No doubt many of you have seen the new commercials advertising the new Square Card Reader for small businesses and self-employed entrepreneurs. This new technology is convenient not only for small business owners, but also for their customers who wish to use their services. This is due to the fact that in today's society of technological convenience, few people still carry cash with them, opting instead for credit and debit cards.
Yet, many small businesses have been pulling away from traditional credit card machines because the cost of such services are simply too high. As such, many times customers were previously forced to take out a cash advance in order to shop at businesses that did not accept credit cards. This affected the customer negatively, asinterest rates for cash advance loans tend to be significantly higher than traditional credit card rates for purchases.
Likewise, this had a negative effect on small businesses that did not take credit cards, as their customers would often choose to seek out other business that offered such conveniences. With Square Card Readers, these inconveniences are rectified, giving small businesses a greater edge in today's competitive market.
The long term effects of Square Card Readers have yet to be seen, as this technology is relatively new. Despite this, there are some likely consequences that we can expect as a result. The first of these is a rise in small businesses, in particular mobile and independent businesses that do not stay in a particular location. For instance, food trucks, traveling hair stylists, and landscapers can now offer a credit option to their patrons.
This is not at all surprising, as this is the purpose of the Square Card Reader and is to be expected. However, this also means that starting a business will become easier for individuals who have long dreamt of branching out on their own. At a time when several people are currently unemployed, this may just be the thing to kick start the economy.
In addition, this technology is likely to be accompanied by a reduction in cash advances taken out by individuals. As more and more business give the option of paying with credit, cash will become less of a necessity. As such, customers will no longer have to rush to find an ATM in order to pay for the bill after being informed by the waitress or clerk that cards are not accepted. This will likewise have the effect of putting more money in people's pocket, since they will save the money on interest rates charged by cash advance lenders online which is usually much higher than the interest rate on a direct purchase.
Unfortunately, several businesses choose not to offer a credit option not because of the convenience but because of the cost. Credit card companies charge businesses for each transaction. While many store owners see this as a necessary cost, as they must choose either to pay a portion of the purchase to the credit card company or lose the sale altogether, others choose to remain a cash only business because they cannot afford these costs. With the Square Card Reader, this may change. The Square Card Reader is an app available on one's phone. The reader itself is offered for free on the website, although the app must be purchased. However, this can help to reduce cost for business owners.
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