Last week it was reported that Square, a mobile credit card reader, had opened its doors and was available for download in the app store. Square is the brainchild of Jack Dorsey, who is also co-founder of Twitter.
The app, when used in conjunction with a small card reader that plugs into the auxiliary port, allows anyone to process credit card payments. This takes "mobile payments" to a whole new level as now small businesses and vendors can process payments without the need for a wired or complex point-of-sale system.
All you need is a compatible device (iPhone, iPad, iPod touch, or one of select Android devices), the card reader, and a signal on your device.
So what does this mean for retailers and small businesses? Is it secure to use? And what about the cost? Will this be the new method businesses large and small use? Read more to find out...