Square Up with people on the spot using this cool new App

Processing credit cards by cell phone is nothing new. In fact, the iPhone has made this a notoriously simple process for a while now. The interesting, new  Square Up app sets itself apart with a free card reader you plug into your phone, and ultra low rates and processing fees. While the 0.15% difference won’t make a huge difference in your bottom line ($150 for $100,000 in gross credit card sales), the real money-saver will be the $0.15 processing fee for businesses with high-volume, low-dollar sales. (Think independent cafés, tutors, hot dog /ice cream carts, or craft-fair sellers, garage salers.)

Some other novel uses? Let’s say you’re a bookkeeper whose client is notoriously late paying. Now you can settle up with them (via their corporate AmEx) on the spot every time you stop by the office. No more excuses about them leaving the checkbook locked in their secretaries drawer when she’s out sick.

How about you? Can you think of a novel way to use this? I’d love to hear it!