The service is destined to professional service providers, contractors and other SMEs that run their business mainly through their computers. The service is also available to sellers who do not need to regularly accept cash payments from their customers.
Square launched Virtual Terminal in the US in October 2016. The product is also available in Japan, Canada and Australia.
Sellers can sign up for free with Virtual Terminal and they will be charged a flat fee of 2.5% per transaction for Visa, Mastercard and American Express cards. The majority of sellers receive their payments on the next working day, without having to invest into additional hardware.
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