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.

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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.

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