Clothing Store Testing New iPhone Based Check-Out System
Self Edge, a new denim retailer in NYC, is currently testing out a new payment system that replaces cash registers with iPhones. Codenamed “Square”, it involves a small plastic cube that plugs into the headphone jack and can read swiped credit cards, which it then transfers into an app.
The employee totals up the prices of the goods being purchased and swipes the customer’s card. The customer signs on the screen with their finger and enters in the email address where they want to send the receipt.
“There are no recurring fees for Square, so it costs nothing to sign up. Current fees are 2.5% (+.50 cents) per transaction, extremely low compared to regular credit card rates, they normalize the fees so even if the payer uses an AmEx card, you still pay the same 2.5% which is unheard of in the credit card processing world.”