Square is the service that enables anyone to accept credit card payments using iPad, iPhone or Android smartphone. The company announced Tuesday that they are reducing their credit card swipe fee, eliminating a 15 cent per fee transaction.

[ad#Google Adsense 300×250 in story]Square works using a free, tiny credit card reader that plugs in to the headphone jack of your iPhone or iPad. Using free software available for download through the App Store and after registering your account, you’re able to process credit card transactions.

The service, available in the United States, enables almost anyone to accept payments using credit cards almost anywhere, whether you’re having a yard sale, you’re a small vendor selling at a farmer’s market, or you’d finally like to get paid back by that friend who never seems to have any cash when you need it.

Up to now, Square has imposed a 15 cent per transaction fee on top of a 2.75 percent processing charge for all transactions. On Tuesday, the company announced that it was dropping the 15 cent fee in favor of the 2.75 percent processing charge alone – specifically for swiped transactions, processed using the Square card reader. The fee remains if you manually enter the card information instead.