Square is so yesterday allready - meet the Izettle from Sweden. The difference is sigficant, while Square is capable to read only magnetic cards Izettle is capable to read also chipcards. It is allready accepted by MasterCard and currently under beta testing. It is targeted for private peoble and small companies. There is no monthly costs either but company charge 2.75% per transaction.

https://www.izettle.com/