Square launches mobile payment options - this could be huge

One of the newest devices to hit the streets is Square, and this device really has the potential to change the business world.

Simply put, square is a mobile credit card payment device.  It plugs into an iPhone, iPod Touch, iPad or Android phone.  Once it is plugged in and you have downloaded the application, you can use the device to run credit card payments.  Square boasts many features, including:

• Free download and the "square" itself is sent to you for free.
• Sends receipts to your E-mail or phone.
• Create customer rewards without customers ever having to exert any effort.
• Track sales and finances.
• Automatically determine percentages for tips.
• Sends information in real time.

Square also boasts simplicity (no merchant account required, no payment necessary to get the device, no contract, no set-up fee, no monthly fee and no-monthly minimum) and competitive rates (2.75% + $.15 per transaction).

Here's a video that explains more:



Square's CEO is Jack Dorsey, who previously worked as one of the creators of Twitter.  Translation: this guy knows what he is talking about and knows what he is doing.  This device has the potential to be huge.

What do you think?  Will you use the Square?