the next evolution in payment

[VedaSloan 119179]

I was stumbling today (three cheers for procrastination!) and came across this funky new device, which allows you to read payment cards from any device with an audio input jack, including your mobile phone.

 

http://squareup.com/

 

So what do you think guys? I could see pros benefiting from this immensely!

 

Maybe I'm just overwhelmed by how cool it seems.

[buggernot 588]

This looks like one of those really cool and well thought out ideas that will become an epic FAIL. I consider myself quite trusting of new technology and have never had a problem buying stuff online, using my debit card anywhere. But this? It's too niche to catch on IMO - not too many people will trust paying for something through someone's iPhone.

 

Some hacker somewhere has already cracked that fucker open and is selling phonies from Nigeria that will steal every penny you have and dump it into a Swiss bank account. And even if it is foolproof, that's just what a lot of people are going to think!

 

I might use it if I'm totally blasted and need some crack and my crack dealer only takes debit. Especially if he has that 10th purchase being free thing automatically kept track of ;)

[Andee 220524]

But I could see maybe one day SPs using legit debit machines for business. Unless you are trying to avoid the paper trail, I say, hey, why not?

[kih 458]

Nifty and convenient for some. I can see pros and cons with this device. The pizza guy has some sort of device that he brings to the door on occasion. Not really sure if its interac or for credit card but it is portable.

[Miss Scarlett 25073]

The one the pizza guy carries is a wireless debit and credit machine, supplied by the bank which uses a cell phone sim card. the machine gets a signal like a cell phone so it only works where cell phones work.

[VedaSloan 119179]

This looks like one of those really cool and well thought out ideas that will become an epic FAIL. I consider myself quite trusting of new technology and have never had a problem buying stuff online, using my debit card anywhere. But this? It's too niche to catch on IMO - not too many people will trust paying for something through someone's iPhone.

 

Some hacker somewhere has already cracked that fucker open and is selling phonies from Nigeria that will steal every penny you have and dump it into a Swiss bank account. And even if it is foolproof, that's just what a lot of people are going to think!

 

I might use it if I'm totally blasted and need some crack and my crack dealer only takes debit. Especially if he has that 10th purchase being free thing automatically kept track of ;)

 

 

So cynical and jaded! I said I was blinded by its coolness! :P

[VedaSloan 119179]

Also, I believe the difference is that you don't have to sign up and pay a bunch of fees the same way you would with a bank (to get a portable debit/credit machine). Lessens its credibility (buggernot, your crack dealer probably has one! ;) ), but it's still neat IMO.

[ekimout 188]

That seems like a very cool device. But if an SP had one, I would never leave. It would be like an unlimited supply of cash just a swipe away. Let's do it again...again...again...and again. Please! :grin:

[EmilyRushton 253372]

Very cool little gadget, looks tempting....

But just not sure....

[m******e 100]

hate the idea the goverment could tax me more and the paper trail.

[etasman2000 15994]

Also, I believe the difference is that you don't have to sign up and pay a bunch of fees the same way you would with a bank (to get a portable debit/credit machine). Lessens its credibility (buggernot, your crack dealer probably has one! ;) ), but it's still neat IMO.

 

There is no monthly fee listed although they didn't say no fees at all, I would believe its fees per transaction. Or you pay rental on the unit. Credit Card verification isn't cheap nor is it ever free. These guys still have to make money somehow.....

 

Overall neat device and neat concept.

[canuckhooker 19203]

The device is pretty interesting and they have thought of some of the problems, but I am not sure they have thought of them all.

 

Firstly, no bank allows you to do payments like this without taking a cut. There has to be a transaction fee somewhere or it would not make sense to offer the service.

 

Secondly, as Buggernot mentioned, it is not the device itself that may be insecure it could be your own phone that has been cracked. This just makes it that much easier for people to access your finances.

 

That being said, an alternate way for an SP to take payment could be an online payment system, that is accessed from a phone browser. I will say Paypal because most people are familiar with it, but they do not like to be used for "Adult Services". Something like CCbill might be better as it is an almost instantaneous money transfer and they do support Adult services.

 

You go to visit your SP. Make your transaction/payment on your phone, she checks the money is in the account, and there you are off to the races. Quick, and painless, but there is a paper trail you don't have with cash.

 

That might be better than a new technology that could have security issues.

[etasman2000 15994]

I will say Paypal because most people are familiar with it, but they do not like to be used for "Adult Services". Something like CCbill might be better as it is an almost instantaneous money transfer and they do support Adult services.

 

The transaction fees on CCbill or anything supporting Adult services is horrendeously high. Expect approx 20% for anything below $10,000/month.

[m******e 100]

The transaction fees on CCbill or anything supporting Adult services is horrendeously high. Expect approx 20% for anything below $10,000/month.

 

that would send up red flags for sure

[TRman 536]

Typically he has both.

Nifty and convenient for some. I can see pros and cons with this device. The pizza guy has some sort of device that he brings to the door on occasion. Not really sure if its interac or for credit card but it is portable.

[TRman 536]

Yur kidding, tax you more!

 

You pay no tax and have a bunch of kids. Who pays for that?

 

Your rate of XX is after tax. After 30 minutes you make the same as a full shift at walmart.

 

Everyone should pay tax. The question is whether or not you like what the tax is paying for!

 

hate the idea the goverment could tax me more and the paper trail.

[etasman2000 15994]

that would send up red flags for sure

 

I'm sorry I don't quite understand what you mean by red flags.

 

Adult services could also cover things like running an adult store, movie rental etc.

 

I forgot to mention most of these services also include a holding period, usually between 30-60 days after the date of payment. This is to avoid charge backs.

[TracieGold 282]

I was stumbling today (three cheers for procrastination!) and came across this funky new device, which allows you to read payment cards from any device with an audio input jack, including your mobile phone.

 

http://squareup.com/

 

So what do you think guys? I could see pros benefiting from this immensely!

 

Maybe I'm just overwhelmed by how cool it seems.

Bravo Erin...this is fantastic!!!!

I guess we all will be thrilled with it!!!

Thanks so much for this piece of news!!!

Tracie;)

[otto erotik 100]

I dont think there is any real advantage for S.P's or hobbyists ,,just another invasion of privacy, anything that leaves a electronic or cyberfootprint or paper-trail in the long run means trouble ,,hackers ,,taxman ,,the law etc.. It sounds cool when you 1st hear about it , until you consider the implications .