New Tech: Square Brings Credit Card Swiping to Your iPhone or Android (VIDEO)

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Now that Square is publicly available for iPhone and Android OS, with millions of card readers being shipped free of charge, CEO Jack Dorsey (who also founded Twiiter) tells how its business model will change the way you pay for just about everything in your life. Square aims to make credit card sales as easy for retailers with an iPhone as it is for some dude selling baseball cards on Craigslist. With Square, anyone can accept credit or debit card payments by downloading the app and plugging a small plastic cube into the headphone jack of an iPhone, iPod Touch, iPad, or Android phone.

After a quick swipe of the card through the reader, the merchant turns the device over to the customer to sign his or her name on the touchscreen using a finger instead of a pen. The customer can add a tip, either by percentage or a particular amount, and then enters their phone number or email address. In the best case, the receipt message will buzz in the customer’s pocket as an email or SMS text message while walking away with their purchase.

Via Fast Company



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