Wow, this thing looks set to be massive – Square is this tiny little dongle that fits into any device with an audio input jack, and turns your iPod (for example) into a credit card money taking machine. They are giving out the dongles for free, there’s no transaction charges, only a $1 fee to install the application on your device! It’s the brainchild of Twitter inventor Jack Dorsey, currently in beta and will roll out to everyone next year.
Where’s the Catch? Well I’m not sure if you can use you Visa or Mastercard on it, you might need to get a some sort of Square credit, debit or pre-paid card, suppose they’ve got to make there money somewhere? Sorry got the wrong end of the stick, just noticed the image above has a Mastercard logo in it… These days when everyone hates bankers and loves Twitter, I think there could be a lot of people happy to make the switch.
What I like about it, well as a freelancer who once a year has to try and find some receipts to offset against my tax, this is a dream come true, everything stored digitally online where I can’t lose it and I can access easily from anywhere. Also this is going to be a massive help to small independent businesses which is always going to be a good thing.
Via: Matthew Buchanan.
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Now that’s a cool idea! If the fees are better than what I’m paying, I’m changing!
Really a genius idea.