The world looks more likely to embrace paperless money before we ever see a paperless office. Taking us closer to this reality is the Square Card Reader, which works with apps for Android and iOS. From the same name developer, Square Card Reader is a free virtual wallet app that accepts credit card payments through a free credit card reader extension.

In order to receive the free credit card reader extension, users must first set up an account, which can be done through the app or from the Square Card Reader website. It takes but a few minutes and only requires personal information, such as address, social security number and bank account information. Once complete, the credit card reader extension will be delivered by mail. After which, once setup is complete, the vendor can begin accepting payments by simply swiping or manually entering the card information and the purchase amount.

Square accepts payments through the Square network directly into one or more bank accounts. It takes payments from American Express, Discover, MasterCard and Visa and charges 2.75 percent per swipe using the reader, or 3.5 percent plus 15 cents per swipe if the card information is entered manually. There's neither a contract nor a monthly minimum, and Square Card Reader promises to deposit funds the next day.

Making payments is easy. Simply enter the amount, type a brief item description, swipe the credit card with the reader and have the payer approve the transaction, either with a signature or just a touch on the screen, and the payer will receive a receipt via email or SMS.

PUBLISHED OCT. 16, 2012