In addition to introducing many new features and enhancements to Apple Pay at WWDC, Apple also showed off a brand new way for small business owners to accept Apple Pay via an NFC reader from the mobile payment giant Square. Square is well known for their inexpensive point-of-sale technologies and easy peer-to-peer payment app. The Square Apple Pay reader launched today.
Design
The new Square reader features a sleek, wireless white box design that looks similar to Apple's Airport Express in size and style. The Apple Pay Square reader is 2.6 x 2.6 x .4 inches and weighs just 56 grams (2 ounces). It has a rechargeable battery and Bluetooth technology, so no wired connection to the merchant’s device is necessary.
NFC
The NFC reader supports all forms of NFC payment. NFC stands for near field communication, which is the technology Apple Pay relies upon for contactless payments. Rather than swiping a card, users will put their NFC-compatible device (Such as iPhone or Apple Watch) near the reader to pay.
EMV Chips
The new Square device also includes an EMV chip reader, so merchants can accept more modern credit cards by reading the built-in chip.
Compatibility
The reader works with the Square app on iOS or Android, which allows customers to sign for their purchase, tip and even receive an email receipt. On the backend, it provides point-of-sale functions for the merchant including inventory control, invoicing and much more.
Traditional Swipe Credit Cards
Along with the new NFC reader, Square will include the older Square Reader in the box, which allows merchants to swipe traditional credit and debit cards. CityMac has these readers available now for just $10, and Square will reimburse you in merchant fees once you start using it.
Fees
Square charges 2.75% per swipe for all credit card payments. This includes Apple Pay transactions. The fee for manually inputting a credit card number is 3.5%.
Price
The new NFC reader will retail for $49, but Square will reimburse merchants for the cost of the device in processing fees. If you’re one of the first 250,000 merchants to signup, you’ll receive the reader for free.