Now, An Easy Swipe and...Your Paid.

Why cant everyone accept credit cards? Jack Dorsey, who also founded Twitter, tackles the question by introducing the World, to the Square. Jack Dorsey who is also the CEO of Square Inc. introduces a new electronic payment service that allows users to accept credit cards through their mobile phones.

This ground-breaking service will allow for everyone not just companies to use credit cards.

Surprisingly, in comparison to the ordinary expenses that come with being a card merchant, the Square is actually a cheaper offer. To become a credit card merchant, one must buy, a couple hundred dollar card-reading device as well as comply with a $15-$25 charge. These merchants must also obtain a minimum of $25 in transaction fees. The Square only asks for a 2.75% of the transactions made, plus 15 cents. This fee, is still less then what actual merchants pay, which range from 3 - 4% percent of the transaction (pending on the credit card) plus thirty cents.

The Square Software comes with a "Square plug" (equivalent to the several hundred dollar card reading device) free of charge! The reader attaches to the headphone jack of the iphone, jpad, itouch, or android (available for laptops soon) and has a slot on the top, so users may swipe their card. For now, the software allows users to receive up to $1000 of their transactions in their bank accounts. Transactions made after the $1000 limit will be reviewed to prevent fraud and theft. However, if a user discloses more information about their "business" he or she can immediately raise their max amount.

The SquareUp software, is a groundbreaking innovation that i hope to see more development of. It has the potential to help many hurting small businesses, as well as help develop and build new ones.

http://www.nytimes.com/2010/09/30/technology/personaltech/30pogue.html?pagewanted=1&ref=technology