Amazon has decided to finally make a foray into the mobile card reader space. Amazon’s Local Register now enables small businesses to accept payments fast. It works very similarly to Square. Business owners just have to plug it into the headphone jack of mobile devices, and they are set. They can track sales and get business insights with its app. Amazon has decided to charge 1.75% per swipe payment until the end of 2015. After that, the rate jumps to 2.5%, which is still lower than what Square chargers.
Amazon will deposit your money to your bank account the next day. You also get live customer support from the company. Just set up your account, download the companion app, and start swiping. The solution is compatible with iOS and Android devices. It will be interesting to see how Amazon’s low prices affect other players in this space.[Source]