Square Review 2022 – Top 10 Credit Card Processors
Credit card processing has become essential for small businesses. Credit cards offer consumers and merchants benefits and are more convenient than checks and cash. That’s why card payments have grown more than any other form of payment. Since the merchant account provider does it for you, you won’t have to go through the trouble of depositing checks and cash into your account. Square is one of the favorable credit card processing companies for growing companies. If you sign up for their processing services, you will receive complimentary point-of-sale software. This Square review is for businesses looking for payment solutions. It highlights the company’s features, pricing model, and services. Read on for some valuable insights about the company.
Square
Square is a worthy credit card processing company with pay-as-you-go terms and competitive pricing. Their useful features come in handy for those looking for advanced payment processes. Processing credit cards and mobile payments will become easy. You can also use their services to manage inventory, workers' hours, and inventory. If you want to go through first-hand experiences from those that came before you, look at Square reviews.
- They have a free trial
- The software is feature-packed
- They have multiple devices to pick from
- They don't have a monthly fee on their basic plan
- Great customer support
- Easy application process
- The customer support is not 24/7
- Not recommended for high-volume transaction
About Company
Square started as a little white reader and has evolved into an ecosystem of payments and eCommerce solutions. They enable businesses to grow and never miss a sale. It opened its doors officially in 2009. Their POS is used by all business types, from large multi-store operations to brand new businesses. All you need to start taking payments is an app and a card reader. Square’s card reader is a simple gadget that wirelessly connects to your tablet or phone. Most companies will charge you a maintenance fee but not Square. They don’t charge for monthly or annual account maintenance. They don’t have a chargeback fee either. The affordable fee structure makes them an ideal option for businesses on a tight budget.
They started with a mission to help all businesses thrive in a competitive market. They have updated their services and features. They expanded into software that allows integrations so that everyone can customize their services. Since most sellers want to sell online, having software tools is crucial. Square will help you engage with loyal customers, manage inventory, hire new staff, and pay workers. The versatile POS system allows business owners to manage their cash flow, and you can also access business loans all in one place. Streamlining business processes makes your managing work easier.
Square has grown tremendously, and they now serve merchants from Japan, Australia, Ireland, Canada, and all the 50 United States. You can purchase their equipment separately, or you can go for the hardware bundle with everything you need. They have two software packages, the Square for restaurants and Square point-of-sale. The basic package will work perfectly if you are not in the food business. It might not be as feature-rich as other paid-for software, but it’s more than enough to get you going.
Services
Square has worked with businesses of all types, and it’s among the few credit card companies that individuals can use. They are a primary mobile credit card processing company, but they also offer some processing solutions to eCommerce businesses. Here are the primary services that Square card processing company offers.
- Point-Of-Sale Solutions
Because all businesses are different, Square credit card processing has multiple POS solutions. Their devices come with software that will best support your unique business needs. Ensure you connect with Square hardware for quick built-in payment processing. You will accept all kinds of payments, including contactless. You can take orders on the phone or online and manage deliveries and pickups. Even though their software is simple and free, it has many features that will simplify your running business. It allows you to accept gift cards, checks, and cash. Tracking inventory in real-time with the ability to set alerts come in handy. It’s possible to integrate accounting software into your system to make it more versatile. Automatically set discounts and publish QR codes to keep customers coming. There is no limit to what you can do with the Square POS tools.
- Online Store
You can sell anything you want with a free online store. Businesses yet to start selling products online can start with the free eCommerce website. Their easy-to-use website builder will help you publish the eCommerce website quickly. It will have all the tools required to establish a functional online store. You can customize the site to fit your company and even add other unique features to make it more optimized. The website works for all types of companies; however, if you are among Square prohibited businesses, you may not benefit from their services. Check out their list of prohibited businesses before signing up with Square. Most companies will charge you for creating an eCommerce site, yet Square offers you for free. They can save you some money and launch your online takeover. Square reviews praise the free software a lot.
- Digital Invoices
You can send digital invoices from anywhere, estimate them and even receive payments. You can track the invoices to see which ones are unpaid and which ones are paid. If you want, it’s possible to send reminders to your customers. Processing payments online allows you to get paid much faster because you will be accepting payments 24/7. If your clients can’t make the payments online, they can do the transactions in person. The good thing is you can manage your business from one place. They boast of having over 200 million invoices sent since they started the service. You will rarely find any Square payment review that doesn’t mention digital invoices because it’s a helpful feature. You can start with Square for free and then upgrade when you want. Paper invoices can be messy, and it can be challenging to track your finances when you don’t have a working system in place. Almost 75% of Square invoices get paid each day. Square PCI compliance features will ensure your business stays compliant even if you do transactions online.
- Appointments
Scheduling is part of business, and if you don’t pay attention to your calendar, it’s easy to ignore some of your customers. You also must create time to attend to other aspects of the company. Luckily the Square POS system is an all-in-one platform for payments, bookings, and appointments. They will handle the administration while you do other things. You can manage your availability through an app that makes scheduling a breeze. You have a chance to prioritize your staff and customers with team management tools and client profiles. You can set up shipping, sync inventory, and sell on Instagram without adding office time. The system is made to match your craft.
- Loyalty Program
Loyalty programs are the best way to thank your regulars with unique benefits. You can build the loyalty program from the Square dashboard or website. Loyalty points can turn walk-ins into repeat customers. Instead of using the old paper punch cards, you can start awarding customers a digital loyalty punch. You will be providing customers a personalized buying experience every time they visit your online or physical store. It’s possible to track sales and see how loyalty programs encourage customers to return. You can even compare average spending from non-loyal versus loyal customers. Your customers can easily enroll in the loyalty program at checkout. The process takes a few minutes; all they have to do is enter their phone number. They will be receiving an automatic text message every time they earn a loyalty point. You will enter their phone number to apply the rewards.
- Payroll
Square also has simplified payroll processes. They offer full payroll services, employee benefits, and automated tax filing. The payroll service is designed with small businesses in mind. If you were wondering, is Square worth it? This should be one more reason to convince you. Small business owners can now pay their employees using payroll software. The system will automatically file local, state, and federal taxes. The service is favorably priced, and you won’t have to worry about hidden charges. They have live payroll specialists willing to help you whenever you encounter an issue. You will seamlessly track employee hours and attendance with the software. Use the funds from your Square checking or balance account to instantly pay employees. Square card processing company keeps coming up with new features, so stay updated.
- Employee Benefits
Square has partnered with benefits providers to help offer your employees some benefits. Small businesses usually don’t have benefits because they don’t have the budget for them. But with Square, you can give workers a lot more. It helps you retain top talent and create the dream team. There are plenty of benefits you can start offering, including retirement 401 (k), health insurance, or workers’ compensation. They will take care of the rest once you are set up. They will link up with your employees to manage their benefits, so you don’t have to worry. Ensure you customize the benefit packages to fit your budget. You don’t want to offer too much money that you can’t sustain long term. You don’t have to offer all the benefits; you can choose the ones you feel are necessary.
- App Marketplace
The app marketplace is where you go for all the most popular apps you can integrate with the Square software. They have listed all the possible integrations that fit different businesses. Pick the ones you feel will be helpful for your team. Some apps are still very new; it’s your chance to try some new apps that might help you increase sales. They allow developers to create apps that they feel will be useful for today’s business needs. Square provides them with tools to develop the apps. They have great food and beverage features and integrations that can help an upcoming food entrepreneur.
Plans and Pricing
With Square, you will only pay for the processing, there are no monthly or annual fees, and you won’t have to sign a long-term contract. Even individuals like gig workers, independent contractors, and freelancers can use their software. Their basic processing equipment is inexpensive and minimal. Their rates are simple, and there is no account fee. Square PCI compliance will also be part of the package. Small businesses that use Square appreciate the transparent rates. Their point-of-sale software is free.
Hardware prices
- Square reader for magstripe: You will get a free magstripe reader when you sign up, and then additional readers cost $ 10 each.
- Reader for contactless and chip: it starts at $ 49, but if you need a charging dock to go with it, the price is $ 78. The reader accepts payments via chip and contactless methods.
- Stand for contactless and chip: It costs $ 169, or you can pay $ 16 per month for 12 months. It’s a more advanced device you can plug into your iPad and make it a checkout station.
- Square terminal costs $ 299, but you can pay $ 27 per month for 12 months.
- Square register costs $ 799, or you can pay $ 39 per month for 12 months. The register comes with the POS software already installed.
Transaction fees
- You will pay 2.6% plus 10cents for every card-present transaction.
- Keyed-in transactions or where the card is not present, you will pay 3.5% plus 15 cents.
- When your customer pays an invoice online or buys through your eCommerce website, the transaction fee is 2.9% plus 30 cents for cards.
Square invoices have two plans to pick from. There is one for free and one that costs $ 20 per month. The free version has limited invoice features. Luckily the $ 20 plan has a 30-day free trial. Square for restaurants also has a free version, which supports unlimited locations and devices. But if you want more, you can start paying $ 60 for every location. Square for Retail starts at $ 60 for your first establishment. Setting appointments is free for individuals. Businesses with two to five employees will pay $ 50 per month for appointments. A business with six to ten employees will pay $ 90 monthly for appointments. These are the fees, pricing, and rates you should be aware of.
Frequently Asked Questions
Does Square Support Multi-Currency?
They don’t offer multi-currency at the moment. If you accept different currencies from invoices, they might not be the best option for you. But if you use a single currency, they will help you get paid faster and more efficiently. They take two business days to transfer funds into your account. If you want immediate transfers, there is an additional fee of 1.5%.
Do They Offer Fraud Protection?
Square will alert you of suspicious activities because it monitors all your transactions. They keep evolving their security feature to keep your customers as safe as possible. They don’t offer the tightest security, but it’s enough to keep you compliant and safe. Keeping clients’ information safe is a priority for every business owner. If you start processing credit cards, you must consider fraud protection. They use human observation and algorithmic automation to detect fraud. Square PCI compliance is up to par, and their devices don’t save payment card data.
What Kind Of Payment Methods Can Customers Use To Settle Invoices?
Your clients can use all payment methods, including checks, cash, gift cards, and credit cards. They can even pay online using their computers. Even bank transfers are possible. Square is very versatile; it won’t limit you in any way. It makes it easy for you to receive funds from all directions so your business can continue operating. Without an advanced POS ecosystem like this, you will be stuck taking in-person payments alone. Customers should be able to pay via their phones with Google Pay or Apple Pay.
Is Square Loyalty Program Free?
The loyalty program has a free 30-day trial, but then that is it. You will start paying based on loyalty visits and locations. For 0-500 loyalty visits, you will pay $ 45 per month per location. For 501-1,500 loyalty visits, your business will pay $ 75 per month per location. For 1,501-10,000 loyalty visits, you will pay $ 105 per month per location. Since loyalty programs are very effective, you should consider setting aside funds to start awarding loyal clients.
Are There Third-Party Integrations?
They have plenty of third-party integrations. You should check out their app marketplace. You may have to pay for some of these apps separately. Be careful with the apps you select and ensure you only go for the apps you need. If the costs add up from the integrations, it might be too much to bear for a small business.
Is The Company Right For You?
If you ate a startup and aren’t sure how much your business will be making yet, Square is perfect for you. A quick look at any Square payment review will tell you it’s a great company for small businesses. The zero monthly fees are a bonus when you have a tight budget. Their software is free when you buy some of their hardware. It’s a very flexible POS platform, and you can adjust its services based on your needs. A company that can grow with you is the best choice when you ate starting out.
