Square, the innovative and disruptive, payment system add-on for iOS devices has made one giant leap and landed feet first into Apple’s online store.
Square is now being sold on Apple’s online store and will be making an appearance in Apple retail stores from next week on. In fact, Square may even make an appearance at cash registers within Apple stores.
Square enables merchants to process credit card transactions on iPhone/iPad/iPod Touch devices by way of a credit card swiping add-on that plugs into the headset/microphone jack and then interfaces with a free to download Swipe app. Apple CEO, Steve Jobs, even demoed Square during the iPad 2 launch in March.
Square is available for $9.95 but users get a $10 square credit when they sign up for an account. Square charges 2.75% transaction charge for those wanting to make payments through their iOS device. Check out the below video for a demonstration.
Square COO, Keith Rabois, told Techcrunch that the expect to process approximately $40 million in transactions in Q1 of 2011 and they are growing at a rate of 100,000 merchants per month.