Square wants to make it easier for people to make payments with a new iPad point-of-sale terminal, Bloomberg wrote Tuesday (July 13).
Customers will be able to more easily tap to pay in the participating stores.
This will be a new version of Square Stand, which was originally debuted in 2013. The new version will integrate tap-to-pay technology into the terminal. That will help make everything more seamless, rather than the external device needed for the previous version to handle phone payments or tap-to-pay credit cards.
Square’s device has been a fixture at places such as coffee shops or boutiques, along with bigger stores, and Square has put out several different versions of it to fit various iPad sizes.
The device has retailers pay a fee of 2.6 percent of a transaction’s price plus 10 cents whenever consumers swipe, dip or tap. The current model is priced at $169, and it’s unknown how much the new one will cost. The Bloomberg report finds that the redesigned device will likely have enough room to fit an iPad and will also have a touch sensor on the front right side. There might also be a new chip card reader, according to the code, which was seen by Steve Moser, a developer for Apple Inc.’s iOS operating system, Bloomberg said.
Square was also recently reported to be building a new hardware wallet for cryptocurrencies, and PYMNTS wrote that the company was in the process of putting together a team of engineers.
Square Hardware Lead Jesse Dorogusker tweeted that the team would be “small” and “cross-functional.”
He said the team would be helmed by Square Crypto Wallet Lead Max Guise and would also feature Square Hardware engineer Thomas Templeton, who would be able to “incubate this full-stack of tech, design, product, manufacturing, and supply chain,” according to Dorogusker.
The Strawhecker Group (TSG) and the Electronic Transactions Association (ETA) surveyed over 500 U.S. SMBs in April to understand how the COVID-19 pandemic is currently impacting SMB operations and payments acceptance, and how the market compares to April 2020.
Download the full 35-page report. The report helps the payments industry understand how to best support the SMB community as they continue to manage the pandemic, while moving towards a goal of greater recovery.
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