Square or The Square Inc. is San Francisco based merchant service aggregator and mobile payments company that promotes payment processor services and the above mentioned applications. The Square is widely and popularly used in powerful countries like US, Canada and Japan by individuals and by the several business organizations for accepting debit and credit cards. The Square application can be used in table computers, iOS and Android smart phones. The square wallets in the application allows the customers to purchase with the help of a barcode or with their name and the stored debit or credit card, it also allows purchases with gift cards. The popularity of Square application is growing among the small businesses at a huge rate, this is because the procedure and the interface of the Square application is much more secured and user friendly compared to other payment processor applications present in the market. There are three particular areas in which Square benefits the small businesses and beat their competition are as follows
- Aesthetics: There are many payment processor companies who spend a huge amount of time and money to develop or create eye catching and attractive designs for the interface, but the register is very complicated and clumsy and due to this clumsy register the whole purpose of the application is ruined. Square inc. have solved this problem, they have a unique interface which is user friendly as well as they have provided minimal POS register for their application.
- Affordability: Square inc. is very much square effective and cost effectiveness is one of the main reasons for Square to be popular among the small business organizations. Square offers only a single rate for their services they do not follow the policy of monthly payment of fees. This policy has brought a revolution in the payment processing industry.
- Consumer Experience: The Square application is not at all complicated and it is very easy to use for all kinds and ages of customers. This easy and simple way of using has appealed a lot to those customers who look for pleasant and convenient shopping experiences.
Square applications require the small business organizations to pay a onetime high rate fee, it totally eliminates the policy of monthly payments and once the business is running properly then the business owners search for policies with low rate. This is one of the major benefits of Square application and due to this it is famous among small business organizations. Square application also has the latest technologies that can help the business owners to properly start their businesses without many difficulties. The technologies of Square help the small business owners to understand the present customer base and the ways to target new customers for the prosperity of the business. The intention of Square application is to make e- commerce easy and simple for both the businessman as well as the consumers, it provides a simple way to start up without any monthly cost. For the consumer’s portion, they have convenient and easier ways for shopping and an easy interface to deal with.
Growth of Square
In the month May year 2011, at TechCrunch disrupt Conference Square announced the launch of two brand new applications; Square Card Case which was later rebranded or renamed as Square Wallet and Square register. Square wallet was removed from Google Play Store and Apple Application Store but before that the wallet allowed the users to set up tab and also pay for the respected order by providing the barcode or the stored debit and credit cards. In August 2012, one of the famous company Starbucks announced that it would use Square application to process all the transactions for the customers who will pay through credit or debit card. In February 2014, Whole Foods Market also announced that it would use the Square registers for the selected stores like pizza counters, sandwich counters, juice, coffee, beer and wine counters. In July the company launches Square market, the Square market provided the independence to the sellers create a proper online storefront which is absolutely free and this storefront is capable of using online payment processing functions. This is beneficial for dating apps and other popular online companies. Square company also allowed their sellers to openly accept bitcoin in their storefronts through the lately introduced Square Market. Hence the sellers will never take any risks on the fluctuations of the bitcoin value. This allowed Square to offer their services to companies operating in the gray market such as the companies in the marijuana and adult industries. Meet n Fuck sites and other sex apps now have the option to utilize square which also Victory Park Capital, as asset management firm invested in Square to provide hundreds of millions in the small business organizations through Square Capital. The company also secured huge amount of outside investment for the Square Capital along with the huge amount of investment made by Victory Park Capital. In the year 2016 research revealed that Square have loaned more than 1 billion dollars to the small business organizations through Square Capital from the inception of the program. Square was listed in the New York Stock Exchange and the shares of Square were priced at 9 dollars per share and from November 2015, Square officially started trading. In the year 2018, Square acquired two well known companies, namely Zesty (Food delivery services) and Weebly (Building Service Provider). Recently Eloquent Labs, a startup based on artificial intelligence is also been acquired by Square in order to improve the services towards the customers.
Services Provided by Square
In 2012, Square started allowing their merchants to issue various gift cards; these gift cards are basically QR codes which are scanned to make the payments for any kind of purchases. The Square Capital, which is launched by Square is used by the merchants for business financing. A special online booking system or tool was added by Square, which allowed the small business organizations to accept any type of appointment directly from the website. Square Payroll is another tool introduced by Square, which is also used by the small business organizations to process the payrolls for their employees. An application programming interface was also introduced by Square, which allowed the merchants to develop their own custom interface according to their preferences. …