ANN ARBOR, Mich. – A cash only business is out of the question for many Ann Arbor business owners, but traditional credit card processing machines often require thousands of dollars in processing fees each month, something most can no longer afford. As a result, many are turning to mobile solutions like Square.
Square is based out of San Francisco, and all businesses need to accept credit cards thanks to this program is a smartphone or an iPad. Over the course of the past three years, the company has grown to processing $5 billion in annual payments. Almost 1 million people use the service now, and other players are starting to enter the market rapidly. In Ann Arbor, more than 1000 businesses use Square. From street vendors to small businesses, many are turning to this innovative technology.
It’s easy to use, too. You just have to plug the credit card reader into the port of the smart phone and swipe. With constant updates, it’s increasingly secure, too, and businesses get access to online analytics, too.