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The ‘Square’ payment system has the potential to take advantage of one of the biggest hassles for many small businesses: accepting credit cards. It promises no contracts, monthly fees, or hidden costs as well as effortless money management through an intuitive interface.
Payers benefit from the ability to instantly get receipts via email or mobile phone with secure online access. iPhone text messages can be used to authorize real-time payments.
Twitter creator Jack Dorsey recently launched the squareup site for the up-and-coming Square mobile payments startup. Khosla Ventures and other angel investors have reportedly ponied up some $40 million in venture capital.