Jack Dorsey, the co-founder of Twitter has announced a new company called Square and has now launched their website for the Square payment dongle for the iPhone, but apparently is still in private beta testing.

Dorsey spoke to tech crunch in San Francisco and spoke on the idea behind Square which is hardware, software combination which enables vendors to accept and process credit card payments and is to initially launch on the iPhone.

And just so you get the wise up on what went on and to learn a bit about Square for the iPhone, we have a video of Square in action for your viewing pleasure which lasts almost three minutes and can be viewed below.

It is somewhat difficult to get a good look at the iPhone screen in the daylight, but the video does show just how fast transactions work using Square…enjoy.