March 14th, 2011
This is the sort of propaganda the world could live without.
Verifone’s CEO, Douglas G. Bergeron, wrote an “open letter” about Square being a potential security risk to card holders because Square could be used to “skim” information from a credit card. Well, one thing he omitted (probably because he’s a bit biased) is that a pencil could be used to do the very same thing.
How many people have you handed your credit card to who has gone away from your line of sight and returned later with your receipt? If restaurants used Square they wouldn’t need to leave your line of sight. In a way, Square is safer than a pencil.
Square’s CEO, Jack Dorsey, replied. But, as these smear campaigns generally go, I’m sure much of the damage is irreversible. I certainly hope people are smart enough to know that when one company calls out their competition, for any reason, that they should look into the issue themselves and draw their own conclusions.