Square Payment System

I may be a bit behind the times but I just learned of a revolutionary device for small business owners called Square.  With Square you can use your iPhone, iPad or Android to accept credit card payments remotely and wirelessly using just your mobile device.  The device itself is free; Square earns money by charging a 2.75% transaction fee.  As a future entrepreneur (I am waiting for my great idea), I think this device will make conducting business easier for new companies, particularly those who operate outside of a typical office setting such as at a farmer's market or craft fair.  Square is backed by venture capital firms Khosla Ventures and Sequoia Capital, as well as a group of angel investors and is headquartered in San Francisco.