Square Lets Your iGadget Accept Apple Pay TransactionsPosted by
It’s easy to embrace the brave new world of smartphone payments when Square’s tiny contactless card reader allows an iPhone or iPad to accept tap n’ go payments.
There are plenty of ways to put an iGadget to work in your business. Not only do iPads and iPhones make for great personal productivity tools, but they can also double as a fully blown Point of Sale system – either sitting on the counter in your retail store, or living in your pocket when you’re doing business on the move.
A traditional Point of Sale system and merchant facilities can come at considerable expense, making it difficult for small businesses to step up in the world and embrace the flexibility offered by the ability to accept both cash and cards. Square’s small business-friendly pricing structure makes it much easier to get off the ground.
The Square Reader only costs $59, featuring a card slot for chip-and-PIN transactions, along with NFC for accepting PayPass and payWave credit cards as well as smartphone payments via Apple Pay and Android Pay. The palm-sized card reader is small enough to slip in your pocket to take anywhere, or you can set up a charge cradle that lives on your counter.
One limitation is you can’t accept Square payments when your device doesn’t have Wi-Fi or mobile broadband coverage. Square also gives you its old MagSwipe credit card reader, which connects to the headphone jack on your smartphone or tablet – although Australian financial institutions are phasing out MagSwipe transactions.
It’s simple to connect the contactless card reader to your smartphone or tablet via Bluetooth, create a Square account via the mobile app and then link your Square account to your bank account so you can receive payments. There’s a $1 minimum transaction, with the ability to split bills, and you can easily send customers a receipt via SMS or email. Alternatively, you can connect to a Bluetooth printer.
More than just accepting payments, the Square app also includes Point of Sale features and inventory management – turning your iPad into a touch-friendly cash register that also offers insight into your sales trends. You can even run a loyalty program for regular customers.
Square’s real strength is its pricing structure. After the upfront $59 there are no monthly fees or other hidden costs, only a flat 1.9% transaction fee, which is deducted from each sale. This means that, unlike most merchant facilities, Square isn’t costing you money when it’s sitting idle, which is a real game-changer for micro-businesses.
Before you invest in a traditional Point of Sale system with expensive merchant facilities, consider whether Square combined with an iGadget would be a better fit for your business.