We have all heard that one day we will be a cashless society. But unfortunately we have not arrived at the point where having cash has become obsolete. When we go garage sailing, stop at kids lemonade stand, pay the kid to mow our lawn or make a purchase at the PTA bake sale, we normally use cash or write a check. But wonder if you could use your smartphone to swipe credit cards and at a reasonable rate?

In steps a company by the name of Square that wants to change the game and allow your smartphone to take credit cards. Here is how they describe their product:

0 to $60 in under 10 seconds.

Start accepting cash and card payments with Square. No contracts, monthly fees, or hidden costs. Effortlessly manage the money you take with an easy and intuitive interface.

Get your money fast.

Get your receipts sent instantly to your email or mobile phone. Access them securely online.

Accept card payments of any amount. Square will immediately deposit up to $1000/week into your bank account and any remaining balance in 30 days. Square will increase this amount as we get to know you.

Swipe it.

Accept payment cards on any device with an audio input jack, including your mobile phone. After signing up for Square, provide your address on the web and we’ll send your free card reader and Square sticker.

Lose the paper.

Get your receipts sent instantly to your email or mobile phone. Access them securely online.

But where Square really shines is that there are no setup fees, no contracts, free mobile card readers, no monthly fees, no minimum monthly charges and a 2.75% + 15¢ swipe rate. Personally I see this as a deal worth looking into.

You will need Apple IOS:  iPad, iPhone or iPod touch.

Android devices:

  • Motorola DROID and DROID X
  • HTC Nexus One, Droid Incredible, Evo, Desire, and Hero (with Android 2.x update)
  • Samsung Galaxy S series
  • LG Ally

Comments welcome.

Source – NT Times

Source – Square