As a consumer, you might already be aware of the Square payment terminal. It is available as a sleek, white hardware unit that typically features the Apple iPad in addition to the card reader.
Square payment terminal is primarily used by businesses -ranging from clothing retailers to coffee stores. Square serves to be an easy way for businesses to accept credit card payments. This is why you can easily observe Square card terminals across several stores. As it is widely used, it is important that you should familiarize yourself with the same. In this article, we will discuss the credit cards accepted by Square in 2023.
What is Square?
Square is aimed at making the process of accepting credit card payments seamless by offering access to hardware that is capable of reading credit cards and handling the backend of transactions for businesses. The standard Square device is referred to as the Square Reader. It is available as a small credit card reader that effectively plugs into the headphone jack of the smartphone.
Upon the installation of the Square app, a merchant can look forward to accepting payments from all types of credit cards having a magnetic stripe. One of the best aspects of the given deal is that magstripe readers are available for free. Still, a number of credit card providers have now started depending on chip or contactless transactions. It is due to the number of security issues that surround the concept of magstripe transactions.
For $49, you can get access to the improved version of the Square Reader by Square. This reader is capable of accepting contactless and chip-based payments. Therefore, you can easily accept chip-enabled credit cards with Square. Large-scale businesses feature Square Register or Square Stand. This stand will allow you to convert your iPad into a fully-featured POS or Point of Sale terminal. It is capable of accepting credit card payments while allowing customers to send themselves proper receipts through email. The Square Register serves to be a standalone device capable of handling all the payment requirements.
Where can I Pay with Square?
As a consumer, there are several places wherein you can encounter the presence of the Square POS or Point of Sale terminal. As Square is aimed at targeting small business owners, you can look forward to using the same at some of the small business centers or places like:
- Small restaurants
- Pop-up shops
- Flea markets
- Food trucks
Square is regarded as the ideal solution for the given types of locations as they do not require large-scale hardware -only a tablet and a phone and a reliable way to keep the devices charged. As a matter of fact, making payments through Square is not any different from using a credit card anywhere else. You are only expected to swipe your card or insert the same into the respective card reader.
Then, you have the option of leaving a tip. Depending on the respective size of the transaction, you might be even asked to sign for completing the purchase. Finally, you can request a receipt to be texted or mailed to you.
Payment Types or Credit Cards Accepted by Square?
Square is known to accept a wide variety of cards, including:
- American Express
In addition to this, Square also charges a specific amount of fee for ensuring purchases -irrespective of the type of card being used for the transaction. As swipe fees can vary depending on the respective card provider, this makes it simpler to forecasting the overall transaction costs. Some merchants do not accept specific credit cards -like American Express. It is because the processing fees tend to be immensely higher.
Square is capable of accepting even international credit cards. However, you are expected to enter specific details manually. These types of transactions also incur higher fees. In case you are paying some healthcare provider, the Square card reader is also capable of accepting payments out of HSA and FSA cards.
Can I use Debit Cards with Square?
Square is capable of accepting payments from some debit cards as well. There is nothing additional to do towards making your Square card reader compatible with debit cards.
An important thing to consider is that debit card transactions tend to process in a similar manner to that credit card transactions. However, not all debit cards are able to support the existing functionality. For debit cards that support functionality, there is a major difference. Rather than the amount of money getting deducted automatically from the checking account of customers, it will be deducted some days later.
Square and Prepaid Cards
Square is capable of processing payments out of prepaid cards as well. It is quite similar to payments from other cards as well. There is no hassle involved. You are only expected to swipe the prepaid card and you can go ahead with making the payment.
In case you face any issues with the prepaid card, you can go ahead with entering the details of the card manually. Prepaid cards are also expected to be registered to serve compatible with transactions involving a manual entry. This implies that the customers must have offered the billing address along with the zip code to the respective card issuer.
Most cards feature information on registering the prepaid cards on the card’s back.
Charging Your Own Credit Card with Square
Consumers who are familiar with the overall importance of sign-up bonuses offered by credit cards are eager to know about this information. You can consider using Square for charging the respective credit card while getting money deposited back into the bank account. Even after the overall fees, it is easier to meet the requirements for minimum spending and access impressive rewards.
It is also possible to offer yourself some cash advance without incurring expensive fees that are charged by credit card companies for the respective services. Square is aware of the given possibility and therefore, has blocked the same. Square goes ahead with blocking business owners from swiping their respective cards with the help of Square readers.
Family members of entrepreneurs or business owners are also blocked by Square from making credit card payments with the help of the reader. If you go ahead with swiping your card with the help of Square Reader, you might face termination of the account.
Is It Possible to Pay with a Check with the Help of Square?
No. Square is not capable of processing check-based payments. However, the business can go ahead with accepting the check payment outside the processing network of Square. Eventually, Square can be utilized for only maintaining a record of the respective check payment.
To consider tracking the non-card payment with the help of Square, the business is expected to only log the tender type utilized, whether it was done by cash, check, or some other type of payment. You can consider entering the phone number for receiving the receipt or through text message.
Is Square Compatible with Other Mobile-based Payment Options?
As smartphones have become an integral part of modern lives, there is no denying the fact that smartphone manufacturers have also entered the payment domain. The upgraded card reader of Square which also accepts contactless and chip card payments also offers support for mobile-based payments. You are only expected to tap the phone and the transaction is completed.
Square is known to accept the following types of mobile wallets for ensuring payments:
- Samsung Pay
- Apple Pay
- Google Pay
Square comes forth with a range of services that remains valuable to both consumers and businesses. Business owners can look forward to getting an easy way of understanding the payment scenario while accessing the cost-effective way to accept payments by card. As you are able to accept card payments, it implies that more customers are able to shop at the respective store -thereby increasing revenues.