Imagine being able to use your smart phone to accept credit card payments from your friends that owe you money, and always use the excuse of "never having cash" on them.
The Square team has been developing this innovative service since February, 2009, and just launched its beta phase. Their goal is to bring "immediacy, transparency, and approachability to the world of payments: an inherently social interaction each of us participates in daily." Square's innovation is a small adapter that plugs into the audio output jack of any smart phone. After setting up an online account, you can use this adapter to accept credit card payments for anything. Square eliminates receipts, gives rewards and even donates a penny from every purchase to a cause of your choice. Beyond shopping, this little device offers a powerful tool to anyone who needs to raise money. It could be scaled to meet a variety of needs, like increasing community donations for a cause or an emergency.