Are you ready to stop giving everyone else your money and instead start collecting some of THEIRS? Aw yeah, me, too! Now THAT is some serious kung fu!
On Wednesday we joked about how you would be better off to open a bank, rather than a bank account, and though I can’t help you with that, I think I may have found you the next best thing…and it’s FREE!
That’s right, this week’s “cool mobile money tool” comes to you from Square, a company that allows YOU to become a merchant using only your mobile phone, for FREE!
Yep, the next time your friend complains about not having enough cash to foot his/her share of the bill at dinner, you can simply whip out your mobile phone and this little gadget and say, “No problem, I take Visa!”. The gadget itself fits into your mobile phone’s headset jack and Square will mail you one for FREE just by signing up on their website. The money is automatically direct-deposited into your bank account the next business day (minus a 2.75% transaction fee, which is how they make money), and you just grin and say “Ka-Ching”.
It will be interesting to see how this takes off and competes in the “hot” field of payment processing!
One new development that could derail Square is the possibly upcoming “NFC revolution” (that’s Near Field Communication for you non-techies), which supposedly will allow people to exchange money just by waving your mobile phone near a cash register or another mobile phone equipped with NFC. If this takes off (Google has been rumored to be piloting this with a partnership with VeriFone, and the major mobile carriers are working with Discover), then this could unseat Square.
But in the meantime, I just ordered my free card reader, and can’t wait to start collecting some money!
To your financial success,
— Kung Fu Girl
Note: I have no affiliation with Square whatsoever, other than the fact that I just ordered one myself; I just think it’s cool. Power to the people!