Updated: Sep 1, 2017 Published: Mar 29, 2017
Square, the American point-of-sale (POS) system founded by Twitter CEO Jack Dorsey, has launched in the UK today – set to make it “easier than ever” for small and medium-sized businesses to take card payments.
Founded in 2009, Square enables business owners to turn an existing smartphone or tablet into a payments terminal by purchasing the Square Reader online (£39) and connecting it to their device via Bluetooth.
Business owners can then begin accepting payments from Visa, Mastercard, and American Express cards and can also pair their card reader with the Square POS software app (free) to gain access to real-time sales data, invoicing and digital receipts.
Traders using Square are charged a flat fee of 1.75% for in-person payments and 2.5% for all other transactions, with no minimum transaction value. Square says it offers “competitive and transparent rates” with “next-day settlement on most transactions”.
The launch follows claims from Square that half of the UK’s 5.4 million small businesses do not yet take card payments, despite 70% of UK shoppers preferring to pay by card.
“We founded Square to empower small businesses with tools to accept all forms of payment and to make a sale anytime, anywhere.
“We look forward to working alongside the millions of entrepreneurs and thriving small and medium-sized businesses across the UK, especially those who do not yet take card payments.”
For free advice on taking payments, click here or download your free Little Startups Guide to taking payments.