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Small square, big innovation

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    Device hailed for benefits to small business

  • Duration 4:09
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It's a small square piece of plastic but it's being hailed for the way it's transformed small business and the man behind it also by the way co-founder of small company may have heard of called Twitter.

Has been dubbed innovator of the year by the Wall Street Journal magazine and American banker he's even being called the next Steve Jobs.

We'll get to the bottom.

CEO of square Jack Dorsey joins us now Jeff thanks to see you.

-- term since the last time I've seen you've been now on the cover of Forbes magazine as innovator of the year take a look at this yes walk by the newsstand and -- you were just getting square.

Under way the last break before we saw you last time.

On the show.

If things have changed dramatically.

You're now being called the innovator of the year mean compared to Steve Jobs for your innovation tell me how square is changing the face of American business.

-- we service the very simple idea which was you know might my parents were entrepreneurs are sort of local businesses on my fathers are repeats -- -- strong when is a kid.

But mother so the coffee store and they face all of these challenges just starting up.

But also just accepting payments is extremely extremely challenging so.

We made it easy for any small business for for any local business for any neighborhood placed -- -- -- set -- credit cards.

By giving them a free credit card -- that they can plug into their right -- killer found.

Com and -- accept credit cards for two points and 5% -- we kind of over three million -- three million merge.

I have to say when I went up to I drive -- pass the farmer's market.

You don't have cash -- that up there's people there who were selling their local farm that you know stuff fruits and vegetables and an organic beef and other things like that that they're trying to sell crafts and those sorts of things.

Most all of them were using square to accept credit card payments and they I asked them separately was just on Sunday.

They said this -- change the way my family's able to put food on our table.

And that's got to that's gonna be incredible for you.

It's amazing I mean you you just download an up and we -- -- card reader and the -- in your bank account the next day so this is huge for for businesses that are just starting -- farmer's market -- Personal trainers hair stylist because they can they can actually receive what everyone is using which is a credit card or debit card her request a -- But Jack was set no waste right where you see the credit cards -- of the cash and so when someone when you guys rolled out square wallets.

And some of our viewers watching this morning mean I've never heard square wallet they walk into a merchant they say we accept -- wallet what is that how does that change the way I can pay for my coffee it's.

-- well it allows any buyer to link their credit -- to the application wants futures -- -- -- -- -- called -- wallet from.

The App Store or from Google play.

You link your credit card once and then you can actually leave your phone in your pocket or in your purse you can walk up to the counter and not -- walking -- to the -- Your name appears on the register with a picture of your face so you can actually say -- like a cappuccino.

This and you -- put on Jack.

And you just take you captioning you -- -- you know three year old all of that suffering from now but you are paying with their front there's a local bakery near me I -- them they run their whole business on square he could walk -- say.

I -- put put my cappuccino on Clayton.

And the give it to me I can walk right -- I'm for people don't want you have a big announce what we're idiots who just 12 though again for people who want to get square it's free where they get it they go to square up.

Dot com just very very simple square dot com and we'll send them a free -- credit card reader.

-- condemn -- square -- to pale as a -- they -- have a big announcement this morning because tomorrow Monday you guys are doing something pretty -- this is the first time you've ever done this and tell our audience -- would have -- else knows about this is -- first here on FOX & Friends yes so for the first time ever were enabling every single local merchant.

To sell gift carts and anyone can buy this gift cards -- from square wrought so if you have a favorite local bookstore and -- -- -- treat your mother your friends.

You can buy gift card right from your phone right for any local merchant nick can redeem it instantly right at that merchant through wallet through passbook.

-- through a piece of paper and that's great and that's good for men who can't think of what what to -- the -- right -- Yeah she's shaking your head you can buy gift cards and that's way to do it support local all so that's what Jack Dorsey it's a great to see you congratulations on all the success and and all of our audience thrilled with what you've been able to do to help small business in this country think his money.

-- you think it.

Coming up on the showed.

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