Best Free Finance App Square for iPhone
Square app, by Twitter founder Jack Dorsey, is a free iPhone application that enables anyone, anywhere, to accept credit card transactions using a free card reader, and send virtual receipts to the payee. That is, with Square app for iPhone, your roommate could pay his rent to you via credit card, you can sell your gadget to a Craiglist stranger, or your small corner hotdog stand does not have to be cash only, provided you are willing to pay a small fee. In short, the Square application could solve your financial transaction woes, in one sweep. Square app can be downloaded for free from the AppleStore.
The App
Download the Square app in to your iPhone (or visit the Square website) and register yourself by entering your personal information, bank account number, physical address, and SSN. Since SSN is a required piece of information, it goes without saying that Square works only for US merchants at this moment.
Once you’re done with registration, Square will send you its free card reader, which is a tiny, 0.75 x 0.75 x 0.5 inch white, plastic square that plugs into the headphone jack of your iPhone. It can immediately start accepting payments once connected to your iPhone, and works with Wi-Fi or data connection. Square iPhone application is compatible with US issued credit/debit/pre-paid/ gift cards from MasterCard, Visa, American Express and Discover.
In order to process a transaction, type in the amount on your iPhone, swipe the relevant card through the dongle, and the customer in turn authorizes the transaction by signing across your iPhone screen. If the customer is also a Square user, they can add further security to their account by including their photo.
Unlike typical credit card terminals, Square app does not require you to have a merchant account, charge a gateway fee, or have any contracts or monthly fees for the service. However, Square app comes with a processing fee, which is 2.75% + 15 cents if you swipe the card through the dongle, or 3.5 % + 15 cents if you have to manually key in the card info. The said fee is comparable with Paypal or competitors such as Pay Anywhere or the paid Mophie Marketplace Complete Credit Card Solution.
You can also process cash transactions via iPhone Square app. Doing so lets you to keep your book-keeping in one place (can be exported as spreadsheet), alongside generating digital receipts for your customers.
Final Thoughts
Square app for iPhone is a simple and useful tool for small businesses to accept payments via credit cards. It can be linked to your bank account means that the money received – minus the service charges – will be automatically transferred to your account every 24 hours. The app also lets you track the purchase history and account balances through the mobile device. Certainly, a handy app to have in your iPhone.
Category: Free iPhone Apps
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Square for iPhone < Loved it!