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Store/Restaurant Credit Card Devices Now Obsolete?

Co-founded by Twitter co-founder Jack Dorsey and Brando Arnovick of Mission Minis is a free credit card reader that plus into a phone or iPad. No extra equipment, no contracts, or monthly fees or merchant account required.

Fees are:
2.75% + 15 cents for swiped transactions.
3.5% + 15 cents for keyed-in transaction.

Every credit or debit card they accept (Visa, MasterCard, Amex and Discover) have the same flat rate.