Blade Watch

Squareup.com

In February 2009, Jim McKelvey wasn’t able to sell a piece of his glass art because he couldn’t accept a credit card as payment. Even though a majority of payments has moved to plastic cards, accepting payments from cards is still difficult, requiring long applications, expensive hardware, and an overly complex experience. Square was born a few days later right next to the old San Francisco US Mint.

Today the Square team is focused on bringing immediacy, transparency, and approachability to the world of payments: an inherently social interaction each of us participates in daily. We’re starting with a limited beta and rolling out to everyone in early 2010.

I’m genuinely excited about the concept and I wonder what this will bring in terms of competition, innovation and revenue to the small business sector? By reducing the complexity and the start up costs to accepting credit cards will we not create opportunities for revenue and connect new businesses to new customers? Check out this article for more information.

The reason for the interest is just yesterday, I turned up to buy a car battery at one of those small businesses, and they only accepted two kinds of credit cards, I had been thinking whilst waiting in the queue to pay on their olden days card machine, that I wished they had an internet connection and I could pay by paypal or something similar?

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