It accepts credit card payments by connecting to a mobile device's audio jack. The Square Reader was the firm's first product. In 2010, the Square device was able to communicate with the Square app through the phone's audio jack. Square Financial Services launched in 2021, based in Salt Lake City after receiving FDIC and Utah Department of Financial Institutions approval. That Square began allowing merchants to develop custom interfaces for the platform, via an application programming interface. In October 2018, the company introduced its Terminal product. In August 2018, Square released a version of its magstripe reader with a Lightning connector, allowing it to be used on iPhones without a headphone jack. In October 2017 Square Register, was announced for small to medium-sized businesses. That year the firm launched Square Payroll for small business owners to process payroll. In 2015, Square launched a reader for Android and iOS that accepts contactless and chip card payments. In 2014, Square launched Square Capital and an online booking tool. In June 2015, Apple announced Square would release a Reader capable of accepting Apple Pay and other contactless payments. In July 2014 the firm announced a card reader that would accept chip cards and contactless cards. The seller takes no risk of bitcoin value fluctuations. In March 2014, the firm announced it would allow sellers to accept bitcoin on their own storefronts through Square Market. In February 2014, Whole Foods Market announced it would use Square Register at select stores' sandwich counters, pizzerias and coffee, juice, wine and beer bars. Square Stand was introduced the same month. In June 2013, the firm launched Square Market, which allows sellers to create a free online storefront with online payment processing functionality. In May 2013, Square announced it would no longer support firearms-related transactions. In May 2013, the firm announced that its mobile payments service was available in Japan after agreeing to a partnership with Sumitomo Mitsui Card Corporation. In December 2012, Square introduced virtual gift cards. In August 2012, Starbucks announced it would use Square to process transactions with customers who pay via debit or credit card. Square later introduced strong encryption on its devices. Dorsey called VeriFone's claims "neither fair nor accurate", noting that all card data can be compromised by visually examining the card and that even if an attack succeeded, card issuers offered fraud protection. VeriFone posted a demonstration video and sample skimming app to its web site. In April 2012, rival payment company Verifone claimed that the Square system was insecure and that a reasonably skilled programmer could write a replacement app that could use the Square device to skim a credit card and return its details, because of the lack of encryption. Square Wallet, before it was removed from the Apple App Store and Google Play Store in 2014, allowed customers to set up a tab and pay for their order by providing their name (or a barcode) using a stored credit, debit, or gift card. Īt the TechCrunch Disrupt conference in May 2011, Square announced the release of two apps, Square Card Case (later rebranded Square Wallet) and Square Register. The inspiration for Square occurred to Jack Dorsey in 2009 when his friend Jim McKelvey was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards. It is aimed at small-and medium-size businesses, allowing them to accept credit card payments and use phones or tablets as payment registers for a point-of-sale system. Square is a financial services platform developed by Block, Inc. For its owner that was formerly known as Square, Inc., see Block, Inc. This article is about the financial services platform.
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