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Have you ever wanted to accept Visa/Mastercard? There’s an App for that.

Square Credit Card Processing DeviceHave you ever split a meal with a friend? Or maybe taken a taxi somewhere with a buddy? Unless you’re agoraphobic or just REALLY unlikeable, I’m going to assume you have. You’ve also probably experienced that awkward moment when neither of you really have enough cash to divide the check evenly so one person pays more and you’re left with that uncomfortable ‘IOU’ feeling.

Well, not anymore! Who wants to owe money to a friend when you can just Square Up? That’s right folks, there’s a app for that. Square Up allows anyone with an iOS or Andriod OS device (iPhone, iPad, Droids, HTCs, Samsung Galaxy, LG Ally, etc.) to accept credit card payments from anywhere. Not enough cash? Accept Visa!

Square Up is still a relatively new company started by one of the co-founders of the popular social media engine Twitter. With a (free) device that plugs into your smartphone’s headphone jack, you can swipe a friend’s credit card and charge up to $1000 a month and receive it right away! Sure the credit card companies will still take a cut (2.75% + $0.15 per transaction) but it’s a lot simpler than a typical agreement a company would have to enter into.

SquareUp Credit Card Smartphone Device and AppHowever, the company is facing a few obstacles – the biggest of which is convincing people that this is OKAY. With the digital age still in its youth, there’s a lot of worry about identity theft and credit card fraud out there. Let’s say you buy a pair of Yankee’s tickets from someone on Craigslist. Are you going to feel comfortable when he asks you to swipe your credit card to pay? Exactly.

Still, Square Up seems to be approaching consumers in the right light. They understand that promoting the trustworthiness of their product should be their first and primary concern. Nevertheless, they have a long way to go if they really want this app to take off. Read more about what Square Up is doing from the NY Times. Or go to SquareUp.com and sign up to get started!