The release of the Square Payment System is here, allowing you to use your iPhone as a credit card reader. Square will also support the iPad and Android devices. The app is already available in Apple’s App Store and the credit card reader is free to those who sign up.
The service isn’t free, however. Retailers will have to pay fees that start at 2.75 percent, as well as a 15 cent surcharge. But the setup cost is probably cheaper than other options out there.