iPhone App: Square Up (Currently in Beta)

Square Up is an iphone app, currently in beta, that will allow anyone to easily accept credit card payments using your iphone.  The app isn’t out yet but from what we’ve read it seems like an honest way to rid yourself of bulky credit card machines and expensive merchant accounts.

The idea was founded by Jim McKelvey and quickly caught the attention of investors and thus the idea of giving everyone with an iphone/ipod touch an easy and affordable way to accept credit card payments, which let’s face it is the most preferred method of payment for most of us, was born.

We’ve been told the Square app will sell in the app store for $.99 cents.  Once the app is downloaded they will send you the credit card swiper, that of course is shaped like a square.  This “square” will plug into your iphone or ipod touch headphone jack.  All you need to do is load the app, type in the amount you want to charge and then swipe the credit card.

Square will take 2.9% of all charges but apparently they don’t take any other fees.  They will also donate one cent for every transaction to a charity of your choice.

By all accounts the Square app should be out of beta sometime early this year.