Square, Inc.’s solutions are among the first names on the list for businesses and merchants looking for a reliable and easy-to-use point-of-sale (POS) system. Founded in 2009 and incorporated in 2015, the company has become one of the industry’s most well-known and trusted names.
The platform is available on all major mobile operating systems, including iOS and Android. One of the top products that the company offers its users is the Square Reader, a payment card reader linked to mobile devices. Apart from its main products, several other products and solutions allow its users to manage their business payments better.
These include item management services, real-time sales, and an inventory tracker. It also helps service-based businesses manage their appointments through the platform. The platform also provides Cash App, a person-to-person mobile payment application.
Many of the existing users of the platform already know how the products and services of the company work. However, some new users may wonder what goes into the platform and how it works. Therefore, given below is a general description of it.
How does Square work?
There are many products that Square offers. Therefore, the answer to the question of how the company works depends on the needs and usage of its users. Most of the company’s products and services are easy to use and integrate.
It makes the platform an easy choice for users. Therefore, users can use the products and services offered by the platform in different ways according to their requirements. While Square offers generic solutions, users can customize the system for specific needs.
Square provides its users, which mostly include merchants and businesses, to accept credit card payments through mobile technology.
It allows users to implement a point-of-sale system for their businesses using their smartphones or tablets through its different products. Similarly, the platform helps users around the globe streamline their business payments and integrate them into other systems.
Before Square, there were no mobile payment solutions available. Therefore, through its first product, Square Reader introduced the technology that became a standard in today’s world of mobile payments.
A few steps included in how Square works are as given below.
Registration
The first step in getting started on Square is to sign up on the platform. The signup process is simple. Users can download the Square app from the relevant app store.
Once downloaded, they can sign up on the platform using the application. Once they sign up, they can access the Square Dashboard that they can use.
Requesting services
Through the Square Dashboard, users can request different services. These may include the Square Reader, which they can get for free for smaller businesses and vendors.
Other products consist of the Square Register, which costs $999. The dashboard also allows users to request multiple products simultaneously, which users can add to their library.
Connecting services
Once users order their required solutions, they need to connect these services and products to their sales system. The installation depends on the respective product that the users use.
For example, the Square Reader plugs directly into smartphones through the headphone jack or Lightning connection (for Apple devices). Similarly, users need to download the Square Point of Sale app to use these devices.
The Square Point of Sale app integrates the physical products with the Square account of the users. For example, when a customer wants to pay through a credit card, Square users can enter the amount and items integrated into the Point of Sale app.
They can then swipe the customers’ cards to receive the payment. The app also has more advanced features, which can help businesses of different sizes and types.
Some businesses that process online fees can also use the Square Virtual Terminal to enter customer details into the system directly.
Similarly, users who want to use the platform’s invoicing features can use the Square payment and order form. Through the order form, they can process payments and easily capture customer information.
Receiving fees
Once users process a customer’s payments, they will receive the amount in 1-2 business days. Square also charges them a 2.6% commission and $0.10 fixed charges per transaction.
However, users can receive their fees instantly if they pay an extra 1% commission. The amount usually gets deposited in the users’ bank account, which they can configure using the app.
Conclusion
Square is an online platform that provides businesses and merchants with a reliable and easy-to-use point-of-sale system. The platform offers multiple products for its users to use. How the platform works depends on its users and their needs.
Usually, users must first sign up on the platform using the Square app. Then, they can request their services through their dashboard.
They must also connect their services through one of Square’s offered solutions. Once Square processes payments, users can receive them in their bank accounts.