Square Inc. is expanding its line of products by launching a new all-in-one payment terminal designed to replace the legacy point of sale systems currently being used in most stores and businesses.
According to 9to5Mac, with the new Square Terminal, the company is hoping to pull businesses away from the outdated processing technology by providing a cheaper and more innovative alternative.
The Square Terminal is a small, portable device with a 5.5-inch touchscreen that will be able to accept different forms of payment methods, including credit cards, Apple Pay, and Google Pay. It also allows merchants to send receipts via text message, email, or by simply printing them out on the spot.
Another great selling point for the new device is that it's completely wireless. The device doesn't need to be connected via a cabled ethernet connection like most of the current payment terminals being used, but instead is able to connect to Wi-Fi in order to process sales and update firmware, when necessary.
And unlike current point of sale setups, there are no hidden fees or banks to go through. Square will charge merchants a flat rate of 2.6 percent of each purchase plus $0.10 for additional transactions. The terminal itself will cost $399, which is definitely a more budget-friendly option than Square's current terminal.Square's current register setup costs $999 and does not function as a stand-alone system since the stand requires an iPad to process purchases. The company also offers a tiny card reader that is able to receive payments when connected to a compatible smartphone.
While to speaking to Fast Company, Square's co-founder and CEO Jack Dorsey said this move was inevitable for the company.
"Payment terminals have been around for longer than Square has been around," says Dorsey. "So it's never not been on our mind. There are entire companies that just make these things."Square's head of product, Jesse Dorogusker, also chimed in to explain why the terminal is the hassle-free option for small businesses.
"Even if you do get accepted by a traditional terminal provider to accept payments, you typically sign up for a contract that is at best opaque and probably not so fair," says Dorogusker. "There's a teaser rate, there are monthly fees, there's a variety of other fees, different cards cost different amounts."
"Square Terminal is our way to fix basically all of those things."The company also assists small businesses by providing invoicing software and other tools.
The Square Terminal is available for purchase now.