Square is an iPhone application that brings banks and making payments closer to you. A lot closer actually, since you can make payments and get paid from the very palm on your hand, or your iPhone to be more precise. Square is an innovative method to let people quickly and easily accept physical payments with your iPhone or other mobile devices.It is a free app to download. Square works with a tiny card reader that plugs into the headphone jack on the iPhone. And it takes finger signature on the iPhone touchscreen, generates email or SMS receipts, calculates sales tax and comes with an online accounting dashboard to keep track of sales.  Square is sending the card reader for free for anyone who signs up for an account now. The usage looks pretty simple whether you use the card reader or enter details manually. However, when you use the card reader you are charged a 2.75% +15c fee and when you enter manually (cash) it is 3.25% +15c. It is similar to Paypal in terms of fees but the convenience is unbelievable. Also, there is a transaction limit of $100 per transaction and $700 weekly limit. But they are saying they working on increasing these limits in the coming weeks.I think this could be a revolutionary way to collect payments for various reasons as long as the service is secure with the financial information. You have to sign up right now, and save yourself a lot of time, energy and nerves, because no one like to wait those long long lines to make a simple payment.