5 Ways Square Can Boost Your Business
While Square has only been around for a short period of time, it has solved many problems for millions of businesses. If your company or brand does not accept credit cards, Square may be the best solution. Here are four ways that Square can help boost your business:
This is one of the unsung benefits of using Square. Square allows businesses to create profiles that will allow users to learn about them. These profiles allow users to learn about your brand, its specific offerings and ways that they can get in touch with you. On the business side, brands are able to use tools to make their brands enticing. You can use compelling photos and image features to accentuate your product offering and introduce your brand to the marketplace.
Square allows small business owners to advertise specials and deals to customers through the platform. One of the benefits of this perk is that restaurants can drive traffic to their doors simply by creating unique and engaging cost-savers for current and potential customers.
Brian Honigman of Social Media Examiner believes that this method is a valuable way to connect with customers, “All businesses offer deals and specials to their customers, but a unique way to offer socially focused offers is by connecting your customers’ online and offline habits with Foursquare specials.”
Saving on Credit card expenses
According to the Institute for Local Self Reliance, businesses coughed up $48 billion in fees to merchants. What is more troubling is that very often these fees get passed on to customers in the form of higher costs for products. No one wins.
Square’s chief benefit is that it allows businesses to save money on credit card transactions. Each transaction only costs businesses 2.75% per transaction. While that may not be a huge difference from what other merchants charge, it doesn’t include some of the implicit fees that accompany many transactions. Not only are the prices for these transactions cheaper, they are also easier to transfer. Square account funds are usually made available in company bank accounts the next business day.
One of the more unsung benefits of Square is a new tool called Square Register that will allow users to process credit card transactions through their Ipads. What makes it even more interesting is that it will provide analytical tools and metrics that will help small business owners understand their sales in a new way.
Daniel Terdiman, Cnet contributor described the tool in a recent article on the subject. He said, “But lost in the shuffle of publicity Square has gotten for its streamlined payment system — which will soon be rolling out at Starbucks outlets around the country – is Square Register system that lets businesses use an iPad instead of a cash register, and an accompanying set of analytics tools that leaves many users gushing.”
I am always disappointed when I encounter businesses that don’t accept credit card. In this day and age that simply shouldn’t be. One of the main reasons that businesses elect not to accept card payments is they don’t want to deal with the added hassle that accepting these payments usually entail. Square simplifies this process. By charging a simple, straight-forward fee for each transaction, businesses can have a peace of mind with transactions that will allow them to expand their customer base. No company should lose business because they are unable to accept card transactions. All it takes is a smartphone.
Article by: John Okoyo - John has spent many years writing content for magazines, publications and clients in both the financial and technology industries.