Payments company Square today announced the launch of a new point-of-sale hardware device called "Terminal," which combines NFC, credit/debit card swiping, and chip-based payments all in one piece of hardware. Like Square's other devices, Terminal supports Apple Pay, Google Pay, and other mobile wallets using near-field communication.
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Square says Terminal can be used alongside an existing point-of-sale solution or as its own standalone payment processing system. Terminal also has an all-day battery, Wi-Fi and Ethernet internet connections, an offline mode, quick setup, fraud prevention, and is fully mobile so it can be used on a countertop or taken directly to customers. In terms of pricing, businesses will have to pay one transaction rate of 2.6% + 10¢ for every payment, and Square promises no hidden fees.
“We love how the hardware, payments, and printer are all part of one device,” said Fabrice Borg, manager of Prive by Laurent D Salon in New York, NY. “Square Terminal makes for a more seamless and professional experience when we bring the terminal to our customers and they can pay for their services right from the salon chair.”
Square first launched its original NFC reader back in November 2015, allowing any business to introduce Apple Pay support to their checkout process. Over the years the company expanded into the United Kingdom, introduced new point-of-sale devices like the Square Register, and updated the swipe-based Square Reader with a Lightning connector.
Those interested can purchase Terminal in the Square Shop for $399, or pay $37 per month for 12 months.
Top Rated Comments
(View all)Love the design. Is it Level 3 EMV? Does it do "Pin Debit"
I don’t understand why all the POS manufacturers in the US insist on horizontal chip card slots when it is immeasurably easier to insert chip cards vertically. Of course I also don’t understand why chip readers take 10x longer in the US either.Thanks
Actually looks like a nice device. Although $400 for that, then 2.6% + Credit Card Transaction fee (~3.5%) and you're talking real money (5%+ for every transaction).
There is only a 2.6% + $0.10 fee per transaction. That covers paying Square and the credit card company.The government should provide an electronic payment process with no transaction fees and that is private (a true cash replacement).
The only limitation seems to be omission of cash transaction data entry.
That's fantastic. I know American Express has higher transaction fees than Visa or MC and it was like 4.5% not that long ago. I've heard Visa / MC transaction fees for credit cards (not debits) are 3.5% or so.
They must have negotiated a seriously low rate with them somehow.