There are endless processes to demystify when it comes to starting your own business and payment options for your customers is just one of them. Now, Californian tech company Square is leading the charge when it comes to easier, more affordable solutions for your store.
Launching new contactless and chip card reader capability in Australia today, Square Reader is a small, (very) convenient contraption that allows you to accept card payments anywhere your products travel. Following on the success of the $19 reader that plugs directly into a headphone jack released in March, the new device option costs a reasonable $59 and that’s not the only advantage to this new piece of tech: the device accepts both credit and debit Visa, MasterCard and American Express payments in both swipe and chip reader forms, functions wirelessly and it attracts a fuss-free, flat rate fee of 1.9% for all transactions. Funds are directly deposited into any local bank account.
Before the March launch of the original Square Reader, small businesses operating in the market stall arena in particular faced a series of stumbling blocks in order to allow customers to pay by card – a lot of outdoor markets have limited access to electrical outlets and clunky EFTPOS machines can be expensive to run, with some banks charging businesses a monthly flat rate for the terminal (at around the $50 mark), in addition to a transaction limit that incurs a charge of 1.5% for the total dollar value that exceeds said set limit.
“Square believes that card payments should be simple and seamless,” Square’s Australian Country Manager Ben Pfisterer explained of their revolutionary product. “In Australia, the rate paid by businesses to accept card payments can be incredibly confusing and vary greatly, depending on the size of your business, card type and length of your contract, and almost always involves hidden fees.”
Freeing businesses physically and financially, Square Reader is placing the power back in the hands of small start-ups with a more flexible and transparent approach to card transactions. Go forth and prosper!