This allows small business merchants to accept payments from mobile wallets like Apple Pay and Android Pay.
While Square had previously allowed mobile payments to happen through the swiping of a credit card through a simple dongle attached to a mobile device, among other means, it has now upgraded to use NFC technology, which will open the door to compatibility with a broad spectrum of different mobile wallet app based transactions.
This has considerably changed the environment when compared to the company’s original model.
The new dongle that is NFC technology compatible has now been released and is rolling out to small business owners in its first wave across the United States. The new mobile device is a square shape in a similar way to the original, but it does have a number of notable differences, as well. For instance, this one does not plug into an Android smartphone or tablet. Instead, it functions in a wireless way and can accept payments by way of NFC enabled smartphones in addition to chip cards.
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This means NFC technology based mobile wallets like Android Pay and Apple Pay will work with Square.
When considering this also means that it will be able to accept mobile payments from consumers who want to use PayPal will be able to do so with merchants using Square at farmer’s markets, artisan stands, local bakeries and other shops that are on the smaller side. Those are the types of sellers that traditionally prefer cash because they either can’t use credit card machines due to their location, or because the rental of the machines in addition to the fee taken per transaction is cost prohibitive for businesses of that size.
By using Square, a cell phone connection or WiFi network is all that’s needed to make things happen and the device will be able to accept a range of different types of transaction for a lower cost than traditional card readers. For many small businesses, this can make it possible to provide a great deal more convenience and to make far more sales from shoppers who are increasingly cashless and who have turned primarily to plastic or even smartphones as their payments alternative. The dongle with NFC technology is $50 without any additional rental fee and competitive per transaction fees.