Square for small business
Small business owners have a lot of things to consider in order to support the day-to-day operations of their business, one of the most important being how to get paid for their goods and services. Square, a mobile credit card processing app, has recently been in the news in conjunction with Starbucks.
The app has two key uses: business owners can process customer credit card transactions via a card reader that plugs into their cell phone or iPad or they can allow customers to “pay with Square.” With the latter option, customers can link a credit card to their Square account and pay for items with their phone rather than handing over a physical credit card.
So how does this benefit your business?
One of the many benefits of Square is that business owners can link the app to their bank account and receive money from customer purchases by the next business day if the purchases are made during business hours.
The app negates the need to enforce a “cash only” policy and decreases the necessity of making frequent trips to the bank to deposit money. And even you if are an owner of a small or mobile business like a food truck, Square gives you the same credit card processing capabilities that giant retailers provide regularly in brick-and-mortar stores as well as online.
The cost for use
The company does charge a 2.75 percentage fee each time a card is swiped, but besides that there are no monthly fees. The app also provides business owners the capability to conduct business 24/7 wherever they happen to be. If you’re running a business out of a truck or manning a booth at an event, you can process sales on-the-go without being inhibited by a hardwired card processor connected to a register.
Using the “pay with Square” option, people who have downloaded the app are able to see your business via the Square directory and pay for their purchases via a credit card that they’ve linked to their account beforehand. When it’s time to cash out, the customer’s picture and name appear on your register, you confirm their identity and the sale is done. This option helps business owners track regulars and even offer rewards for those who give frequent repeat business thereby increasing customer loyalty.
The takeaway
In the past, business owners were limited to patrons that happened to carry cash. But with Square, they are able grow their business and solicit sales anywhere, at any time. As the world of commerce continues to become more innovative, Square allows business owners to focus on what matters most, making their products more valuable to their customers, rather than worrying about how to process payments. And best of all… if you happen to be a small business owner reading this article, you now have a solution for the customers who are eyeballing your wares but don’t have cash on hand to pay for it.
