Currently companies are battling it out to be the fastest mobile payment solution and while most have removed the physical card from the transaction process, Square is proving that it’s still in the running. By eliminating a number of transaction screens the payment process can be completed in as little as four seconds, significantly improving the check-out process.
In addition to its updated website and faster applications, the company no longer requires signatures for purchases under $25, something that most credit card companies have already discontinued. Square users also have the option of the recently launched feature card case, a virtual card case that contains information of all the merchants they shop at that accept Square.
The card case feature gives a shopper the ability to pay with his or her name by putting a purchase on a virtual tab. This is ideal for a frequent Square customer as the merchant already has his or her payment information in its system. Users can open a tab via the card case app on their phones during their next visit and when it is time to pay, they just have to say their names. The tab will show up on the register and the merchant can finalize the sale, sending a digital receipt to the customer.
Though requiring additional hardware, Square has proven that it’s a viable contender in the mobile payments race. To date, Square has shipped more than 500,000 credit card readers and is processing $4 million in mobile payments daily.