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Square’s SMB Checkup: 500K Readers In One Year

One year ago, Square unveiled its new mPOS device that accepts EMV and NFC payments, including Apple Pay. And one year later, Square provided a few updates about how it did in that first year.

What Square revealed is that, since the reader was announced last June, there were half a million ordered by small businesses.

Square also provided updates about its use at the Coachella Music Festival, where Square was used for more than 10 percent of all contactless transactions, and according to its usage update, that’s 10 times higher than the industry average. For the BottleRock festival, Square’s contactless payments accounted for 14 percent of the card transactions during a three-day period.

To promote the newest reader available for SMBs, Square showed how it wanted to make its newest card reader on the market a little more accessible for people with tight budgets looking for a mPOS solution for their business.

Square is offering a new deal for people who want to get a card reader but don’t want to dish out the $60 — by making it available for $1 a week for 60 weeks. While the $60 might not be a lot to many, Square points out in its blog post that it’s doing this to make it easier for a business who is just starting to budget its money better.

Square launched its new EMV/contactless card reader back in Nov. 2015, showing its attempt to keep up with the fast-changing payments industry. Calling it the “most powerful reader yet,” Square noted that the perk of the reader is it’s accessible for businesses of all sizes to accept any type of payment option, including Apple Pay, Android Pay, Samsung Pay and more.

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Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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