Saturday, December 27, 2014

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Twitter Inventor Takes 'Swipe' At New Venture

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TWC News: Twitter Inventor Takes 'Swipe' At New Venture
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The man who invented Twitter is helping small businesses improve customer service without some of the added expenses. NY1's Adam Balkin filed the following report.

When this man announces a new idea, people generally listen. That's because this man is Jack Dorsey, the guy who invented a little thing called Twitter. His current company is Square, you may have seen it in use. This little reader that sticks into the headphone jack of a mobile device like an iPad, coupled with free software, that lets anyone accept payment via credit card. It's become something of a hit with small businesses. And now, a new upgrade turns that mobile device into a fully functioning cash register to rival more traditional several thousand dollar digital registers.

"The typical quick service restaurant, their average ticket is about $14 and they pay upwards of four percent to receive credit cards. Square charges 2.75 percent for every single card that comes across the counter. Before it looked like a credit card terminal: You swipe cards and that's it but now it's full point of sale, does everything they need it to do," says Dorsey.

Meaning, instead of just popping up a number for the customer to pay restaurants, even tiny studio apartment size ones like Little Muenster on Manhattan's Lower East Side, can now charge specifically for, say, a grilled cheese with bacon. Hold the prosciutto.

"It's a full service POS system so does everything we need it to do and as you can see the size of our restaurant is very small so having a large point of sale system in here is not really advantageous as it would take up the entire counter behind me," says Adam Schneider of Little Muenster.

In addition to making things more convenient Square says the new system is also designed to give more information to small business owners to help them earn bigger profits.

"It provides you analytics on when your busiest hours are, when your busiest day is and all this goes to really speed up the process and speed up the line and get customers what they want faster which means they'll tell their friends about it which means new customers"

And to help speed those lines even more, Square offers a wallet app for the customer: A system for paying by simply saying your name. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP