Square has updated its iPhone card-scanning dongle to suit the new iPhone 4, after it was discovered that the existing model wouldn't work with the most recent handset's antenna design. The redesigned version removes the metal band around the Square reader's headphone plug, which had apparently been causing interference.
According to company co-founder Tristan O'Tierney, Square will be automatically sending out the new reader to existing users who have recently made a transaction on their iPhone 4. He also reveals that the updated version supports "more accurate swiping".
Square allows for micro-payments to be made using a combination of a credit card reader and an iPhone/iPad app, with the company taking a slice out of the transaction as their fees.