Dorsey, now the CEO of mobile payment solutions firm Square, announced the release of his company's credit card reader, which works with iPads, iPhones and Android phones, according to USA Today. The device, which plugs into the devices' headphone jack, is smaller than a quarter and available free of charge, as is the program it works with. About 50,000 were shipped to small businesses and consumers nationwide ahead of the official launch.
However, there is a fee associated with each transaction, according to the newspaper. Square charges businesses that use the service 2.75 percent of the purchase price, plus another 15 percent if the transaction involves credit card debt.
In recent months, many companies have released similar devices that will allow businesses to process transactions involving credit card debt. There has been an increased demand for such services and now portable technology makes these programs possible.