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Square squares up the UK payments market

Square squares up the UK payments market

(30 March 2017 – United Kingdom) Square Payments has announced its launch into the UK, expanding the number of countries it now services to five, including Canada, Japan, Australia and headquarters US.

Started by Jack Dorsey, who also co-founded Twitter, the company will be a late entrant to a sophisticated market, and taking on current market leader, Stockholm-headquartered iZettle. Both companies seek to provide a better service to small businesses than legacy card payment firms such as WorldPay and Barclaycard.

“We founded Square to empower small businesses with tools to accept all forms of payment and to make a sale anytime, anywhere,” said Square CEO, Dorsey.

“We look forward to working alongside the millions of entrepreneurs and thriving small and medium-sized businesses across the UK, especially those who do not yet take card payments.”

The firm says that on average, a UK adult now carries less than £25 in cash, while 70 percent of UK shoppers prefer to pay by card.

According to East & Partners’ UK Merchant Payments Report, 84 percent of SMEs’ (£5-20 million annual turnover), and 82 percent of Micro businesses’ (£1-5 million annual turnover) total receivables are derived from card (debit or credit) transactions.

“We’re thankful to the sellers who have helped us launch today and all of our partners in the industry for welcoming us to the UK,” added Dorsey.

The Square Reader, a point of sale device, will retail for £39, and is able to connect via Bluetooth to a phone or tablet. UK merchants using Square will pay a flat fee of 1.75 percent for in-person payments, and 2.5 percent for all other transactions such as online, by phone or via an electronic invoice, with no minimum transaction value.

“Whether you’re a plumber, an accountant, a cafe or a corner shop owner, Square can help your business thrive,” said Sarah Harvey, Square UK Country Manager.

“Our simple hardware, transparent pricing and our suite of business tools make it easy and cost-effective for you to accept cards and manage your payments, and for your customers to pay with their card. We’re excited to be here in the UK and can’t wait to help businesses get started with Square.”

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