Square launches all-in-one portable Terminal with Apple Pay

AppleInsider

Square on Thursday unveiled the Terminal, a portable device meant to accept all forms of retail payment, including NFC-based platforms like Apple Pay and Google Pay.

The hardware also accepts chip and magstripe cards, and prints out its own receipts. While it includes Wi-Fi and Ethernet connections, it can also operate in an offline mode when internet access goes down, and is designed to last a complete business day on a single charge.

Retailers can customize checkout and receipt options for their needs. This includes entering manual prices or setting up a preset list of items. For behind-the-scenes work, it can be linked to apps like QuickBooks.

The Terminal is a step above Square's smartphone-based Reader accessories, which separate magstripe and chip/contactless compatibility.

Square is charging $399 for the product, with a transaction rate of 2.6 percent plus 10 cents. To lure in businesses though the company is extendeding a $300 credit, bringing the real-world cost of the hardware down to $99.

AppleInsider will be at the fall "There's more in the making" event, where we expect new iPad Pros, and maybe even new Macs! Keep up with our coverage by downloading the AppleInsider app for iOS, and follow us on YouTube, Twitter @appleinsider and Facebook for live, late-breaking coverage. You can also check out our official Instagram account for exclusive photos.

eightzero

AppleInsider said:

Square is charging $399 for the product, with a transaction rate of 2.6 percent plus 10 cents. To lure in businesses though the company is extendeding a $300 credit, bringing the real-world cost of the hardware down to $99.

It's not clear what credit they are extendeding. The weasel words of the double asterisk:

"**New to Square Terminal Offer Terms
For new Square sellers with purchase of Square Terminal. Offer valid for $300 in reimbursed processing fees for transactions paid by card. Processing credits expire 180 days from the date you activate your Square Terminal, after credits have been fully redeemed, or 365 days from the date of your Square Terminal purchase if you have no card transactions, whichever comes first. Processing credits may take up to two weeks from your first login to Terminal to be reflected in your account. Processing fees are reimbursed to your account with each deposit. After credits expire or are fully redeemed, your standard pricing will apply. Not transferable or redeemable for cash. Offer limited to one redemption per customer, even if multiple Square Terminals are purchased. Square reserves the right to modify, revoke, or cancel the offer at any time." [italics added]

So if you're an existing, loyal customer using Square for some time, no deal for you. 

backstab

I've never understood why Square bothers to build 'any' terminal without ApplePay capability built right in. 

redgeminipa

Too small, and too limited, for the price. For $400, you can buy a basic iPad ($329), Square Contactless and Chip reader ($49), Square Magstripe reader ($10) and a cheap stand ($10), and have WAY more functionality. Oh, and you can stay at the standard 2.7% WITHOUT a 10¢ swipe fee. Plus, as a user of Square for my business, Square Register is a LOT more functional when used in landscape.

leehamm

"**New to Square Terminal Offer Terms
For new Square sellers with purchase of Square Terminal. Offer valid for $300 in reimbursed processing fees for transactions paid by card. Processing credits expire 180 days from the date you activate your Square Terminal, after credits have been fully redeemed, or 365 days from the date of your Square Terminal purchase if you have no card transactions, whichever comes first. Processing credits may take up to two weeks from your first login to Terminal to be reflected in your account. Processing fees are reimbursed to your account with each deposit. After credits expire or are fully redeemed, your standard pricing will apply. Not transferable or redeemable for cash. Offer limited to one redemption per customer, even if multiple Square Terminals are purchased. Square reserves the right to modify, revoke, or cancel the offer at any time." [italics added]

So if you're an existing, loyal customer using Square for some time, no deal for you. 

At 2.6%, that's equivalent to nearly $30,000 in transactions in 180 days. Non-trivial amount...