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Square launches kick ass new analytics tool

(Business Finance) Square launches a new analytics tool to give businesses additional insight into their customers, products, and finances.

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square analytics

Square mobile payments gets 1233% better

With the push on for more and more businesses to accept mobile payments, the offer of additional features from the payment providers can make a big difference in which platform a business chooses. Popular payment tool, Square, has introduced a new analytics tool designed to give sellers new data to increase sales.

The new app, Square Analytics, is designed to “level the playing field” for small companies because it delivers easy access to stats and analyses that were previously reserved for big companies, with budgets affording them access to these tools.

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Square Analytics aggregates information from their point-of-sales (POS) tool, Square Register. This includes: invoices, customer spending data, tender types, inventory, and appointments. The Square Analytics tool is also optimized for mobile monitoring.

This means you can see how your business is doing in total sale by the week, month, or compare figures, on-the-go or in your office. It will also deliver a daily summary of your account to your inbox, making it easy to see the day’s total’s without leaving your inbox.

Adding even more insight into your business

If you connect your Square account to leading accounting services like QuickBooks, Xero, or even create your own with Square Connect API; you can gain an even deeper insight by by seeing your sales alongside your your budget. You can also sync with Stitch Labs for an analysis of your inventory.

Square Analytics breaks sales down to the item, so you can see what is popular, and what is not. You can also see if you need to stay open longer, or if you need to restock. Allowing you to understand your business a little bit better. It is not just about numbers, however, you can also understand your customers in a whole new way. Identify new versus returning customers, and find out how much your average customer is spending. Discover which products or services are drawing people in, and which need to go.

While these additional features are certainly helpful for established businesses who have a little history with Square, I am not sure how much this will benefit new companies, as there will be no data to aggregate. Also, some companies may not benefit very much from this feature simply because the majority of their payments are not at a POS terminal.

However, if your business has been accepting Square payments for a month or more, this could give you valuable insight into your strengths and weaknesses, that you would otherwise pay extra for elsewhere. I do think if Square is truly interested in “leveling the playing field” they should consider reducing their fee by as little as 0.25 percent, this would tip the competition a bit further in their favor, in my opinion.

If you frequently use Square, check out the recently launched IFTTT Square recipes to automate everyday tasks. You can automate everything from adding a line to spreadsheets and creating new settlements in Evernote. Another great way to save time.

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Business Finance

How business owners should handle the trend of COVID-19 surcharges

(BUSINESS FINANCE) COVID-19 has caused a lot of money problems, but some places have decided to counter this with new surcharges, and hopefully they told customers about them.

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COVID-19 surcharges

Hidden surcharges have long been a subject of discussion among consumers. Banks, car dealers, hotels, and credit card companies are much more transparent than they once were. According to a 2019 survey by Consumer Reports, 85% percent of adult consumers were hit by an unexpected fee when paying for a service, so the practice is not completely gone. With COVID-19, some businesses are turning to surcharges to balance out their profit margins.

Can businesses add a COVID surcharge legally?

The impact of COVID-19 is continuing to unravel. FOX8 reports that a Missouri steakhouse and sushi restaurant included a surcharge related to the rising costs of food under the pandemic. A CBS affiliate in Midland, TX reminds consumers to check their bills, because restaurants and salons are adding surcharges. Some businesses are saying that state restrictions are increasing operational costs, while others relate it to the cost of goods. Even UPS has added surcharges to peak delivery slots. According to a librarian at the State Law Library, a private business in Texas has a lot of leeway in deciding what to charge.

A surcharge isn’t necessarily price gouging

In Texas, price gouging following a natural disaster is illegal. The surcharges that we’re discussing aren’t price gouging, just a way for businesses to temporarily raise prices without changing their menu or listing new prices. The Houston BBB recommends that if your business does add a surcharge, it should notify consumers about the charge before the bill arrives. Consumers who believe that they’ve been a victim of price gouging should file a complaint with the Texas Attorney General.

Transparency is part of good customer service

According to Consumer Reports, 96% of the consumers surveyed were annoyed with a hidden fee. I want to talk to the 4%, and find out why they weren’t. A surcharge under COVID-19 conditions can make sense. Cleaning and sanitizing takes time and money. Prices have increased. What’s bad business is trying to hide those surcharges until after the customer checks out. That’s not fair. Be transparent.

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Business Finance

Tool simplifies vender payments, saves small businesses tons of time

(BUSINESS FINANCE) Melio is a B2B payment platform that simplifies bill payment for small businesses while freeing up their cash flow. Quick and easy, even from your phone.

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Melio homepage

Designed to maximize cash flow and consolidate the complications of paying bills and vendors, the startup Melio could be a big boost for small businesses.

The way this payment workflow tool works is that it lets you pay any vendor –including those who do not accept credit cards- using a bank transfer, or check mailed on your behalf for B2B payments.

Specializing in small business payments, accounts payable, accounts receivable, online payments, and business to business payments; it is free to send and receive payments using bank transfers/ ACH but credit card payments incur a 2.9% fee.

The onboarding is straightforward, including integration and automatic sync with QuickBooks, which is essential for many small businesses. Lots of online customer reviews via Trustpilot and other sites claim that Melio is user friendly with responsive, human customer service. Melio fills the gap between the bill payer who wants to use a credit card to pay a bill, and the biller, who wants to receive their money as simply as possible, and without credit card fees. Many small businesses have to manage the challenge of payments to purveyors such as utilities and landlords that do not accept credit cards, or want to deal with the associated merchant fees.

Melio and bill payment services allow businesses who prefer to use a credit card for payment to do so. For a small business who could really use the float and cash flow of a 21-day billing grace period of a credit card, or using a card with a sweet rewards program, this could be a valuable option.

Melio does not have a mobile app to download, but it is described on the meliopayments.com website as having a mobile-friendly, responsive web app easily-managed across devices. Most of the reviews seem to confirm the user-friendliness of this tool, and the few poor reviews I have seen involved requests from Melio for compliance documents that were not satisfied by businesses, and resulted in undelivered payments. With more than 2 years since its founding, Melio is continuing to grow and cater to the needs of small businesses in the United States who want to streamline their accounts payable process.

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Business Finance

Politicians reconsider PPP rules too cumbersome for small businesses

(BUSINESS FINANCE) The PPP loans may have some changes coming soon, to help small businesses even more by extending the time they have to spend the money.

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Congress has reported talks over fixing parts of the Paycheck Protection Program (PPP), a key program designed to help businesses during the coronavirus pandemic. Changes could range between small tweaks to an overhaul of program requirements. Congress remains divided over a phase four relief bill (passed in the House last week) which includes several of those PPP changes.

The PPP was created to provide forgivable loans to businesses with fewer than 500 employees. Although the Treasury is continuing to offer updated guidance, any significant changes will require approval from Congress.

One of the major potential changes is an extension to the eight-week time frame for businesses to spend their loan money. Senator Marco Rubio (R.-Fla.) is advocating the change. He told reporters “I think the more important thing to change is the time frame in which they can use it for,” Rubio told reporters. “We do need to give them more time to spend those monies.” The hope is to pass those changes before the first PPP loan recipients reach their deadline in early June.

Other changes proposed in the House bill include extending the spending time period to 24-weeks and eliminating the requirement for 75 percent of loan spending on payroll in order to qualify for full forgiveness. The flexibility could allow recipients to allocate money towards rent, another challenge facing small business owners. While Senate Republicans haven’t shot down that option, they’ve voiced concern on the spending rule which was originally designed to keep workers employed. Meanwhile, Democrats argue for flexibility which could support businesses with fixed costs. Both sides are open to discussing a 50 percent payroll and 50 percent additional cost breakdown in a new PPP changes.

The Small Business Administration has reported $195 billion from the $310 billion of the second tranche of PPP has been approved. With no defined plan to reopen the country, small businesses are counting on relief programs. Senior White House advisor Kevin Hassett has said the government can’t continue to lend money to businesses indefinitely. “It is something we can do through Jun, I would, guess if there’s enough cash for that.”

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