Square on Thursday unveiled Terminal, its new touchscreen alternative to legacy, keypad credit card machines. Terminal is described as an all-in-one card processing device, meaning that it accept physical debit and credit cards as well as mobile payments through Apple Pay, Google Pay, Samsung Pay, and NFC.
The wireless device is said to have all-day battery life, can process payments over Wi-Fi or Ethernet internet connections and is also able to print receipts. With this form factor, Square is pitching the device as a useful option for sellers that take payments on the go.
"[Terminal] is the best solution for businesses that use their own point-of-sale solution or manually key in a payment amount, and want to process payments with Square," the company noted in a blog post. "Square Terminal also offers sellers a fair and flat rate for every transaction regardless of card type."
In terms of pricing, Terminal comes with an up-front cost of $399 for the device, and then a 2.6 percent + 10 cent transaction fee for every dip, tap, or swipe payment. As an incentive for businesses that switch to Square, the company is offering Terminal for $99 after a $300 processing credit.
San Francisco-based Square, headed up by Twitter CEO Jack Dorsey, has greatly diversified its portfolio over the years, expanding into corporate catering and lending, and building tools for email marketing, payroll, and customer management. Its hardware portfolio is one of its smaller revenue lines, bringing in $18 million during Square's most recent quarter. The addition of Square Terminal and its somewhat higher price point should help grow the segment over the long run.
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