I have a square. It was convenient in college if I sold a book to someone else and they did not have cash. Easily accepts every card and then deposits the next day into your bank account of choice. It has done wonders for small merchants that go to trade shows or sell at antique malls. They do not need a full service terminal and can use their smartphone. A much smaller investment. It takes a percentage like any merchant service but it is not exorbitant. It is probably much less than some services. This accessibility and ease of use have made Square grow large and fast. They are competing with the large banks and doing a good job. They just announced that their merchants did $100 million in sales in one day you can read more about that here. This makes it a force to be reckoned with in the field. If only they went public I would invest. They shake up the banks and regular merchants. The only downside to Square and one that I tell the clients at the bank is that Square is not as secure as a regular merchant. With the new EMV chips in cards it will make Square even more vulnerable. They might be able to still compete and maybe even one day able to use the EMV chip.
Square has challenges ahead but they will reinvent and overcome. They will still be very popular for small merchants that do not have the volume for a larger merchant.
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