TORONTO — Twitter’s co-founder Jack Dorsey has launched Square — a free mobile credit-card service — in Canada.
Square gives small businesses, including restaurant and other foodservice establishments, the ability to accept credit-card payments by plugging Square’s free Mobile Card Reader into the headphone jack of an iPhone, iPad or Android device.
“We are focused on making commerce easy for everyone. Square builds free tools for local businesses of all sizes and types to thrive,” said Alyssa Cutright, VP of International for Square. “We’re thrilled to introduce Canadian businesses and their customers to the most seamless and enjoyable way to do business.”
Square Register is the free app that allows anyone to accept safe and secure credit-card payments with a transaction rate of 2.75 per cent per swipe. Funds are available the next business day. The app also serves as a free point-of-sale system for businesses to accept payments, track inventory and monitor daily reports
The company was founded stateside in 2010 and is already processing more than $8 billion in annualized payments in the U.S. According to the Financial Post, the company includes investments from the Starbucks Corporation.