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Mobile-phone cash register Square open for business

Doug Gross
Square uses a plastic reader to get credit-card information and process payments through your phone.
Square uses a plastic reader to get credit-card information and process payments through your phone.
STORY HIGHLIGHTS
  • Square, an app that lets phones accept credit cards, is now live
  • App is available for several Android phones and the iPhone, iPad and iPod Touch
  • Square was founded by Twitter co-creator Jack Dorsey

(CNN) -- Square, an application that turns a smartphone into a mobile cash register, is open for business.

Created by Twitter co-founder Jack Dorsey, Square uses a free download and plastic card reader to let users accept credit card payments.

The app charges users 2.75 percent of the transaction cost plus a 15-cent fee -- a rate Dorsey said is in line with what retail stores pay for accepting cards.

"No one carries cash any more," Dorsey told CNN's "American Morning." Video

"Everyone carries a little plastic card and nobody carries their checkbook. So being able to accept credit cards means more money, more volume."

Video: "Square" could change how we pay
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The app will benefit small, independent merchants as well as fundraisers, Dorsey said.

The app is available for several phones using Google's Android system -- including the Droid, Droid X, HTC Evo and Samsung Galaxy S -- and the iPhone, iPad and iPod Touch.

Perhaps not surprisingly, Dorsey announced that the buzzed-about app had gone live with a post on Twitter.

"The doors are (finally) open @Square & we're going big," Dorsey tweeted on Friday.

The app can be downloaded at Square's official website or the app stores for the different operating systems.

[TECH: NEWSPULSE]

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