that has shipped about 500,000 card readers. Square reported about 1 million transactions in May and the company is processing about $3 million in mobile payments per day. Square has announced a new service today called Square Register.
Square Register is a point-of-sale replacement for cash registers and point of sale terminals. Square also launched a new service called Square Card Case, a way for purchasers to access the goods and prices of local merchants. Square COO Keith Rabois said that small businesses needed a product that had more to offer than just credit card processing.
Square Card Case looks like a wallet-like case to store loyalty and credit cards. When you visit a merchant that is a participating Square user, the merchant will send you a link to download the app on your mobile device. The app is not available in the App Store publicly. The Square Card Case app is available on the iPhone and Android.
Once you click an individual merchant’s card, you will be able to see a map of where the merchant is located, the contact information, purchase history, and order information. The purchaser will receive a push notification when the merchant processes the payment.
The financial terms of Square Card Case have not changed with the original Square service. Square will continue to charge 2.75% per transaction fee.