Created by co-founder of Twitter, Jack Dorsey released a beta version of Square, a system that allowed mobile devices to receive card payments. A small card reader plugged into the device’s headphone port, and an app handled all the 1s and 0s.
The card reader is sent to users free of charge, and there are reportedly no activation, gateway, monthly, early termination or hidden fees, nor is a contract required to use the service. There are transaction fees – 2.75 percent + 15 cents for swiped transactions, and 3.5 percent + 15 cents for keyed-in transactions.
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