Mobile POS pioneer Square has launched in the UK, it's fifth market globally.
The UK joins Canada, Japan, Australia and the US in taking the Square card reader to small traders. The reader, which retails at £39, connects via Bluetooth to a phone or tablet, and comes with a companion app that accepts card payments and includes tools such as real-time sales data, invoicing and digital receipts.
Square charges users a flat fee of 1.75% for in-person payments, and 2.5% for all other transactions such as online, by phone or via an electronic invoice, with no minimum transaction value.
Jack Dorsey, CEO of Square points to figures from Barclaycard and FSB/BIS which indicates that the average UK adult now carries less than £25 in cash, and 70% of UK shoppers prefer to pay by card. However, it is estimated that half of the UK’s 5.4 million small businesses do not yet take card payments.
He says: “We look forward to working alongside the millions of entrepreneurs and thriving independent, small and medium-sized businesses across the UK, especially those who do not yet take card payments.”
As it launches its operation in Europe, Square will be facing up to competition from a number of well-established local operators, including the UK's SumUp and Sweden's iZettle.