SQUARE

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Square is a credit card payment processing gateway for small businesses. The headquarter is located in San Francisco, California, U.S. It accepts the way your customers want to pay. Square ensures the ease of use for your customers to pay for your business.

Square services are available in US, Canada, Japan, Australia, and UK. It accepts offline debit and credit cards on iOS and Android smartphone, tablet and computer. Charges no fees for registration. Fast and easy to set up.

Square offers one of the safest and easiest solution if you want to get paid without any hassle. It gained remarkable recognition after introducing its magstripe reader, enabling owners to swipe credit cards anywhere for a transaction fee per swipe (2.7 %). Also, through the App, you can use electronic invoices to easily get paid.

Working of Square:

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If you want to accept swiped credit card payments, first you need to buy a card reader. It is a square-shaped reader that must be inserted into the headset jack of your iPhone, iPad or Android device. If the swipe doesn’t work, you can manually enter the customer’s credit card number or if your iPhone doesn’t have a audio jack, you can use the lightening adapter instead in just $15. Also if you want your card reader for free then you can download the Square Register app from your App Store and Google Play store.

Good for:

  1. Companies that just started their business.
  2. Small businesses.
  3. E-commerce payment processing like WooCommerce.
  4. Mobile businesses.

Cost:

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Square costs 2.75% per swipe. Also, there’s no monthly or hidden fees. You only pay for what you use.

Pros:

  • Fast:

Receive your money in one to two business days.

  • Fees:

Charges no additional fees.

  • Customer Support:

Good customer support. You can contact them via phone or email, they even provide you with social support.

  • Free Tools:

Provides free tools for online selling and has a lot of other excellent features.

Cons:

  • High-Risk Business:

Bad for high-risk industries.

  • Account Termination:

Accounts can be terminated suddenly.

Comparison:

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If you’re running an online store, you should consider PayPal as your payment provider. PayPal has all the same advantages that Square offers, that is, no fees except a percentage of all transactions. Square charges 2.75 percent and PayPal is less at only 2.7 percent.

The one disadvantage of using PayPal as an option is that it uses a 3.5 mm jack, but if you have a newer iPhone that doesn’t have a audio jack then for that there is no lightning adaptor option available. The alternative option is that you need to buy a chip and tap card reader, but it charges around $50.

PayPal funds can be deposited immediately but only into a PayPal account. If you want to transfer the money to a bank account, the process can take up to three business days which might be a big deal. On the other hand, Square funds will be deposited the next day, also there’s a premium service available that can do it immediately.

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Square and Stripe both are the most popular payment processors for entrepreneurs. They both almost have the same features. Like Square, Stripe has no startup, monthly, or cancellation fees. If you do a lot of work online then you should go with stripe. But, if you have also have an offline business, Square is the best option to consider. It charges online 2.9% + 30¢ per transaction. Stripe accepts all the major credit cards and also Apple Pay and Android Pay eWallets, ACH payments and bitcoin. Sadly, Stripe isn’t a POS (Point of Sales) System and doesn’t support mobile payments but on the other side Square is a perfect POS that also accepts payments anywhere in-store, mobile, online, and via invoicing.

Conclusion:

Overall Square provides a lot of advantages. It is simple, fast and easy to use POS.  It works best with mobile payments and for small businesses so if you’re just starting out, or have a small business, Square could be an amazing tool. But if you’re planning for a high-risk business then you should look elsewhere.

Hope the above information is useful to you. If you require any further information, let us know.