Square is a great piece of technology that enables companies to become more mobile as well as making ecommerce more efficient. Square is about “making commerce easy”. Entrepreneurs can take advantage of this technology for no upfront costs, it is free to sign up and the company will even send a free square mobile reader. However, there is a fee on every purchase made through the square app. If a card is swiped through the Square reader, the business will be charged 2.75%, and if a card number is manually entered the business will be charged 3.5% plus a small 15 cent fee. This sounds expensive, but there are no monthly fees or contracts so the Square app doesn’t have to be used for all sales. The money from each transaction will be transferred to your account in up to 2 business days.
When I first heard of Square I was reminded of their commercial a while back where the yoga instructor was accepting payments in the park through their mobile phone. I thought it was simply a small device you plug into your phone that gave you the ability to accept credit card payments without having to have a big machine or cash register, so basically, accepting payments on the go. This however, isn’t the case. To use the square device, you must download the Square app. This app not only allows the user to accept credit card payments, but it offers many other utilities that are very useful for organization and day to day operations of the business. The app includes the ability to view sales spreadsheets to see what days are the busiest and too also see which item/service is the best seller. The mobile app is compatible with both ios and android softwares so it is available for almost every smart phone user. As Square is installed onto one’s device, it allows the account to hook up with receipt machines, registers, and even barcode scanners. Making all of these functions compatible with one another allows the business owner to be more organized and efficient, freeing up more time for the owner to use on other aspects of the business such as expansion. At a glance, Square is just a basic device that makes payment simpler and more mobile, but after looking further into its capabilities, Square proved to be a very valuable program for young and old businesses alike.