Square Drops Transaction Fee

I recently ordered the square accessory for my iPhone. The experience of charging credit card is a breeze, it is very simple to use and receipt was sent right away via email, the money i charged got transferred to my back account same night. Square simplified the traditional credit card terminal business model to very simple mobile device. The 2.75% transaction fee without swipe may lure any SMB towards migrating to this solution. Square not only attacks the rivals SMB payment leaders like Intuit and VeriFone but slowly paving the way towards personal payments directly competing with PayPal.