Square’s $1 iPhone Credit Card Reader

These days there are a lot of companies that are creating credit card readers for the iPhone, Square is one of them, they will release a mobile credit card transaction this summer. Nothing special? Well this credit card reader & App will only cost $1.

But there is a catch, for every transaction you make they will bank 2.9% of the transaction. So if you are planning to use this reader for big transactions this is probably not the credit card reader you should use. But if you only use it ones in a while for small transactions this could be very interesting.

The other good thing is that Square will work with any bank account, so you don’t need a special merchant bank account.

The last interesting thing is that they will donate 1 penny to your favourite charity.

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