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Even during a tough recession, payment companies -- like Visa (V), MasterCard (MA) and eBay's (EBAY) PayPal -- have continued to thrive. So it should be no surprise that other companies want a piece of the action.And one of the newest players is Square. In fact, the mastermind of this new venture is also the cofounder of the wildly successful Twitter (which recently raised capital at a $1 billion valuation).
Simply put, Square allows you to accept credit cards by using a gadget -- which is essentially a magnetic card reader -- that connects to a mobile device, such as Apple's (AAPL) iPhone. Apparently, the fees will be much lower than traditional alternatives. There's even talk that Square will give away the devices.
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