iZettle, the maker of a Square-like accessory for accepting smart card payments while on the go, has officially opened its doors for business after successful completion of the test phase. Their key selling points are ease of use, and the lack of starting costs and fixed fees. Instead, iZettle takes 2.75% of a sale, plus a 0.16 EUR ($0.25) transaction fee, and then electronically deposits payments in the seller’s bank account the business day following a transaction.
Alongside the commercial launch, the company also announced new iPad application for businesses that will allow processing of multi-product sales in a single transaction. Once released, the app will enable merchants to create custom menus of products much like on expensive touch-screen POS systems in retail establishments around the world.
Sounds promising and in that sense we weren’t surprised iZettle managed to raise 8.2 million EUR (about $11.2 million) last month. Heck, in fewer than 90 days they helped grown the Swedish point-of-sale (POS) market by 5%. Impressive!
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