Once a dream is now a reality. A new smartphone application hit the market today in the USA that allows entrepreneurs to accept credit card payments by simply using their phone. Dubbed Square, the service enables businesses, of any size the ability to accept credit cards. The company is the brainchild of former Twitter executive Jack Dorsey. Dorsey posted a letter on the website (www.squareup.com) suggesting that “… Square intends to bring immediacy, transparency, and approachability to the financial world. We want to enable all people to accept payments instantly, …in a way that feels amazing and engaging”.

Square will allow users to sign bills using their fingers on the screen of the mobile device, and the transfer of funds will take no more than two business days. Processing fees appear to be comparable (if not better) to others. The potential use of this type of application is HUGE. Imagine the personal trainer that can now accept a credit card, or the merchant at the farmer’s market, the hairdresser, the small business start-up, even the ice cream man along the shore.

I’ve just tested the cash payment system on my iPhone (my credit card processing widget has been ordered and sent via post to my USA address). Slick interface, ability to email the receipt to the customer, and very easy to use. I am looking forward to testing out the complete package in June. Question is – will it work with an Irish laser card?