Square Launches NFC Reader to Bring Apple Pay to Smaller Businesses

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Nov 23, 2015.

  1. MacRumors macrumors bot

    MacRumors

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    Mobile payments company Square today announced the launch of its new NFC reader within 100 small businesses around the country, letting stores who previously were unable to accept Apple Pay -- due to the lack of a required contactless reader -- begin supporting the service (via USA Today). The small square-shaped reader will act like all other Apple Pay-accepting terminals, letting users wave an iPhone or Apple Watch near the device to complete a purchase.

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    Business owners can buy the Square reader for $49 to begin allowing customers the option to use Apple Pay in their storefronts. With the recent surge in popularity of chip cards, touted as being a safer and more secure physical payment alternative, the reader also has the option to accept chip cards in a small slot located on the side of the device.

    Square initially announced incoming support for Apple Pay last November, with no real hint as to what the device would be. The company then announced the Square reader during WWDC earlier this summer, confirming its NFC and chip-reading capabilities would bring the success of Apple Pay to businesses and merchants who as of yet hadn't had the chance to support the service. Merchants interested in adopting Apple Pay can visit Square's official website to reserve their own NFC reader.

    Article Link: Square Launches NFC Reader to Bring Apple Pay to Smaller Businesses
     
  2. geoff5093 macrumors 68020

    geoff5093

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    This will be great for iPhone and Android users! See how nice it is when using common standards?
     
  3. 2457282 Suspended

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    I have always been a fan of Square (always thought that Apple should buy them out). Almost all the small vendors I run into, like the farmers at the farmers market, use square. I hope they will incorporate this little machine.
     
  4. realeric macrumors 65816

    realeric

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    Apple should have purchased Looppay. It was only $0.3 billon. Apple instead have been spending $20 billion to purchase stocks and burn them every year.
     
  5. stulaw11 Suspended

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    A bit expensive considering they make 2.75 to 3.5% (plus $.15) and fees on each purchase. They gave the small reader for free when you signed up for their service.

    I get that this reader is a bit more involved and electronics, so $20 wouldve still been fair.
     
  6. Mad Mac Maniac macrumors 601

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  7. konqerror macrumors 6502

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    It's not that pretty. They take on high risk by accepting merchants off the street. Square is ultimately responsible for merchants that take the money and run, refuse to refund a defective purchase or go bankrupt before delivering the goods. They are also open to fraud, I've seen cases where criminals use their service to test credit card numbers, instead of going to a store or gas station where there's cameras.
     
  8. star-affinity macrumors 6502a

    star-affinity

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    Cool! Hope it works out well for all involved.
     
  9. aajeevlin macrumors 6502a

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    Thanks for the insight, never thought of it from this perspective.
     
  10. Chatter macrumors 6502a

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    Now if food trucks start using this....
    I know it costs the merchant money but I would pay 0.50c - $1 more (for the food) to a food truck if I could just flash my watch and not have to dig out cash. Come on.....someone try this.
     
  11. KPOM macrumors G5

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    Why purchase Loopay when swipe cards are supposed to be phased out within a year? It's better to get people using NFC and chip cards.
     
  12. Peepo macrumors 6502a

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    No chip and pin so of no use in Canada.
    We have couple square stands for past two years and hoped that square would support.
     
  13. nunes013 macrumors 65816

    nunes013

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    They are also waving the first $50 in fees when you get the reader. I preordered mine a few months ago. I don't really understand the article because they haven't started to ship them yet. Unless maybe a few businesses are getting these early.
     
  14. rysmtihaz macrumors regular

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    Not sure if they're still offering it but I paid $50 but will be refunded after the first payment I run.
     
  15. CFreymarc Suspended

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    For a lot of small or cottage businesses, avoiding the management of a full merchant account is the trade off using Square and similar services.
     
  16. Reason077 macrumors 68020

    Reason077

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    Very nice. Hopefully this means Square will be launching in the UK and Europe - there's a few similar services here but they haven't really caught on that widely.
     
  17. mdelvecchio macrumors 68040

    mdelvecchio

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    why on earth would apple have wanted LP? AP is superior.
     
  18. Reason077 macrumors 68020

    Reason077

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    Huh? The photo pretty clearly shows a chip card being used. I would think that to be an EMV-compliant NFC terminal, Square would need to accept Chip & Pin as well.
     
  19. rfahey79 macrumors member

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    I hope this means the one that I pre-ordered during WWDC will be shipping soon.
     
  20. WAM2 macrumors 6502a

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  21. rfahey79 macrumors member

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    It would be a smart move for them, being a small business owner myself who's used Square since it was first introduced on the iPhone 3g and having done the math against other merchant systems; square is far cheaper per transaction than other offerings. Not needing to have an internet connected directly to the device is nice also. My business is on-site and many of my customers live where there is spotty cellular coverage. Square's offline-mode allows me to accept payment without the customer having to bend over backwards, or wait for a slow response from a 2g or less network.
     
  22. peteo macrumors regular

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    No Only that, they don't get to handle your credit card (never see the numbers), nor get any info about you. Its a win for all!
     
  23. DanielSw, Nov 23, 2015
    Last edited: Nov 23, 2015

    DanielSw macrumors 6502

    DanielSw

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    Ridiculous. As if you know better than the company what they should (need to) charge for their product!

    NFC and Apple Pay support implies radios, manufacturing costs, design costs, and lots of programming and infrastructure, all of which cost a lot of money, factors you armchair quarterbacks can't possibly know enough about to do any sort of credible "pricing" yourselves.
     
  24. dontwalkhand macrumors 601

    dontwalkhand

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    There's a chip reader right there in the picture but no PIN.
     
  25. Tycho24 Suspended

    Tycho24

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    EXACTLY my thoughts!!!
    Lol, we know Apple is quick to shed legacy tech like the floppy & then the optical drive.... why on earth would they pay big money to embrace a dying technology??
     

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