Bags are already stuffed with books, laptops, phones and wallets, so who wants to carry around a pocketful of change in case there’s something worth buying? Most prefer to leave cash at home and instead pull out some plastic in case of emergency.
A new technology, called Square, is allowing students and others to leave the change at home when they head out.
(Courtesy Square Inc., squareup.com)
A small square device that fits into the audio jack of an iPhone, iPad, iPod Touch, and Android, allows anyone with the phone and the required app to accept credit cards. There’s no number punching and no third party sneaking a peek at private credit info either. Swipe, sign with a finger, and the money will soon be sent to your checking account.
CU students have eagerly embraced the gizmo as a way to help them make extra cash.
“I like to buy a lot of vintage stuff and sell it to people,” said 18-year-old open option freshman Brandon Oney. Oney, who said he does most of his sales through Craigslist, credits Square with making a difference in his sales, even if buyers are wary.
“A lot of people don’t have cash,” said Oney. “With society switching to cards, it makes things easier. It comes in handy when I want to sell something small.”
Oney, who said he watched development of the product, said he personally feels Square is secure. “My big thing is it was sold at the Apple store.”
Square, which could open up sales for students like Oney, charges a fee of 2.5 percent for every transaction swiped. Oney said the small sales charge didn’t deter him from using the product.
It’s not just students looking for extra cash that use the product. Student non-profit organization GlobeMed said they used Square to accept payment from students for their annual Trek the Bars event this year.
“A lot of people didn’t have cash on them,” said GlobeMed team leader and 21-year-old senior international affairs major Kristine Gutierrez. “We thought it could be easier if we had a credit card machine.”
For most students though, getting a clunky credit card machine isn’t an option. Most require monthly fees, accounts through companies designed to take credit cards, and other fees just to set up them up.
An organizer wielding a phone and offering to take a credit card might put off students signing up for an event, but instead of being met with suspicion, Gutierrez said organizers were met with enthusiasm.
“We thought people would think it was kind of sketchy,” Gutierrez said. “But they were down to use it. About half were more inclined to use Square than cash. I think it’s made such a difference to raise money.”
Though response has been good, not all students are ready to whip out their cards to pay by phone.
“I’d be wary about it the same way I’m wary of writing down my card info anywhere. It’s just the same as giving your credit card to an organization you don’t know,” said Gina Lovell, a 19-year-old sophomore film major. “It could be more efficient, but how much more efficient is it than giving cash?”
Contact CU Independent Staff Writer Ana Faria at Ana.faria@colorado.edu.
