The Square Reader payment system recently launched in Australia and is revolutionising the way to get paid on the go at a low cost. It has been developed by the Founder of Twitter and is directly targeting small businesses including trades, services and retail sector. The Square Reader allows you to accept payments anytime and anywhere as long as you have a smartphone or a tablet with you and a signal. It is anticipated it will be especially popular with tradesmen as they can easily get paid on the spot.
What is it?
Square Reader is a small mobile credit and debit card reader that plugs into the the headphone jack of either your smartphone or tablet - and it works with both iOS and Android devices. It is a great way to get paid as soon as the work has been done, so no need to mail out invoices and waste time chasing up payment.
Is it secure?
According to Square Reader, card information is encrypted the moment it is processed and Square Reader doesn’t store data on your device after a payment has been processed.
How much does it cost?
The device is only $19. The actual cost per transaction is 1.9% - irrespective of the of the amount of the transaction. If the amount paid is $100, the fee is $1.90, whereas if the amount paid is $10,000 the fee is $190.00. The Square Reader accepts Visa, Mastercard, American Express credit and debit cards. The funds should arrive in your bank account within one to two business days. There is no set up fee and, no monthly fees or long term contracts to enter into. All you need is the device and the free Register app.
Where can you get one?
What about other types of businesses?
If you visit the Square Reader website you will see that they have products specific to various types of business. For example, cafes can create custom menus, send digital receipts and manage customer orders.
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