Square Payment System to launch on iPhone, iPad and Android this week?

Expected to be available this week at the App Store and Android Market is the Square Payment System which turns your iPhone/iPad or Android device into a credit card reader. With the reader plugged into the phone's 3.5mm audio jack, you simply swipe the card after entering information about the transaction, and you receive an approval. Retailers using the system will have to pay 2.75% of the amount of the transaction plus 15 cents, but that is much lower than other services and does not even take having to buy more expensive hardware into consideration. If a mobile card reader is something that your business could use, check out the video below.

source: Square