Innovation

Retail Payment Revolution Underway

Twitter co-founder launches mobile card reader in Canada

Written by Vikram Barhat, Advisor Group

Canada may be a long way away from being a cashless society, but it’s closer with the launch of Square Inc.

The U.S.-based tech firm, started in 2010 by Twitter co-founder Jack Dorsey, is now in Canada. Its mobile credit card reader enables entrepreneurs and small business owners to use their mobile devices to process credit card payments.

Read: Opportunities and Trends in Mobile Payment

It’s a square-shaped plastic device that plugs into the headphone jack of smartphones and tablets and processes payments using a free app called Square Register.

While the company offers the card reader free, it charges 2.75% of each transaction. There are no set up costs, monthly fees or minimums associated with conventional credit cards arrangements.

A similar service is being offered in Canada by e-Bay-owned tech giant PayPal. Its card reader, a blue triangular device, launched in Canada in March. It’s also free for vendors and charges 2.7% per swipe.

Originally published at Advisor.ca

Originally appeared on PROFITguide.com