Prior to the Lighting connector update, the Square Reader plugged into the headphone jack on a device. Square users with the iPhone 7 or later were required to use an adapter with the Square Reader as Apple eliminated the headphone jack starting with the iPhone 7.
Square is also introducing support for using the original Square Reader with a computer using the Square Virtual Terminal. This setup is ideal for sellers who do the majority of their business on the computer, and the software is compatible with Apple's Macs and Chromebooks.
According to Square, users will need to plug the Square reader for Magstripe into the headphone jack on a computer and then open up the Virtual Terminal to begin accepting payments via computer.
Transactions made via the new Square Reader with Lightning or the Square Reader used with a computer incur a 2.75 percent fee per swipe for Visa, Mastercard, Discover, and American Express. Manually entered computer payments incur a fee of 3.5 percent plus 15 cents.
The Square Reader for Magstripe with the new Lightning connector is available from the Square website for $10 or free for eligible merchants.