Square is giving UK businesses a new way to accept payments with the launch of Virtual Terminal, a service that allows sellers to take payments directly on their computer. It is the first UK product launch from Square since they opened their doors for businesses in the UK in March 2017.
Until now, sellers using Square in the UK have been able to take card payments by keying in the cards through the Point of Sale App on their smartphone or tablet, or by using the Square Reader. Virtual Terminal allows Square sellers to also accept payments directly on their computer using the Square dashboard.
It is aimed at businesses such as professional service providers, contractors, and all those who run the majority of their business through their computer. It’s also useful for those who don’t need to regularly accept payments from their customers face to face, or need to access to tools and features that might not be available or optimised for iOS or Android devices.
Sarah Harvey, UK Lead for Square, said: “Virtual Terminal is something our sellers have been asking us for and has already proved hugely popular around the world. We are pleased to be bringing it to the UK’s thriving community of small and medium-sized businesses.”
Virtual Terminal launched in the US in October 2016 and was quickly rolled out worldwide with Japan, Canada and Australia following. More than $300m in cumulative gpv (gross processing volume) has been processed through the platform globally since launch.
The product is free to sign up to and Square charges sellers a flat, transparent fee of 2.5% per transaction for Visa, Mastercard and American Express cards. Most sellers get their funds on the next working day, and there is no additional hardware required. For existing customers, Virtual Terminal syncs with every other payment processed with Square (whether that’s face to face, online or using Square Invoices) in the Square Dashboard so that sellers can track every payment they accept in real-time.
To sign up or find out more, existing or new Square customers should head to https://squareup.com/gb/virtual-terminal
Square, Inc. (NYSE:SQ) creates tools that help sellers of all sizes start, run and grow their businesses. Square’s point-of-sale service offers tools for every part of running a business, from accepting credit cards and tracking inventory to real-time analytics and invoicing. Square also offers sellers financial and marketing services, including small business financing and customer engagement tools. Businesses and individuals use Square Cash, an easy way to send and receive money, as well as Caviar, a food ordering service for popular restaurants. Square was founded in 2009 and is headquartered in San Francisco, with offices in the United States, Canada, Japan, Australia, Ireland and the UK.
Helen Prowse, UK Communications