♬ But there is no denying that
It’s hip to be square…♬

Lyrics and music by: Bill Gibson, Sean Hopper, and Huey Lewis, “Hip to be Square”

Square for phone or iPad

Square is a revolutionary service and device that turns a smart phone or iPad into a credit card point-of-sale terminal. Imagine being able to take credit card payments – anywhere, anytime – such as at the courthouse, at the client’s home, at the client’s office etc.

Launched by Twitter founder Jack Dorsey and Jim McKelvey, this little device stands to change how lawyers get paid.

Currently, there is no contract, no rental cost, no extra equipment aside from the reader (pictured above) and the associated software, no monthly ‘fees’ or merchant account required. Receipts are sent electronically.

The fees? 2.75% + $0.15 to swipe a card; 3.5% + $0.15 if you have to key-in the card. The reader is free.

Contrast this with existing merchant account contracts where you have to pay a monthly cost for the card reader equipment, enter into a contract, incur setup fees as well as possibly face monthly minimum usage requirements (and pay a penalty fee if you don’t meet the minimum usage amount). There may be other fees and charges levied based on the type of credit card being processed as well as “customer service fees” and such.

It even provides management reports that tracks your top clients, taxes, payments by location and more.

All transactions are stated to meet all standard industry security practices (detailed on their website here).

There is only one tiny problem with Square – it is only available in the USA (as detailed in their Terms of Service). So unfortunately – for now – Canadian lawyers can’t be hip to be square – unlike our American cousins.

(Hat tip to Bill Andrew for pointing this out to me!).