Square, Inc., also known as Square, was founded in 2009 by two entrepreneurs, Jack Dorsey and Jim McKelvey. The idea behind the company when McKelvey lost a sale due to not accepting credit cards.
Today, Square is one of the world’s leading financial, merchant, and mobile payment services platforms, serving approximately 24 million users worldwide.
The company’s popularity has come due to its innovative products that provide users with quality solutions. The company has many products and services available in the market.
Among these are the Square Reader, the first-ever product made by the company, and Cash App, a product that allows person-to-person money transfers.
There are many advantages that the products offered by the company provide its users. However, there are certain disadvantages to using Square as well.
1) Pros of using Square
Some of the top pros of using Square are as given below.
Simple yet powerful
Users looking to get started on Square need to download its free ads on their mobile devices. Using the platform is incredibly straightforward due to its organized user interface.
The user experience of the platform is also satisfactory for its users.
However, being simple and easy to use does not take away from its features. The platform has some great and powerful tools for users to utilize in their businesses.
Customization
Square allows businesses to build a Point-Of-Sales (POS) system using the platform only. However, that isn’t all that users can do. Unlike most other online platforms, Square allows its users much more customizable features through its Square Connect API.
The API allows businesses to create apps and solutions that meet their requirements. The system also allows for easy integration with other software and apps.
Customer support
Square also has a 24/7 customer support center to help its users in times of need. Users can get help through different channels, which include phone and email contact.
Square also has various articles, videos, and tips on its website to help its users. Their Frequently Asked Questions (FAQ) section can also greatly help users looking for quick solutions.
Overall, they provide excellent support to their users, especially for small businesses.
Low costs
The costs associated with using Square are also low. First, unlike other platforms, Square does not require users to pay a monthly or annual fee for most of its services.
Similarly, users don’t need to sign contracts or agreements to use their products. On top of that, its charges are low and mostly predictable.
The company charges users a fixed rate of 2.6% and a $0.10 fee for every swipe of its processes. In comparison, American express charges its users 2.5%-3.5% fees per card swipe.
Wide range of integrated products
Square provides its users with a wide range of related integrated products to facilitate their businesses. There are no costs associated with getting the products first for its main products and services for small businesses.
Furthermore, all their products are integrated, which offers an all-in-one system for its users that provides them with many features.
2) Cons of using Square
There are a few cons of using Square as well.
Not the best for big businesses
The products that Square offers are most suitable for small businesses. Square does not offer them much value when it comes to large-sized businesses, and much better alternatives are available.
Similarly, large businesses require a more customized system and usually opt for bespoke solutions rather than a generic one like Square.
High costs for large businesses
The costs of using Square may quickly add up for large businesses with a high frequency of daily transactions. That is mainly because the platform charges a commission-based fee rather than a fixed amount.
For small businesses with low-frequency transactions, the costs may not be high. However, companies that have high-value transactions may prefer other solutions over Square.
No technical help
As mentioned above, Square allows its users high customizability with their POS systems. Similarly, they have a 24/7 customer support service available to their users.
However, when it comes to helping with the customizability of their services, they offer little to no help at all. Users looking to create a tailored system have to rely on online or third-party assistance as the platform fails to help them with it.
Conclusion
Square, Inc. is a platform that offers various solutions to its users regarding financial, merchant, and mobile payment services. Some of its popular products include the Square Reader and its Cash App.
There are many pros and cons of using Square. Given the above are a few of the top advantages and disadvantages.