Are We Square?

Pay With Square App, invisible payment for you.

Square is an electronic payment system that transfers funds without sliding a plastic card. Two years ago, Square developed a payment system that attaches to smart phones and tablets and operates as a point of sale system. Recently, Square CEO Jack Dorsey, just landed a deal with Starbucks that will revolutionize the way we pay. As co-founder of Twitter, Jack Dorsey knows how to capitalize on evolving technology.




After he was ousted from Twitter, he focused on enhancing the consumer payment process. He first launched Square's payment technology for small businesses to use. Now, Square has 2 million users and an annual transaction volume approaching $6 billion.

Howard Schulz, Starbucks CEO & Jack Dorsey, CEO Sqaure

If you are a regular at Starbucks, then this fall Starbucks will begin accepting your payments through Square's mobile app. Customers will be able to pay for their beverages and for items by holding up their phone and allowing Starbucks to automatically charge the customer's card not he back end. Once the system is installed, a customer will walk-in, order a latte and then payment will be deducted from the customer's account without sliding a card. Eventually, customers will be able to ditch the cash and credit cards as long as they have the Pay With Square app that will store credit card info and other financial data.

The system uses GPS technology to detect when you've entered a Square-enabled retailer. The store's checkout software then automatically connects with your Square app. Starbucks has been experimenting with this invisible payment process via smart phone and is completing 1 million transactions a week through the app.

Square introduced this technology to small and mid-size businesses and Starbucks is the first Fortune 500 account for the tech company. Square's fee structure is 2.5% per credit card swipe, but Starbucks most likely leveraged a lower fee structure because of its volume of daily orders.

Square and Starbucks are revolutionizing the payment process.

Square is shaping up the consumer payment experience. The company and it's app are a testament of how our world is increasingly data driven. If you own a small business or are a budding entrepreneur, I suggest you research this company and see how you can apply the technology.

Do you see yourself paying without credit cards or cash in the future? Does this payment technology make you worried about your financial security? Share your views on our Facebook page!