THE SQUARE

Jack Dorsey, the co-inventor of Twitter, is promoting his latest invention called the Square. The Square is a small plug-in attachment to your mobile phone that allows you to receive credit card payments. The idea originated from Dorsey's friend Jim McKelvey who was unable to sell some glass work to a customer because he couldn't accept a particular card being used. This lasted invention uses a small scanner that plugs into the audio input jack on a mobile device. It reads a information on a credit card when it is swiped. The information is not stored on the device, but it is sent over secure channel to banks. It basically makes any mobile phone as a cash register for accepting card payments. As a payer, you receive a receipt via email that can be instantly accessed securely in the online. For example, a cardholder can assign a photo to their card so their photo will appear on the phone when it is swiped, for visual identity confirmation. Mobile devices with touch screens will also allow you to sign for goods. There are no contracts, monthly fees, or hidden costs to accept card payment using Square.