Square is launching a new point-of-sale hardware device called Terminal, which can accept credit card and mobile payments through Apple Pay, Google Pay, Samsung Pay, and NFC. Square Terminal is a portable all-in-one device that can process payments over Wi-Fi and print out receipts, signifying the company’s focus on expanding its services to more types of sellers and buyers.
Square’s goal with Terminal is to get businesses to replace their legacy payment terminals with Square Payments point-of-sale software. Business owners can charge customers by manually inputting a payment amount, or by selecting from the inventory displayed on the screen. Sellers can add items and track sales through Square software, which they can set up on their phones or desktops. Square’s designed the device to work wirelessly with all-day battery life, so restaurant waiters and salon hair stylists can bring over the Terminal directly, which allows customers to pay from their seats. From the consumer end, buyers can use digital payment apps that aren’t accepted on just the small Square Reader attachments for smartphones.
Terminal’s transaction rate of 2.6 percent + 10 cents for every payment sits in between the rates for the company’s other point-of-sale systems, which vary from 2.5 percent + 10 cents for the Square Register to 2.75 percent for the Square Stand and Reader. The device itself costs $399, and as an incentive for businesses to switch to Square, the company is offering a $300 credit, which would reduce the price to $99.