Twitter co-founder and chairman Jack Dorsey is working on some iPhone hardware known simply as the Square, which can turn an iPone into a credit card reader. Check out the details after the jump.

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Tags: iPhone, iPhone credit card reader, Jack Dorsey, Mobile Software, square, The Square, twitter

In the past there have been several offerings for those who want to use their iPhone to charge one of their customers credit card but they require you to punch in the card’s entire number.

A recently announced project codenamed Square is looking to remedy that as it will make use of a magentic-strip reader that plugs into the iPhone’s headphone port. All users of the app need to do is swipe the card, punch in the amount and have the customer sign right on the phone. After the transaction is complete it is geotagged and a receipt is sent via email.

There’s no word on when exactly this will hit the market but when it does it is sure to be very valuable to those who do selling on the go.

Read (CoolHunting)

Tags: app, App Store, Apple, At&T, Cell Phones, Credit Card, credit card transaction, iPhone, Mobile News, Mobile Software, selling, square