Square is a new credit card payment service that allows users to take credit card payments directly to their mobile devices. Businesses can now apply for a Square merchant account, and if approved, will be given a free reader. Square was first announced last year and gained quite a bit of interest. The above tweet is from Jack Dorsey, founder of Square and co-founder of Twitter.
One of the perks for merchants is that there are no annual fees tied to the service. Each transaction will be charged 2.75% of the purchase price plus $0.15 per credit card swipe. For those of you familiar with some of the fees some companies stick to merchants, this isn't a bad deal - especially considering you can accept payments on the go, which is ideal for smaller businesses and contractors. You can check out the Square website for more information.
Square is currently available on iPhone, iPad, iPod Touch, and a handful of Android devices. iPhone 4 users can also enjoy the new second generation reader that is not only slimmer, but is better at capturing images at varying speeds.