Square is a mobile payment system that features an app and a compact ‘square’ card reader that plugs into the 3.5 mm headphone jack that allows iPhone and Android smartphones to accept credit card payments. When I first heard of Square back in May of 2010, my first thought was what a great concept!
Square seemed to be the next evolutionary step in mobile payments. Twitter co-founder and former CEO Jack Dorsey stated his goal for his startup Square was that “it become a simple payment utility for everyone.” Accepting credit card payments everywhere without requiring a merchant account, monthly fees or minimums will revolutionize credit payments for individuals.
According to Square you can accept credit card payments using Visa, Mastercard, American Express and Discover for 2.75% per swipe, that’s it, no additional fees. If you enter credit card numbers manually, your cost is 3.5% +15 cents per transaction. The funds are direct deposited to your bank account the next business day. With Square, the app and card reader are both free.