Small business members of Navy Federal Credit Union will now be able to accept credit card payments through Square Inc.
According to the $56 billion credit union in Vienna, Va., business service members who sign up for Square will have low card processing costs with no activation or monthly fees.
Founded in 2009, the San Francisco-based Square allows businesses to accept credit cards on the go, manage a point of sale system and sell products online, according to the company. Credit cards are accepted on iPhone, iPad, and Android devices.
"Our members are very knowledgeable when it comes to the newest technologies, and they're always looking for ways to grow their business," said Jim Salmon, vice president of business services at Navy Federal.
One of those businesses belongs to Navy Federal member Brandi Berkheimer and owner of Posh Bridal in Maryland, who said she uses Square anywhere and likes the convenience of getting her money quickly.
Kim Cortez, owner of Fresh Batch Jams in Virginia, also welcomes the use of Square.
"As a new business owner, I had to do everything quickly and did not have time to do a lot of research," said Cortez, a member of Navy Federal. "It's a huge advantage if you can go to one place for everything you need to run a business."
Navy Federal has said many of its more than 4.6 million members are young and mobile. This year, the credit union will continue to build in the mobile space including keeping an eye on mobile payments, Meghan Gound, assistant vice president of eChannels, said during a recent economic forum hosted by Navy Federal.
Gound said over the last 18 months, member logins have grown more than 270%, and more than 27% of its members on mobile are over the age of 18.
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