This will probably be the death of the POS: the Square credit card reader dongle, that accompanies the special app created for the iPhone and Android handsets. Square is the company behind all of this and now we learn that their payment method and accessory are available to the general public.
How does it work? You insert the dongle into the audio jack of your iPhone/iPod Touch and pass the credit card through it like a POS. Next, you sign on the touchscreen using your finger and the transaction is completed. Data is sent via wireless to your bank and a receipt will be sent to you by mail or SMS, complete with geotagging options.
Leading this project is a name you must have heard, Jack Dorsey, Twitter’s co-founder. There are no monthly fees associated with the service or accessory, but the merchants will be charger 2.75% of each purchase price plus $0.15 to swipe the card. Here’s a promo video for the service, detailing the process: