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About Square

Square, a subsidiary of Block, Inc., is a pioneering financial services and digital payments firm founded in 2009 by Jack Dorsey and Jim McKelvey. The idea for Square was born out of a need to simplify payment processing for small and medium-sized businesses. The company's inception was inspired by McKelvey's inability to complete a $2,000 sale because he couldn't accept credit cards. Today, Square serves over 4 million merchant clients and processes an annual payment value of $210 billion across various markets including the United States, Canada, Australia, New Zealand, Japan, the United Kingdom, Republic of Ireland, France, and Spain.

Standout Features

Square has evolved from a simple payment processing solution to a comprehensive suite of services designed to support the operational needs of small and medium-sized businesses. Here are some of the standout features:

• Point-of-Sale (POS) System: Square offers a robust POS system that allows merchants to accept credit card payments using smartphones or dedicated hardware like the Square Register. This system includes features for managing sales, inventory, and customer data.
• E-Commerce and Online Payments: Through Square Market, businesses can accept online payments, making it easy to expand their sales channels beyond physical locations.
• Payroll and Shift Management: Square Payroll helps business owners process employee payrolls efficiently, handling withholding, payments, and tax filings. The service is available in all 50 states and the District of Columbia.
• Customer Engagement and Bookings: Square provides tools for customer engagement, including online booking services that allow businesses to manage appointments directly on their websites.
• Financing and Loans: Square Capital offers financing options to merchants, providing access to capital based on their transaction history with Square.
• Gift Cards and Loyalty Programs: Square offers virtual and physical gift cards, as well as loyalty programs that help businesses retain customers.

Frequently Asked Questions (FAQs)

What is Square and how does it work?

Square is a financial services platform that enables small and medium-sized businesses to accept credit card payments using smartphones or dedicated hardware. It offers a range of services including POS systems, e-commerce solutions, payroll management, and financing options.

What are the fees associated with using Square?

Square charges a fee of 2.6% + 10¢ per swipe for in-person transactions and 2.9% + 30¢ per transaction for online payments. There are no sign-up fees, chargeback fees, inactivity fees, or other hidden fees.

Can I use Square for online payments?

Yes, Square allows businesses to accept online payments through Square Market. This service integrates seamlessly with their POS system, enabling businesses to manage both online and offline sales from a single platform.

Does Square offer financing options?

Yes, Square Capital provides financing to merchants based on their transaction history with Square. This service helps businesses access capital quickly and easily.

How does Square's payroll service work?

Square Payroll is a service that helps business owners process employee payrolls efficiently. It handles withholding, payments, and tax filings, and is available in all 50 states and the District of Columbia.

Can I develop custom interfaces for Square?

Yes, Square offers an application programming interface (API) that allows developers to create custom interfaces and integrations for the platform.