Disruptive mobile payments company Square has pushed a number of new updates to its iPhone and iPad apps today and rolled out a redesigned and updated website. First, the apps are speedier and transaction speed has improved, says the company. The company actually eliminated a number of screens for the transaction process and payments can be completed in as little as four seconds.
Additionally, Square will will no longer require signatures for transactions less than $25. Of course, this saves time at the cash register and a number of credit card companies already don’t require signatures for transactions under $25.
The company also has enabled the recently launched, ‘pay with your name’ feature to all merchants, so anyone can opt-in to the directory listing and can add a ‘card case’ to make payments quicker and easier for their customers.
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.
Another update in the new version of the app is a new and improved the tipping interface for transactions, which is sure to make merchants in some service industries happy. Merchants can also add $0.00 items in transactions. This is particularly useful for added items like extra mayo or a pickle, where a merchant wants to keep track of what’s being added but isn’t charging for the item.
Square is undoubtedly growing at a fast clip. Square has shipped more than 500,000 credit card readers, is processing more than a million transactions per month. The startup is now processing $4 million in mobile payments daily (and $100 million per month), and COO Keith Rabois told us in July that he expects the company to double this volume by October. And international expansion is part of the next phase of growth for Square.