Square Launches Virtual Terminal Service in U.K.
About two months after launching in the U.K., Square has introduced its Virtual Terminal service there. The technology enables merchants to accept payments through the Square dashboard, an appealing prospect for online service providers, contractors and other smaller firms that do relatively few face-to-face transactions, the company said.
Square already has launched the service in the U.S., Australia, Canada and Japan. Square said the technology has processed some $300 million worth of transactions globally. After signing up with Square for free, users of Virtual Terminal pay a flat 2.5 percent transaction fee for purchases that involve the major card brands.
“Virtual Terminal is something our sellers have been asking us for and has already proved hugely popular around the world,” said Sarah Harvey, U.K. lead, Square. “We are pleased to be bringing it to the U.K.’s thriving community of small- and medium-size businesses.”
Square estimates that half of the U.K.’s 5.4 million small businesses do not yet take card payments.