Feeds

iPhone mag-stripe reader stalled

$10m not enough to change world

Next gen security for virtualised datacentres

Square, the breakthrough business launched by twitter-founder Jack Dorsey, won't be shipping as scheduled. It seems that taking credit card payments is more complicated than anticipated.

Square was launched last December and scheduled to be in users' hands by “early 2010”, but the company has admitted that it “released parts of Square before they were fully baked” and that those at the company “let our excitement get the better of us”. So now we just don't know when we'll finally be able to accept credit card payments using an iPhone, unless we use one of the various alternatives already available.

Square reader on an iPod Touch

Here's hoping the industry never moves away from magnetic stripes

Last December we pointed out that Square was just a magnetic-stripe reader, and that there were a dozen credit card-processing applications on the iPhone, but that didn't stop venture capitalists pouring $10m into the company.

Much of that money has been spent refining the hardware, hopefully into something a little more robust, but the real complexity has been underwriting the security of a system that promised to allow Uncle Tom Cobley and all to accept credit card payments.

“The way we are handling the risk of chargebacks and fraud is through transaction limits, but we have received feedback that those limits are too low. We are rethinking and expanding our underwriting infrastructure to address this issue” says the company in an open letter.

So it turns out that reading the number isn't the hardest part of accepting a credit card payment after all. There's no new schedule for Square, but we're sure that this is just a stumbling block and any day now we'll be balancing plastic cubes on our iPhones and taking credit card payments hand over fist– unless NFC gets there first. ®

Next gen security for virtualised datacentres

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
So, Apple won't sell cheap kit? Prepare the iOS garden wall WRECKING BALL
It can throw the low cost race if it looks to the cloud
EE fails to apologise for HUGE T-Mobile outage that hit Brits on Friday
Customer: 'Please change your name to occasionally somewhere'
Time Warner Cable customers SQUEAL as US network goes offline
A rude awakening: North Americans greeted with outage drama
We need less U.S. in our WWW – Euro digital chief Steelie Neelie
EC moves to shift status quo at Internet Governance Forum
BT customers face broadband and landline price hikes
Poor punters won't be affected, telecoms giant claims
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?