This is one of my favorite iPhone applications. I can't wait to ramble about this!
Square is an application and iPhone attachment combination that allows iPhone users to accept/make credit card payments on their device. Also, it allows the person taking the payment to generate a receipt containing a picture of the purchased product and the exact GPS location of the transaction. On top of that, it allows payers to sign for their payment on the iPhone screen using the tip of their finger.
The application itself, has an extremely simplified interface that makes the process very quick and easy. The attachment that is sent to you after you download the app is called the Square Card Reader, it plugs in to the headphone jack located on the top of the iPhone and is the device that reads the credit card upon swiping. An alternative method of taking payments would be to just type the card number in on the app to get the same results as a swipe.
There are no hidden fees or tricks to this application, standard rates apply when using Square. Each payment has a fee of 2.75% + $0.15 for a swiped card or 3.5% + $0.15 for a payment taken without swiping. In comparison to PayPal, who takes 2.9% + $0.30 for every payment, Square seems to be all around better!
Another great feature of Square is that there are no sign-up fees, no termination fees, and monthly automatic account to bank transferring.
This app is going to change the way we take payments! I use it when I make face-to-face
sales for my clothing line, what could YOU use this for. The possibilities are endless.