Square Inc., the company providing free credit card readers for mobile phones, is making inroads into the worlds of brick-and-mortar and transportation payments.
For retailers of all sizes, Square updated its free Square Register application, which turns an Apple Inc. iPad into a cash register. Square stated that, when used with its card reader and an iPad, the updated application allows retailers to immediately begin operating virtual registers that accept payment with cards, cash or by just entering a name.
According to a Square video on the company's Facebook page, Square Register can now do far more than accept payments. It can also track sales; customize inventory; provide detailed analytics; create loyalty programs; allow merchants to create and publish their profiles to the Square Directory; track and reward customers; allow merchants to print, text or email custom receipts; and allow merchants to log in from any location to see transaction details.
On the transportation front, the New York City Taxi and Limousine Commission approved a pilot program that enables Square to test its card readers in New York cabs. The commission said it approved the Square test, which will use the iPad "in lieu of the current passenger information monitor ... and [the] current driver information monitor to interface with the meter and evaluate cost savings, if any."
The commission added that the Mobile Technology System will have "a passenger information monitor, hard mounted in the passenger area of the vehicle, and a taxicab driver information monitor, which will interface with the meter and aid the taxicab driver in performing his duties while the systems are recording trip data.
"The Square's proposed Mobile Technology System will also be capable of recording and storing trip sheet data, processing credit card payments, and enabling communication between the [taxi and limousine commission] and taxicab driver and between the medallion owner and taxicab driver."
In addition, Square's proposed Mobile Technology System will offer "new and different technological interactions and improved experiences for taxicab drivers and passengers, the possibility of lower credit cards rates and a faster driver payment turn around," the commission noted.
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