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Square is a financial services platform by Block, Inc. for small and medium-sized businesses. [1] [2] It enables accepting credit card payments using smartphones as POS registers, and facilitates various business operations. As of 2023, Square reports 4 million merchant clients and an annual payment value of US$ 210 billion.
The name "Square" derives from the company's square-shaped card reader product. 2010–2014: early years. According to Forbes, Block, named Square, Inc. then, tested its payment method on 50,000 merchants in the summer of 2010, and was reporting a chargeback rate of less than 0.05 percent.
Block, Inc. (formerly known as Square, Inc.) In 2009, McKelvey co-founded Square with Jack Dorsey. Professor Robert Morley made valuable early contributions to the hardware used by Square in 2009. In 2011, the iconic card reader design was inducted into the Museum of Modern Art. McKelvey served as Square's chairman until 2010.
A card reader is a data input device that reads data from a card-shaped storage medium and provides the data to a computer. Card readers can acquire data from a card via a number of methods, including: optical scanning of printed text or barcodes or holes on punched cards, electrical signals from connections made or interrupted by a card's punched holes or embedded circuitry, or electronic ...
Contactless smart card. A contactless smart card is a contactless credential whose dimensions are credit card size. Its embedded integrated circuits can store (and sometimes process) data and communicate with a terminal via NFC. Commonplace uses include transit tickets, bank cards and passports. There are two broad categories of contactless ...
PAX Technology S90 credit card terminal with a Visa card inserted.. A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electronic funds transfers.
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