I've been using Square now for a while on my iPhone4 and absolutely love it. Another friend of mine uses it with her 2nd gen iTouch with a verizon mifi card. If you contact customer support they can send you an application to have the $1000 per week limit increased, which is what I did. You will need to send them copies of recent statements from your current merchant account.
Matt Suess
http://www.mattsuess.com
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