Square Inc. on May 11 announced its much anticipated payment card-acceptance software application for Apple Inc.’s iPhone.
The free software, available via Apple’s iTunes online store, follows a version the San Francisco-based company introduced in April for Apple’s iPad (
Square has generated plenty of buzz since announcing late last year it would “revolutionize” the payments industry with a device that enables small merchants and even consumers to use mobile phones to accept cards (
But Square appears to have increased the service’s merchant rates since April by adding a fee of 15 cents per transaction to the card-present rate of 2.75% of the sale and the card-not-present rate of 3.5%. A Square account has no setup costs or monthly fees.
Square did not respond to PaymentsSource inquiries by deadline.
The account sign-up process also mimics the information sought by other independent sales organizations by asking for a user’s name, address, Social Security number and birth date to perform a credit check.
Square sets account limits that it may adjust once a user completes additional identity or credit-verification processes with the company, according to the terms of service posted on its website.
Square is listed on Visa Inc.’s list of registered ISOs.
