Square’s new Apple Pay terminal is now available for those businesses who are interested in buying it. They are offering a contactless terminal that is compatible with Apple pay with an option of an installment plan of $1 a week. This new payment plan is of a 60 week period. Over the standard cost there is a premium of $11 however in order to pay it off in full, more than a year is given to merchants.

Appleinsider got an official statement where it was revealed by Square. As per the statements, the percentage of micro business that takes out a loan is around 20%. They do this to cover various kinds of operational costs like the day to day tools that are needed for the business to run. The reason behind this particular payment plan is to reach out to owners of small sized business. Due to the upfront costs of adopting new technologies, small sized business owners are a little apprehensive since they cannot really afford it.

The chip and contactless reader of Square had been launched directly through the company late last year. The February, it expanded to the retail stores of Apple. For independent businesses, one of the most popular options for payment is Square. One of the major aids of expansion is the support towards Apple Pay which is found in the latest devices. For each transaction a business has to give 2.75% to the company if they are using the Square reader.

The latest reader of the company not only supports Apple Pay, but also Samsung Pay and Android Pay. Contactless mode of payments has become one of the most opted ways for customer. There are various benefits that are attached to it, this is one of the main reasons why it is catching up at a fast pace.