Digg’s Kevin Rose is the newest investor in the Square iPhone payment system unveils by which you can accept credit card payment using iPhone. The combination of credit card readers and the iPhone could soon mean almost everyone can take credit cards, from hot dog stands to homeless people begging for change.
A cool new startup has come up with a handy dongle-plus-app combo that lets you authorize, accept, and process credit card payments anywhere, directly on your iPhone.
The process is simple enough, using an accessory which will connect to your iPhone using audio input jack just swipe the card you want to charge and then an app takes information from the swiper, and transmits it out for an actual credit card payment, with a finger doing the signature.The app, as Kevin says, will even upload GPS information, so you can make sure that payments are happening in the right place. Square is going to launch it’s beta version shortly this year.
Unfortunately, what he doesn’t mention is the actual price to get payments up and running. Square’s website says that there’s “no contracts, monthly fees, or hidden costs,” but they’ve got to pay for the system somehow, so you’d expect there to be a fee for setup, for the accessory, and then a fee per charge through the system, but we haven’t heard what any of those will end up being yet.