Square

What is Square and what do they do?

Square is a financial services and software company founded in 2009 by Jack Dorsey and Jim McKelvey. The company provides a range of tools for businesses to manage their payments and online sales efficiently. Its core offering is the Square Payment Processing system, which allows businesses of various sizes to accept electronic payments via different methods, including credit cards, debit cards, and mobile wallets.

Square's comprehensive solution combines hardware like point-of-sale terminals with software applications tailored for merchants. These offerings enable retailers and service providers to process transactions both in-person and online seamlessly.

In addition to payment processing, Square offers tools for inventory management, customer relationship management, analytics, and reporting, enhancing businesses’ capacity to operate efficiently. Other features include invoicing, e-commerce integration, and loyalty programs, which help businesses engage their customer base effectively.

Who is it for?

Square primarily serves small to medium-sized businesses but has expanded its services to a wide range of industries over the years. The platform is widely used by retailers, food service providers, service-based businesses, and e-commerce merchants. While it began as a solution for local vendors and small enterprises, Square has evolved to accommodate larger businesses and integrate with various operational frameworks.

Square has a notable presence in North America, particularly in the United States, where many entrepreneurs leverage its services due to the user-friendly interface and minimal upfront investment. Its global reach has expanded, with services now available in several countries, allowing for transactions across borders, thereby catering to a diverse clientele.

The availability of Square's services varies by region, and businesses in areas where Square operates benefit from straightforward payment solutions tailored to their needs.

Why do businesses choose Square?

Businesses opt for Square for several verified strengths and benefits:

• Ease of use: Square's platform is designed to be intuitive, allowing businesses to set up and start processing payments quickly without the need for complicated installation or technical expertise.
• Cost transparency: Square operates on a flat-rate pricing model, making it easy for businesses to predict costs without hidden fees.
• Versatile payment options: Square supports various payment methods, allowing customers to pay via credit/debit cards and mobile wallets like Apple Pay and Google Pay.
• Comprehensive features: The diversity of Square’s additional services—such as inventory management, sales analytics, and customer insights—enables businesses to manage multiple facets of their operations from one platform.
• Mobility: Square's mobile point-of-sale app allows businesses to take payments anywhere, enhancing flexibility.
• Rapid payouts: Square provides quick access to funds, enabling businesses to manage cash flow effectively.

Businesses using Corefy can simply obtain a MID from Square and connect it to Corefy’s dashboard in a few clicks, without dealing with any integration work.

Is Square trustworthy?

Square has established a reputation for security and compliance. It is PCI DSS (Payment Card Industry Data Security Standard) compliant. This compliance ensures that Square adheres to stringent data security standards essential for protecting sensitive payment information. To further safeguard transactions, Square employs encryption technology for processing payments, thus enhancing security for both merchants and customers alike.

Square is also committed to regulatory compliance across different regions where it operates, ensuring that it meets local laws governing payment processing.