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New Square Terminal addresses clumsy payment systems for old schools

Okay, complete disclosure: We are in a conference room in San Francisco's headquarters; "Dealer" is the company's chief engineer, Jesse…

Okay, complete disclosure: We are in a conference room in San Francisco’s headquarters; “Dealer” is the company’s chief engineer, Jesse Dorogusker. And his “customer” is Jack Dorsey, cofounder and CEO of both Square and its neighbor in the next block, Twitter. The two have engaged in a small play to show the new Square Terminal for me.

It was probably inevitable that the company &#821

1; who was on the move – would come around to build something in these directions. “Payment terminals have been longer than Square has been around,” says Dorsey. “So it’s never not been in our mind. There’s a whole company that’s just doing these things.”

Square Terminal fills a distinctly different niche than the square’s existing hardware: The small original smartphone reader, bigger Bluetooth readers for smart cards and mobile payments and large screen square records. Unlike readers, the terminal is an all-in-one gadget that does not require a smartphone or tablet for brains and connections. And unlike Square Register, it’s extremely portable, designed to go through scenarios that Dorogusker and Dorsey practiced. It sells for $ 399, with a $ 300 processing credit for new Square merchants, and is available today on Squares website.

Since Square launched 2009, the company – and once tried to respond, competitors have done a lot to modernize the action of accepting credit cards. But the situation with payment terminals is still messy. Many of the terminals out there are clumsy and outdated, difficult to update with new opportunities, and are provided to merchants as part of a payment processing agreement – provided a trader is approved, which is not always the case with small businesses in 2018.

“Although You can be accepted by a traditional terminal provider to accept payments, usually registering a contract that is best opaque and probably not so fair, “says Dorogusker.” There is a teaser rate, there are monthly fees, there are a lot of other fees, different cards cost different sizes. “

” Square Terminal is our way of fixing essentially all of these things, “he explains. Instead of playing a plastic keyy and a small screen, the device has a 5.5” color touchscreen that, along with Its Android-based software makes it feel like a smartphone embedded in an angled bass sculpted by Square’s sign turn white plastic. Customers can insert a chip car in the front of the terminal, draw a mag-strip card along the right edge, or tap a smartphone or smartwatch to make a mobile payment. A built-in printer spokes receipt from the backside, the battery is designed to be one day free of charge, and Wi-Fi and Ethernet compatibility allows both wireless and wireless connections to the Internet. [19659000] [Photo: courtesy of Square]

The touch screen interface enables the terminal to provide a numeric keypad when necessary but also offer other functionality such as the ability to select products and prices from a list. Customers can see a detailed list of what they pay for, as is not the case with the different types of gardens used by small businesses. There will be more to come. “It’s the beauty of software-controlled hardware,” says Dorogusker. “We can control the experience, we can identify simple changes in the user interface, we can identify really great trends and features that people want.”

As with other methods of accepting a receipt, the company pays a fixed interest rate of 2.6% plus 10 ¢ for Square Terminal transactions and does not allow anyone to sign a contract. The goal is to get new users to get started, run and return to the business within minutes. “It’s not even in the category of things they want to think about,” says Dorsey. “They want to think about things like hiring people and introducing new ingredients.”

“We will probably be surprised how people use it”

Square says the new terminal will appeal to all “from dentists to bowling alleys.” Although the company has recently managed to get larger companies to embrace their services and says there is no upper limit for the types of clothing that can use the terminal, small businesses are an obvious focus, including both those upgrading from older terminals and those who take credit cards for the first time.

But Dorsey emphasizes that Square is not sure where the terminal will go and that’s part of the point. “What’s exciting to me is that it typically resonates when we first started the company and we built the reader,” he says. “We had a clue about who would use it, but really no idea how it would stop being used. This has very similar properties where we are likely to be surprised how people use it.”

[Photo: courtesy of Square]

Here’s how Square tested the terminal in the Field, and the restaurants have had waiters to the terminal for dinner’s table for payment on site. Two salon operators could leave it to customers while they were still in the chair. “We also had a plastic surgeon in beta, and we learned that they are taking the terminal to the treatment room,” says Dorogusker. “So that they can, privately, go through the bill and charge the person and do not have to do it in the lobby. One can imagine it would be uncomfortable.”

When sometime about the terminal in their hands, they instinctively figure out how to make it work for them. When I ask Dorsey about the new device’s competition, however, he returns to the theme that it is a challenge to make small businesses think of payments at all.

“The biggest thing we compete with is honest that sellers tend to develop systems to do things and it’s the adage of” If it’s not broken, do not fix it, “he says.” We experienced it when we first arrived stage, especially around the purchase account. And then they actually saw how broken it was when it came to how much extra they paid and how much food they had to make to understand the basic fact. “

Square can still be associated primarily with its well-designed payment hardware. However, coupled with its potential to expand Square Payment, Square Terminal really looks like a good way for the company to find new opportunities for its growing range of offers. According to Dorsey, each item in the portfolio helps to support the others. And it is becoming the owners of small businesses to pay attention.

“Our attitude has been to not only stop at the device, but the connection to the wider eco-system of the tool,” he said. “We can handle your salary, we can give you a loan, we can handle your meetings if you are a salon, in addition to the walk-ins that come in to buy a product and use [the terminal] to sweep a card. If we can tell a story that is larger than a hardware that is visible, we tend to move the minds. “

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