Square is a well-respected company that offers payment processing tools and systems. Square is a payment processing system that helps merchants of all backgrounds grow their businesses in today’s digital world. It offers everything you need, from online selling accounts to point-of-sale machines in person. To keep costs down, you can use your Square solution with an iPad.
Square Terminal was announced in Autumn 2018 and is the first countertop credit-card machine from the brand. The Square Terminal accepts EMV chips, magnetic stripe cards and NFC contactless payments. The all-in-one device provides merchants with the same seamless experience they expect from Square at restaurants, shops, and other locations.
The Square Terminal, which is portable for credit card payments, can be used anywhere. It has a receipt printer, card reader, POS system and more. The Square Terminal is not an exact replacement for Square Stand, but it fills in the gap between Square Register and Square Stand in our hardware portfolio.
If you’re looking for something that bridges the gap between bring-your-own-device transaction tools, mobile card readers, countertop point of sale systems, and more, then this is the tool for you.
Square Terminal Pros & Cons
Pros
- No monthly fees
- Transparent and simple transaction cost and rate
- Excellent setup and usability
- Accept many payment types
- Account without commitment
Cons
- It is difficult to enter tax information.
- Receipts can’t be used for tax purposes.
- Sometimes it takes a while to get a refund
Square Terminal Basics
Square might be asking why it introduced the “Terminal”, when there is so much software and hardware available to modern merchants. Simple answer: Square wanted to offer businesses today more options. Square’s main goal with Terminal was to assist companies in replacing their outdated payment strategies with modern-and-improved POS technology.
Square Terminal allows business owners to charge customers manually or with a variety of inventory options. Square Terminal integrates seamlessly with Square’s back-end software, making it easy to search for and adjust your business information.
Square Terminal allows sellers to track sales and items through the Square Point of Sale software. This tech can be set up on either your phone or desktop, depending on your preference. Square designed the device wirelessly with a long-lasting battery that can last all day. Restaurant workers and hairdressers can now bring their Terminal directly to customers. Terminal is flexible and easy to use inventory management system as well as credit card processing tool.
End-user buyers have the option to use digital payment apps on their smartphones. These apps are not typically compatible with the smaller Square Reader attachments. Square Terminal has the following basic benefits:
- Elegant design: The Square Terminal, another Square product, looks professional. It is a lot sleeker and more modern than the older POS systems.
- Reliability – Because the battery life is designed for all day use, your Square Terminal can be used however you like. You don’t need to worry about missing a sale because you have Wi-Fi and Ethernet internet connections.
- Portability – Bring the Square Terminal reader to your customer so they can make purchases in a way that suits them.
- Transparent pricing Square charges one transparent transaction rate per tap, swipe or payment regardless of which card type you accept on Square Terminal.
- Setup your system quickly and easily. The appealing design makes it easy to set up your system.
- Security – Data security, fraud prevention and dispute management are all part of the Square Terminal experience.
- Integration with Square software: Your entire business can be managed from one device. Small business owners can access the Terminal to manage their inventory and set up an eCommerce system.
Square Terminal Pricing & Process
Square Terminal is designed to provide merchants with a flexible and transparent platform to manage their money-making operations. Square has been supporting small businesses all over the globe since its inception. This means you can expect straightforward pricing for all your purchases.
The actual hardware cost is the first fee that you will need to pay for Square Terminal. The Square Terminal will cost you around $399, which is significantly less than the Square Register. You can also sign up for $300 Square Processing credit if you are a new Square merchant. This brings the total cost to $99.
Square offers a budget-friendly option for businesses with limited budgets, even if you aren’t a new merchant. Terminal offers financing for purchases above $49, so you can get financing with Terminal. This means you can spread out the cost of your new hardware over 12 months at a very affordable $37 per month. This means that you will pay $45 more per month, but it is worth it for merchants who cannot afford large purchases at once.
When you are calculating the cost of your new point-of-sale system, there are a few Square Accessories you may want to consider. The countertop mount and belt clip allow companies to make a more professional impression with their customers. The belt-clip makes it easier to carry your POS with you. The countertop mount, on the other hand gives you a place to keep your machine when it’s not in use.
You will need to pay a fee for Square’s Point of Sale functionality. The software app is completely free. However, 2.5% per keyed in or online transaction and 1.75% per contactless or chip and pin payment will be charged. You don’t have to pay extra for your checkout software, but you will be charged processing fees. Square charges a small processing fee for credit cards, which is quite reasonable when compared to other service providers such as PayPal.
Square Terminal’s pricing is not prohibitive for small businesses and beginner retailers. It’s not the most affordable option, but it offers the best combination of professional design as well as functionality.
Square Terminal Design and Specifics
Let’s now see what Square Terminal costs.
Square Terminal, as mentioned earlier, is an all-in one payment processing machine. This means you can handle all transactions in your store. This feature-rich functionality is not available in a bulky piece of plastic, unlike other Square tools. You can carry the machine around easily as it measures only 5.6 inches in length and 3.4 inches width.
The Square Terminal includes:
- Payment reader support for Apple Pay, Google Pay and Samsung Pay. As a form of payment, you can accept gift cards as well as American Express and Mastercard.
- Accessories Hub and power adapter
- There are three options for connectivity: Wi-Fi, USB and Ethernet
- You have the option to either plug into a power source, or you can use your all-day battery cordlessly.
- Accessory options allow for greater versatility
For $20 per 20 rolls, you can add Square Terminal Printer Paper to your order.
Square Terminal supports a variety of connections including Ethernet and WiFi. This makes it easy to use your system as you wish. We love the fact that the Square Terminal can be plugged in to allow for stationary use, and unplugged to make it available to customers.
Square claims that the battery will last for 24 hours on its Terminal. However, the company isn’t very specific about how long or what “all-day” really means. It wouldn’t be realistic to expect that the machine would work 24 hours straight away, so don’t rely too heavily on it.
Square Terminal also supports magstripe, contactless, and chip card payments. You now have many options to accept the payments you need to keep your business afloat. The device’s chip card reader is located at the bottom. The magstripe is the same size as most modern card terminals. The design of Square Terminal should be familiar to customers. However, the screen is what really makes Square Terminal stand out. It makes a huge difference in the customer’s experience to see an itemized listing of what they are paying and not just one sum.
You can also easily collect signatures electronically using Square POS software. This makes it easier to keep track.
Square’s credit card processing solutions will allow you to accept any form of payment from your customers.
Setup & Usability
Square Terminal is attractive, affordable and features a lot. As any business owner knows, it takes more to keep a business running smoothly than an attractive device. This amazing device is extremely easy to use. To set up your terminal, sign up for the Square POS account and have your bank verified.
You’ll be able accept many different types of payment wherever you want, and you can instantly access your Square dashboard features from any web browser. It’s in this back-end system, that you can do more than just credit card processing on your iPad, iPhone, or other devices. Square software allows you to accept payments and also offers you the ability to manage long-term customer contracts. You can also take advantage of other merchant services. The credit card reader is a great option for small businesses that allows you to process card transactions quickly and easily.
Notably, it can take up to a few days for your bank account to be verified by some businesses that use the Square Terminal. Square deals with many merchants simultaneously. Even if verification is still required, Square Terminal allows you to continue processing payments even while you wait. Square Terminal makes it possible to process payments instantly.
While your account is being set up, your money will remain in your Square account. Settlement for each payment usually takes one to two days.
Square Virtual Terminal
Square Terminal is also very easy to use thanks to Square Virtual Terminal.
You only need to log in to your Square Dashboard using a browser connection to get started. As long as you have an internet connection, any device can be used. After logging into your backoffice account, click the Virtual Terminal option. Then click the “Take a payment” button. Here, you can enter card details like:
- Reporting the location
- Order/transaction amount
- Expiry date for the card
- Number of the card
- CVV or CVV2
You can also add a description to the payment. This will let you know what it was used for. You can send your customer a digital receipt via email or text after you have completed your sale. Or, you can print it directly from the Square Terminal’s connected printer.
You can record customer information for compliance purposes by using the Customer Options tab on the confirmation page after your payment has been processed. If you plan on receiving recurring payments, you can add your customer’s card details to a profile. However, your customer must give permission for you to keep their information.
Square Virtual Terminal Pricing should be considered when you choose your Square solution. This solution does not have a monthly fee, however, you will be charged 3.5% plus 15c for each typed-in transaction and 2.6% plus 10c for each swiped card.
These fees may seem high-priced at first, but they are actually very affordable, especially if you consider that the company also has the option to purchase your barcode scanner and physical chip reader, magstripe readers, and other items in one place.
Software and Additional Features
Square Terminal includes access to the free Square Point of Sale App that is connected to all Square Solutions. Square for Restaurants compatibility is limited. If you run a restaurant, you may need to use an alternative. You won’t be able to use all Square for Restaurants features with Terminal. However, you can still use the table-side ordering system if you own a restaurant or cafe. Terminal does not have access to conversational modifiers, seat tracking, coursing or seat tracking.
It’s important to note that there are limitations to the Square Terminal software. This solution may not be ideal for businesses that require more information during transactions. After each sale, you will need to log into your Square customer profile individually. This can make it difficult to transfer clients to the next. You will also need to manually track and analyze stock levels.
The downside to Square Terminal is the inability to add taxes to orders. Receipts you print are not tax invoices, so it’s not ideal for VAT-registered companies to use Square Terminal. Square Terminal can be a great tool for your business. It is not possible to track sales by employees, mark items for sale or keep a history in your cash drawer. You can track things such as item creation, receipt management and custom tipping. Square Terminal comes with a thermal receipt printer built in, or you could use a third-party program if you prefer.
The Square Terminal also allows you to connect multiple terminals together to create a cash drawer. This allows you to avoid paying extra for software subscriptions. Square Terminal can do most things, but not all.
Bluetooth peripherals are not supported by the machine. You will need to use USB-based devices instead. There is no support for cellular data connections, although you have the option to connect via Wi-Fi and Ethernet.
Square Terminal Security
One of the most important features in Square Terminal’s review is the security built into the payment processing system. Square Terminal is not only designed to be easy-to-use and accessible, but also provides state-of the-art security. Square recommends that you take precautions when your customer-not present transactions are being made to avoid payment problems.
To protect yourself from chargeback liability, it is necessary to request that your customer sign an authorization form. After you make a sale, Square allows you to download this form through the Customer Options popup. You can also download the form from the Add-Card popup if you visit the Customer’s profile. Although it may be difficult to download and print the form, it is worth it long-term if you are looking for compliance and security.
Square also comes with fraud protection built in, which can be both a blessing as well as a curse. You get a system that will protect you and your business no matter what product or location you sell. However, Square has been accused of causing accounts to be frozen or canceled by merchants who have been mistakenly perceived as fraudulent. It can be very difficult to contact Square if your Square account is banned because Square believes you are fraudulent.
Who should use the Square Terminal?
Although the Square Terminal is a great piece of tech, it may not be right for everyone. You might not be able to use some of the advanced features for Square for Restaurants if you own a restaurant. Square Terminal is not intended to replace Square Register. Instead, it’s meant to be a portable solution you can bring with you to serve customers in busy retail environments.
The Square Terminal is a great all-in-one device that can be carried around and has all of the Square software functionality you love. Square Terminal is a cost-effective and simple-to-use solution for small businesses. It can be used online, in person, or remotely. You also have the option to pay by card reader or customer-not present, which gives you more flexibility for your transactions.
Businesses that sell a lot of products should be aware that the Square system cannot be used outside the country where you registered your account. You can’t switch currencies if you are selling in the UK. Businesses in offline environments can use the Square Terminal to integrate their offline debit card processing and card transactions with their online environment. Square offers many features that will allow you to have more control over how payments are handled during your business day. Square’s POS software is now available for Android, so you can access it in more places.
Verdict
Square Terminal is a powerful and effective tool that companies can use to accept and manage payments. This might not be the right tool for you if you need to keep track of specific details or record multiple numbers.
Square doesn’t offer an upgrade option for advanced software solutions. However, Square does provide a great range of payment options for vendors. You will need to purchase a new piece of hardware if you want additional features from Square POS. Square Terminal is an affordable alternative for businesses with limited budgets.
If you are looking to get payments started as soon as possible, we recommend the Square Terminal. It’s a simple, affordable way to process payments. There’s no monthly fee and there are no annoying contracts. Square can provide you with everything you need in a payment processing device.
