Do You want a wallet-less revolution?
How does Square Work?
You must be wondering: How does Square work? Let’s find out. According to Gartner- The research firm, more than 200 people worldwide made payments with their smartphones in 2012, and this number has been drastically increased in the last few years.
Square is a very well known service that allows you to buy, sell and send money through the smartphone. Do you want a wallet-less revolution? Square is a financial product, merchant service aggregator and a mobile payment company focusing on digital payments and related solutions. Square not only offers just a software solution but also Hardware device that can be used to collect payments from the end user using their cards.
Square offers various solutions of accepting payment in form of a Hardware attachment plugged in tablet or phone of the merchant and the customer can pay the merchant by swiping their card on a hardware device and signing on the connected phone or tablet. The hardware is nothing but a magnetic stripe reader which acts like a Credit card or debit card swiping machine.
How does Square Make Money?
How Square makes money! Square offers numerous products and services and has multiple revenue sources. The biggest source of revenue is the commission of 2.75% on each transaction which it levies on merchants. The company has built multiple services and products which have been in lieu with its original business model and have given additional revenue to the company. It charges $29 for chip-based card terminal and $99 for Square stand. Other options are charged as per customization.
