Square Launches All-in-One Payment Device 'Terminal' With NFC and Card Support

[MacRumors]

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.

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.

Article Link: Square Launches All-in-One Payment Device 'Terminal' With NFC and Card Support

 

[I am Sampson]

But...but... it’s not a square!?

 

[Sasparilla]

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).

The government should provide an electronic payment process with no transaction fees and that is private (a true cash equivalent).

 

[nutmac]

Look great. $399 isn't bad considering it even has a roll printer built-in to it.

The only limitation seems to be omission of cash transaction data entry.

 

[jdusoccer12]

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).

The government should provide an electronic payment process with no transaction fees and that is private (a true cash replacement).

There is only a 2.6% + $0.10 fee per transaction. That covers paying Square and the credit card company.

 

[mashdots]

But...but... it’s not a square!?

All squares are rectangles, but not all rectangles are squares. This resolves nothing for me.

 

[martyjmclean]

Their other EFTPOS system is at least a square.

 

[erinsarah]

I'm hoping this (or something like it) becomes huge in the restaurant industry, since restaurants seem to be the last frontier for ApplePay and the like, as you can't carry a cash register to a diner's table.

 

[Sasparilla]

There is only a 2.6% + $0.10 fee per transaction. That covers paying Square and the credit card company.

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.

 

[mdriftmeyer]

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).

The government should provide an electronic payment process with no transaction fees and that is private (a true cash equivalent).

Why? They already offer one: cash.

 

[entropys]

If the answer is a role for government you are asking the wrong question.
In fact what you are asking for is for someone else to pay for the cost of the process than yourself. At Government prices.
Other Peoples’ money (OPM) is always the best money to use isn’t it!

 

[aimbdd]

If that’s the credit card rates you pay, you need a different processor. Ours average less than the 2.4%, and it’s a small business.

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.

 

[Fzang]

I'm hoping this (or something like it) becomes huge in the restaurant industry, since restaurants seem to be the last frontier for ApplePay and the like, as you can't carry a cash register to a diner's table.

It’s pretty huge in Europe. For expedited service I usually go up to the register instead of waiting for the waiter to come around.

 

[applesith]

Square is a nightmare. They will randomly hold funds and offer next to no customer support. I've seen friends' businesses ruined by it as well as read countless stories about Square taking money and not offering any reason for it.

Research card processors before you pick one: https://www.consumeraffairs.com/business/square.html

 

[mrow]

I'm hoping this (or something like it) becomes huge in the restaurant industry, since restaurants seem to be the last frontier for ApplePay and the like, as you can't carry a cash register to a diner's table.

Seriously!

I just got back from a few weeks in Europe. Practically every restaurant we went to had wireless terminals they brought to your table to pay and Apple Pay worked with all of them. It was so nice. They were also about half the size of this Square unit, which is likely only this large to accommodate that large color screen. The ones in Europe were older with small black and white/green and white screens. I do wonder if this screen is overkill and they would have been better off making the screen, and therefore the whole unit, smaller and easier to carry around.

 

[entropys]

I think the square one is that size to hold a paper roll and print a receipt.

Edit: I said that as a joke, but it actually does do that!

 

[mrow]

I think the square one is that size to hold a paper roll and print a receipt.

Edit: I said that as a joke, but it actually does do that!

Most of the ones we encountered in Europe also printed receipts, they just used smaller rolls of narrower receipt paper.

 

[zakarhino]

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).

The government should provide an electronic payment process with no transaction fees and that is private (a true cash equivalent).

Well yes of course... of course the US government of all people would be interested in giving people anything that enhances their privacy

 

[raybob]

There is only a 2.6% + $0.10 fee per transaction. That covers paying Square and the credit card company

There is only a 2.6% + $0.10 fee per transaction. That covers paying Square and the credit card company.

In most restaurant operations, 2.6% plus 10 cents will cost you more than traditional pricing. On a $20 ticket size, it will cost you 3.1% ($0.10/ $20 = 0.5%) + 2.6%=3.1% thats a lot more than what square used to charge before (2.75%).
It will cost $140 more monthly for a restaurant selling $40K a month.

 

[EMV Guy]

Love the design. Is it Level 3 EMV? Does it do "Pin Debit"
Thanks

 

[raybob]

Love the design. Is it Level 3 EMV? Does it do "Pin Debit"
Thanks

I don’t see why it shouldn’t be L3 certified. I’m not sure if square os a fan of pin Debit unless they plan to use this device in Europe & Canada too.

 

[Creek0512]

Love the design. Is it Level 3 EMV? Does it do "Pin Debit"
Thanks

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.

 

[raybob]

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.

Not all are horizontal (clover mini is vertical). Most new terminals have quick chip which is lightning fast including square

 

[EMV Guy]

I don’t see why it shouldn’t be L3 certified. I’m not sure if square os a fan of pin Debit unless they plan to use this device in Europe & Canada too.

My customers want to use pin debit. So when they choose debit. Does it prompt them for their pin or does it ask them to remove their card.(Swipe on removal)

 

[mrow]

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.

I feel like a broken record continually mentioning my recent trip to Europe but most of the readers I encountered had horizontal slots too.

Of course most (all?) European credit cards have contactless chips built in to them which, basically, work on the same technology as ApplePay/GooglePay/etc. so the slot is unnecessary.