Firstly, Square (product) is not a replacement but a supplement to credit card payments and therefore it is still part of the traditional credit card payment system. Square enables users with iPhone, iPod Touch or iPad to easily accept payments and removes the hassles of signing up for a merchant account, buying a point of sale terminal and credit card reader.

After you sign up with Square [www.squareup.com] they send you a free credit card reader. You will then need to download the Square app [http://itunes.apple.com/us/app/s...  from the App Store, open the app and plug the Square credit card reader in the headphone jack to accept credit card payments.



Square charges 2.75% towards transaction fees. Banks and payment processing service providers that offer merchant solutions usually charge a flat fee and varying percentage (1% to 5%) of the transaction value in addition to a monthly fee. Square does not charge flat fee or monthly fees.

Recently, Square launched a feature called Card Case that allows repeat buyers to pay registered seller with an iPhone app bypassing credit card swipes. As an example, if you run a coffee shop and accept payments via Square, your repeat users need to swipe a credit card the first time they visit your shop. After that Square provides them a feature that allows you to charge the credit card without a swipe. The Card Case also displays your menu and special items on the buyer's iPhone making it easier for them to order what they want.

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