Amongst college students, the transfer of money from one person to another often takes a number of many intricate and bewildering forms. Simple tasks like splitting a large pizza can turn into a complicated fustercluck of IOU’s and unfulfilled promises to pay you back next time. With all of this going down it can be difficult to keep track of who owes what and to who, especially if one person isn’t carrying cash.
This is where Square comes in. Square is an incredibly handy app and hardware for your smartphone that lets you receive payments via credit card. Simply download the free app, order the free card reader from their website, link your bank account, and you’re ready to go. The catch of course is that Square takes a 2.75% cut of every transaction (one of the lowest rates available). Paired with a personal budgeting app like Mint, you can become a master of mobile finance in no time.
The next time your friend says he doesn’t have any cash to chip in on the 24-pack, just whip out your square reader and have him pay with card. The money is deposited to your bank account and you can send him his receipt via text message or email. It is the ideal tool for splitting purchases among large groups. It is also useful for small business transactions.The app is available on both Android and iOS.