Square got its start by letting businesses take credit cards with just an iPhone or Android, and the company now offers multiple payment methods. Today it launched Square Terminal which accepts credit cards and Apple Pay, and can even print receipts.
This could help spread the availability of Apple Pay, as this new point-of-sale card reader is intended to replace older, simpler ones that can’t accept the iPhone’s payment system.
“Payment terminals are everywhere, from liquor stores to dry cleaners to dentists, and with Square Terminal we can now serve these sellers better with new, elegant hardware on top of Square’s fair and secure payments service,” said Jesse Dorogusker, Head of Hardware at Square.
The transaction rate is always 2.6% + 10¢ for every payment. The device is $399, but new users can get a $300 credit off future processing fees.
Square Terminal not legacy card readers
The company’s goal is to get businesses to replace their old credit card readers with a Terminal. This new hardware can take all major credit cards, including ones with magnetic stripes and chips (EMV). It also supports multiple NFC systems, not just Apple Pay.
Retailers can manually key in a payment amount. Those that use Square for inventory management should opt for one of the company’s other point-of-sale machines.
A Square Terminal can connect over Wi-Fi or Ethernet, and there’s a built-in battery so it can be used remotely.
