Credit card numbers, magnetic stripe data or security codes are not stored on Square client devices and card processing applications adhere to payment card security standards, according to the Square website. And like other merchants who accept credit card payments, Square merchants are still subject to chargebacks, a dispute initiated by the credit card holder to reverse a payment. This week, Dorsey and fashion designer, Vivienne Tam, unveiled the first branded Square device just in time for Fashion Week in New York City. On Saturday, Tam's Fall 2011 show exemplifed her signature combination of modern chic and aesthetic boldness, apparent in Square's latest version. She used her design, the Chinese symbol for "Double Happiness," for the device, which is also a keychain.
Tam said she met Dorsey at the Time 100 Gala in May 2010 while he was demonstrating an earlier version of Square on a laptop.
"I thought, 'Oh, what an amazing device,'" said Tam. The two eventually partnered to create a rounder, decorated Square.
Tam said she hopes the device will inspire female entrepreneurs like her.
"When I started my business, there were a lot of difficulties -- even getting cash registers for a sample sale. But this makes it so easy," Tam said.
Tam's limited edition Square will be available at VivienneTam.com for $10. For each sale, $2 will be given to the Happy Hearts Fund, whose mission is to assist children in natural disaster areas through educational programs.
Phillip Caputo, executive director of Happy Hearts Fund, said he already has plans to use Square at fundraising events, such as silent auctions or their annual fall event, for the expanding nonprofit.
The organization, which was founded in 2005 and has programs in nine countries, built its 48th school this month in Peru.
"The opportunities for us are limitless," Caputo said.