In a move to speed up payment transactions, Square is introducing a streamlined process and discontinued the need for signatures on transactions of under $25. The moves comes with a number of application and website improvements all of which lead to the ability to conduct a transaction in under 4 seconds, according to the company. One of the tools to help that happen is called Card Case, which allows users to build a list of preauthorize vendors for rapid payment.
“As we wrote in May, Square debuted a virtual card case that consumers fill with ‘cards’ of all the merchants they visit and buy from who accept Square. These mobile cards include locations, merchant contact info, coupons, order and purchase history and more. One of the more interesting features was the ability to ‘pay with your name.’ In a merchant’s card within the case, you can press a “use tab” button which allows the frequent customer to essentially put a purchase on their virtual tab with Square at the merchant.
So once you press that button within two blocks of the merchant, you’ll be able to tell the cashier your name and your card will be charged on the merchant’s backend Square register. Because you are a repeat customer, Square already has your payment information. The purchaser will then receive a push notification when the merchant processes the payment.”
Square recently got some good coverage in an article at The Atlantic. “I asked Square to make me a map of their transactions to see where they had users. The map you see at the top of the page shows one hour of transaction volume on a Friday afternoon. The size of the bubble represents the volume of the transactions while the different colors indicate the types of users that Square has.”