In December 2009, Twitter co-founder Jack Dorsey announced his new company, Square, will allow merchants and individuals to accept secure payment from credit (and other) cards using a mobile phone. The idea is to accept payment through your cell phone in 10 seconds. Basically, it’s a little square dongle that plugs into your smartphone and allows you to swipe credit cards. Square may be exactly what you need for your growing business. Not only is it convenient and portable, but the startup costs are much lower than traditional setups.
So if you’ve got an iPhone or Android OS smartphone, you can get Square, and swipe a client’s credit card anywhere, any time. Sad thing is, for all the good, there is a caveat: it’s not available yet. Square was originally scheduled to be released “early 2010,” but that obviously hasn’t happened. As of last week, CEO Jack Dorsey says “square is in the home stretch,” and we say “hurry it up Jack.” Keep an eye out, this could be your best free biz find of the year.
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even if square is able to meet the production demands, their system is not secure and unlikely to pass payment card industry standards (PCI compliance). if you really want a payment solution that allows you to accept electronic payment on your smartphone, look at cimbal – http://www.cimbal.com. is a much more convenient, more secure way to transact and it works in stores, online and person to person.