Over 50% of UK payments at point of sale, British Retail Consortium report, are now made by payment cards. Also Retail Bank Research found that the total number of e‑commerce card payments made worldwide in 2016 was up 28% on the year before and represented 9% of all card payments, and it forecasts that by 2022, 14% of all card payments will be made online.
Corporates complain about the ad-valorum (%) card fees which will become even more costly as payment cards take an increasing share of total turnover at the point of sale. So no wonder Square’s approach for small businesses is proving popular.
- Accept all payments:
- With 1.75% per chip and PIN or contactless payment for all major cards (even Amex)
- deposits as fast as the next business day
- free point of sale App including inventory management, sales analytics
- No long-term commitments:
- one off price for Square reader; no rental cost
- no setup or monthly fees.
Signing up is really simple and then all the merchant needs to do is buy a Square reader and download the Square App.
The first impact is that the new merchant can accept every way their customers want pay:
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Many users already depend on the inventory management and sales analysis package that is part of the Square package.
CTMfile take: Having one % charge for all cards and a multi-purpose POS terminal is vital in simplifying the whole process. Is this the future business model for larger retailers as well?
Square introduces monthly pricing
Square commenced their merchant services in the USA with a flat 2.75% fee per swipe for mobile payments enabling anyone to accept credit and debit cards.
Payment cards are going to dominate at point of sale for next 5 years
RBR: Global card payments set to rise by more than half to 500bn by 2022 as growth in card usage outpaces growth in card numbers due to contactless technology and wider acceptance
Payment cards: Still vital and useful in Europe
Evolving market with Maestro and Electron being replaced and domestic cards declining, while Chinese scheme UnionPay accelerates