Square Stuck in Patent Hell
Mobile credit card payment startup Square, whose card reading service works with a nifty magnetic card reader that plus into a mobile device’s headphone jack, is missing a very important piece: The patent for the hardware.
Square, Inc. and founder Jim McKelvey filed a complaint against Robert Morley, Jr., an associate professor of electrical engineering at Washington University, claiming that he neglected to list McKelvey as co-inventor of the device.
According to the story told McKelvey, a glass artist and entrepreneur, he came up with the idea for a mobile card reader in 2009 after losing a sale because he couldn’t accept credit card payments.
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