Smartphone Credit Card Reader – Square wants to refresh a credit card reader that is often unloved. The payment company on Thursday introduced its latest hardware, Square Terminal, a card reader that looks more modern than the big, worn plastic terminal that you might find at a local corner store. It’s a cellphone, thanks to a rechargeable battery, has a large touch screen and even has a built-in printer for receipts. He can also accept payments via magstripe cards, chip cards and cards or cellphones without contact.
“There are more smartphones, fewer calculators than 1985,” said Square hardware chief Jesse Dorogusker. He spoke at the Privé salon in Manhattan, which, together with around 60 other retailers, has carried out beta testing of new devices.
Smartphone Credit Card Reader
Although Square Terminal is not a device that consumers will buy, it should make their lives a little easier in a number of ways. Because the terminals are battery powered, it’s more mobile than older, plug-in readers. That opens the possibility for more restaurants to allow their servants to take payments right at the table – a practice that is still rare in the US.
In addition, the ability of readers to make payments without contact, such as from Apple Watch or Samsung phones, should help increase adoption of these new types of payments. The new terminal from Square rivals Ingenico and Verifone can handle untouched payments as well.
For Square, Terminal will help the company develop into more mom-and-pop shops, bakeries, salons and restaurants, helping it continue to grow its business. For the last quarter, Square reported a 48 percent surge in revenue, to $ 814.9 million, thanks to more transactions through its machines, but still posted losses.
Square Terminal is only available in the US at this time and costs $ 399. For new sellers, Square will provide a $ 300 promotional credit to cover their transaction costs. It went on sale Thursday on the Square website. The new device joins the $ 999 Square Register table, a smaller $ 49 Bluetooth card reader, and a free magstripe reader. Square does not charge a monthly fee for the device, but instead takes commission for each transaction.
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