So you’ve heard of this little thing called Twitter, right? Well, one of Twitter’s co-founders, Jack Dorsey, is already moving on with plans for the next big thing and it’s called Square. Square is a combination of hardware and software that will allow for anyone with a supported mobile phone to accept credit card payments on-the-go. Square is currently up and running on the iPhone, iPod Touch and Android phones. Other devices are likely to be supported in the future.
The hardware part of Square comes in the form of a square (hence the name) adaptor that plugs into a mobile device’s headphone jack. Once connected, all that’s needed is a swipe of a credit card through the device to begin the payment process.
Signatures are collected from the cardholder by signing on the device’s touch-screen. Receipts are sent to the purchaser via email and contain the location where the purchase was made (assuming the device is GPS-enabled), signature, merchant information and amount of the transaction.
The best thing about the Square adapter is that it will be FREE. Also, one penny of every transaction will be donated to charity. Expect for Square to launch sometime in March, and in the meantime, you can watch the video below to see Square in action: