Fintech company to offer online payments for businesses

Fintech company Square has launched a new way for businesses to accept payments.

The Virtual Terminal service enables sellers to take payments directly on their computer without the need for an app on their smartphone or a card reader.

It is aimed at businesses such as professional service providers, contractors and those who run the majority of their business through a computer.

“Virtual Terminal is something our sellers have been asking us for and has already proved hugely popular around the world,” said Sarah Harvey, UK lead for Square.

“We are pleased to be bringing it to the UK’s thriving community of small- and medium-sized businesses.”

The product is free to sign up to and Square charges sellers a flat, transparent fee of 2.5% per transaction for Visa, MasterCard and American Express cards.

Most sellers receive their funds the next working day and no additional hardware is required.

Virtual Terminal marks the first product Square has launched in the UK since entering the market in March 2017.

The product was initially available in the US in October 2016, before being rolled out worldwide to Japan, Canada and Australia.

More than $300m (approximately £236m) in cumulative gross processing volume has been processed through the platform globally since its launch.

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