Square payment system: App to sell for $1 and come with iPhone dongle
February 17, 2010 | Robert Nelson
Just about a week ago we saw the nice video showing off the Square payment system for the iPhone and now we have a few more details to share. Mainly that it will be very affordable to begin using.
It has been announced that the Square system will require an app and the special dongle that will allow you to swipe the credit card. As far as how much that will set you back — just $1.
Actually the app will cost you $1 and the dongle will be free. Makes sense. Additionally, users will have to pay a 2.9% transaction fee for each purchase. The good news is that it will work with any bank account.
As for when Square will be available, sometime as early as April and as late as July. Sounds good, personally I cannot wait to give them my buck.
[via iPhone Alley]
This looks cool, but the idea of using my iPhone for payments freaks me out – or is this supposed to be a POS system replacement? Then I could understand it more.
2.9 percent is huge. with a swiper you should only be paying 1.6 or 1.7. Might not be much on $5, but on $6000, it adds up.
It’s a cool solution, but an expensive one for sure. And people tend to distrust this type of non-traditional devices for payment. It’s a nice concept to accept, say, payment at a garage sale or crafts fair, but I agree that it’s kinda of freaky to hand over my credit card to a machine that can read and store this data for later identify theft uses.