One year on from the day it launched, Square, the mobile phone credit card processing service, has made a number of announcements today unveiling a few new features and the news that it has now passed 800,000 customers and is processing around $2 billion in payments per year.
Square also revealed it will be dropping its $1,000 limit. Previously, if a new client processed over $1,000 in transactions, anything over the $1,000 limit would then have been kept by Square for a period of time ranging from a few hours to a month, depending on the merchant’s standing with Square. If you are a merchant of Square, you will be pleased to know this limit has now been dropped, which is sure to make a welcomed change to small business cash flow.
Enhanced Payment Processing
From now on, all new businesses that use Square’s card reader will have funds triggered for processing the same day. The proceeds will then arrive in the merchants’ bank accounts the next business day. This change is particularly beneficial for small businesses that rely on quick access to funds to manage their daily operations. The ability to receive payments faster can significantly improve cash flow, allowing businesses to reinvest in inventory, pay employees, and cover other operational expenses more efficiently.
Square also dropped its $0.15 per transaction charge for businesses a few months ago earlier this year. This move has made Square even more attractive to small and medium-sized enterprises (SMEs) that are looking to minimize their transaction costs. By eliminating this fee, Square has positioned itself as a cost-effective solution for businesses that process a high volume of small transactions.
Commitment to Continuous Improvement
Square’s Keith Rabois explains: “We’re not going to sleep until we improve the entire experience of buying and selling,” – “Every month we’ll have improvements to the product.” This commitment to continuous improvement is evident in the frequent updates and new features that Square rolls out. For example, Square has introduced features like inventory management, customer feedback, and detailed sales analytics, which help businesses make informed decisions and streamline their operations.
Moreover, Square’s ecosystem has expanded to include a range of complementary services such as Square Capital, which provides small business loans, and Square Payroll, which simplifies employee payments. These additional services make Square a one-stop-shop for business owners, reducing the need to juggle multiple service providers.
Square’s user-friendly interface and robust customer support further enhance its appeal. The company offers extensive online resources, including tutorials and FAQs, to help merchants get the most out of their Square experience. Additionally, Square’s customer support team is available to assist with any issues or questions, ensuring that businesses can operate smoothly without technical hiccups.
The impact of Square’s innovations extends beyond individual businesses. By making it easier for small businesses to accept card payments, Square is contributing to the broader trend of cashless transactions. This shift is particularly significant in the current economic climate, where contactless payments are becoming increasingly important for health and safety reasons.
In conclusion, Square’s recent announcements and ongoing commitment to improving its services highlight its dedication to supporting small businesses. By eliminating the $1,000 limit, dropping transaction fees, and continuously enhancing its product offerings, Square is empowering merchants to thrive in a competitive marketplace. As Square continues to innovate and expand its ecosystem, it is poised to remain a leader in the mobile payment processing industry.
Source: Tech Crunch
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