Square Terminal Poised to Improve Mobile Payments Operations
Square is one of the oldest and longest-lived operations in the entire mobile payments market. Square’s dongles were making it possible for businesses to take credit cards that had never before even considered the possibility. Square didn’t let down its guard to advance into mobile payments, and its newest hardware release—the Terminal system—is set to improve mobile payments use once again.
Square Terminal is an all-in-one device that allows businesses to accept a range of mobile payments all from one platform, processing the payments over a Wi-Fi connection. It can accept not only a wide range of credit cards, but it can also take the three major Pays—Apple, Google and Samsung—as well as anything that runs on a near-field communications (NFC) system. The system can even print out receipts, which shows how eager it is to expand its offerings to more potential sellers and buyers alike.
Terminal was developed, reports suggest, as a means to replace Square’s more legacy hardware offerings, especially those currently operating Square Payments software. Software improvements have added plenty of new options, like adding items, tracking payments, and more.
Plus, Terminal boasts significantly lengthened battery life, which allows the system to better operate in less-than-hospitable conditions. Reports suggest the device will be priced at $399, though there’s a $300 credit available for those making the move to Square. Terminal transaction rates are set at 2.6 percent of transaction, plus $0.10 for every payment made.
Square has been a major force in mobile payments since before Apple even got involved. While some might say this is a case of better late than never, or perhaps just plain too late, Square stepping up its operations should help increase interest in the company’s operations. Since this is more a mobile payments system on the supply side—the merchant side—it won’t have to worry too much about its outside competitors. While some customers may have made the move to other, more recently-advanced point-of-sale systems, it likely won’t be a big challenge to pull in some former Square users with new hardware.
Still, the lag in development may have caused some folks to fall out of love with Square, and it may be a bit tougher task winning them back than Square might like.