A start-up by Twitter co-founder, Jack Dorsey, Square is a micro payments system designed specifically to work in unison with Apple’s iPhone or iPad.

In order to use the system you first have to order a square reader. This reader then plugs into your device’s headphone jack and, using your Square account, allows you to take payment from credit or debit cards using Square’s FREE universal app.

Up until last Friday, the only way to get your hands on one of these specially designed readers was to order one directly from Square themselves and face being put on a huge waiting list. Now though, as noted by 9to5Mac, Apple has partnered with Square bringing it’s reader to it’s online store. The reader costs just $9.95 and is available here.

But the collaboration between the two companies won’t stop there. TechCrunch reports that Apple is also planning to sell the reader in it’s physical retail stores, too.

Square is the simplest way for individuals and businesses to accept credit cards. Just plug the reader into your iPod touch (4th generation), iPhone 4, or iPad and use it in conjunction with the free Square app you can download from the App Store.

The catch? – Square will take a flat fee of 2.75% from each transaction completed using the reader.

[via 9to5Mac]

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