NEW MODE OF PAYMENT

An all new electronic payment system is all set to the commercial markets soon and the best part of this unique system is that, it is embedded and controlled via the Apple iPhone. The all new application, also known as “Square” is currently running under Alpha test mode in Self Edge New York. The entire process is paperless, thereby making it convenient and eco-friendly at the same time.

How Does it Work?

The all new ‘Square‘ electronic payment technology comes in a nifty little plastic card reader, that has been designed specifically to fit atop the audio jack in an Apple iPhone or an Apple iPod Touch. This device then sends the credit card data to the running application on the iPhone.

The employee of the store than enters the amount to be paid and the transaction is then completed with the customer, providing his/her signature on the iPhone screen with their fingers and the user’s e-mail ID is then entered for the receipt of the payment.

The Square application processes the transaction securely and charges a nominal fee, plus a small percentage of the transaction amount. The payment is then credited directly into the store’s account, thereby saving both the store and the customers time and hassles of going through conventional methods of payments and processing.

As far as the records of the transactions are concerned, customer’s payment receipt comes along with a map, that also shows the location of the store, where the transaction was made.