Square Launches 'Terminal' For Card and Mobile Payments

October 18, 2018

By Bridgette Webb

Square wants to revamp those drab credit card readers.

The San Francisco-based company on Thursday debuted the Square Terminal, a new all-in-one hardware device that enables businesses to accept all physical debit and credit cards and mobile payments through Apple ($AAPL) Pay, Google ($GOOGL) Pay, Samsung Pay, and NFC.

"It's a great combination of our amazing payment service and combines it with hardware that's integrated all in one ー beautiful and exactly the technology all kinds of business need," Jesse Dorogusker, Square's hardware lead said in an interview on Cheddar.

"It's all set up to replace all terminals and legacy terminals out there."

The Terminal costs $399 and carries a 2.6 percent and 10 cent transaction fee for every payment. Square ($SQ) is offering a $300 credit as an incentive for businesses to switch over.

The device broadens the scope of company's suite of products, which includes the counter-top Square Register ($999) aimed at larger retailers, the small Bluetooth card reader ($49) for mom-and-pop shops, and a free magnetic stripe reader.

The launch also comes about a week after the company said long-time CFO Sarah Friar would step down to become the CEO of social network Nextdoor. Her departure shook investors in the company ー shares fell 20 percent in the two days after the news.

But Dorogusker isn't worried.

"Sarah is a tremendous leader, we are really excited for her," he said.

"She's had a lifelong dream of being a CEO, and I know she will be a great executive at the helm. We have a lot of confidence in our ambitions, momentum, and the performance of this team."

For full interview click here.