Bill is understandably terrified of the Square app, which lets devices with audio input jacks and online connectivity accept credit card payments. That means iPhones, Droids and what have you are every bit as equipped to siphon money out of your accounts as crusty convenience store clerks with cash registers.

Bill isn’t so eager to join the Square revolution:

The way I see it, anyone with a iPhone or Android phone can set up one of these. Yeah, it’s a great idea for the guy selling hot dogs on a street corner. What about the unscrupulous waiter at an otherwise reputable restaurant. I’m sure it won’t be long before the reader gets hacked and crooks start ripping off credit cards anywhere you go. We already have people hacking ATMs to steal credit card information, this makes credit card readers completely portable for anyone including the scam artists.

Maybe it is time to go back to cash.

I should be in Bill’s camp but this seems sort of seductive. Have you used the app?

Accept Payments. Everywhere. [Square]

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