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Square Inc (NYSE: SQ ) is now selling its Square Readers in the United Kingdom.
Source: squareup.com
Merchants that are interested in using Square Inc's Square Reader only have to take a few steps to get it up and running. The first is to buy a Square Reader, which will cost them £39. They then connect the Reader to a smartphone or tablet via Bluetooth. After this, they will have to download the Square Point of Sale app, which is free.
Businesses that adopt Square Inc's Square Readers will have to pay transaction fees every time they are used. This includes a fee of 1.75% for in-person payments. Other payments, such as ones made online, will have a transaction fee of 2.5%.
Square Inc says that there is a lot of potential in the UK. It notes that 70% of UK citizens prefer to use cards when making payments. However, only about half of the small businesses in the country offer card payment as an option.
"Square has been a perfect fit for my business, allowing me to easily take card payments both at the table and at the door," George Hudson, owner of Piano Bar Soho, said about the Square Reader during the UK launch event on Tuesday.
Square Inc's expansion to the UK makes it the fifth country where it now does business. The other countries that SQ offers its Square Readers in are Canada, Japan, Australia and the United States.
SQ stock was down 1% as of noon Tuesday, but is up 25% year-to-date.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
