Square is a mobile payment system that allows individuals and small businesses to accept credit card payments through a small, lightweight card reader that plugs into a smartphone or tablet. Founded in 2009 by Jack Dorsey, Square has experienced rapid growth, processing over $2-10 million in payments per week. The free Square reader makes it easy for individuals like medical practitioners and small businesses like cupcake shops to accept payments. Square aims to process $1 billion in transactions in 2011 and continues improving its products and services.

1. Are you Squared Up?

2. Created by Jack DorseyNo need for cashGreat for small businessesNo special bank account requiredPaper isn’t neededThings become easier to sell

3. Background of Square “Square is the child of two trends, one technological and the other social: the proliferation of networked mobile computing devices and the decline of cash in favor of payment cards.”-Jason Pontin, Technology Review

4. Background of SquareEngineered in 2009 by Jack Dorsey and Jim McKelvey.After official launch in October 2010: 100,000 activated accounts from October-December65,000 activated accounts in JanuaryGoal: To process $1 billion transactions in 2011 (currently processing $2-10 million per week)Square Up

5. How do you Use Square Up?Works with Apple iOS and Google Android platforms (ex. iPhone, iTouch, Droid)

6. Currently working on Blackberry versions

7. Works with headphone jack on phone

8. Signing up for Square is easy:

9. (Name, Social Security Number, Address)

10. Download application from the Apple App Store or Android MarketWait for device to come in mail

11. It replaces expensive credit card terminals.

12. How do you Use Square Up?The actual square device is free, but there is a 2.75% fee for swiped transactions and a 3.5% + 15¢ for keyed-in transactions.After swiping a credit card, users will have to sign using the touch screen on the mobile phone.Users can chose whether to enter an email address after they have made a purchase to receive an electronic receipt instantly to their email.Square does not collect or share any card holders information to ensure customers privacy.

13. How do you Use Square Up?Square accepts all major credit cards -Visa, MasterCard -American Express -DiscoverThere is no limit to the amount of money that can be accepted on Square.Square is only available in the United States, as of right now.Here’s a video about Square and it’s potential for small businesses: SquareUp

14. Case StudyOriginal squares were unsatisfactory to usersTook multiple swipes$100 cap to help prevent fraudWeren’t dependable Since then, Square has improved issues byLarger card readerRemoved capImproved apps ability to process the signal

15. Case Study Co-president of the Crocker Highlands Elementary PTA started Square on iPhone to raise money for the organization.In a little over a month-$4500

16. Would have only been able to raise $1000 without Square. “It was an easy way to force people to pay on the spot,” says Westmoreland.Practitioner who makes house calls in the Bay Area: His work in completely mobile, switched to Square. Fits into his medical bag