A company that manufactures a device that allows businesses to process credit card debt using a mobile phone has accomplished a rare feat that will likely cause its popularity to surge.
Square, the mobile payment startup run by Twitter co-founder Jack Dorsey, recently received approval to begin selling its credit card reader in computer giant Apple’s online store, which is a notoriously difficult feat, according to a report from the news site Tech Crunch. In addition, the company will also begin selling the product in Apple’s brick-and-mortar stores in the near future.
The device works with a program that is available for free in Apple’s popular App Store platform, and costs $9.95, the report said. However, all new accounts are granted a $10 credit for using Square’s services, which allow small businesses to accept credit cards for mobile payments using an iPhone or iPad. The company charges 2.75 percent of the purchase price per transaction.
Square is one of many companies now manufacturing credit card readers that work with mobile devices. Experts predict the mobile payment processing industry will surge during the next few years.