Square provides software and accessories to turn a smartphone that runs on an Andriod or iOS system or tablets such as iPad into a credit-card reader and point of sale system. Square can pull data from customer transactions across its network.
Photo Credit: Nik-IT Technology
- Cost: 2.75 % per swipe
- Founded in 2009 in San Francisco
- Launched in Canada in October, 2012
- Current Market Postion in Canada: At least 800 merchants processed $100-million in payments in 2013 | 20% of Canada’s small businesses
- Largest merchant categories: 1) Retail, 2) Service providers (eg. accountants, beauty professionals and dentists), 3) contractors or repairmen
- Future Target: on track to double the number of sellers in many markets
- Growth Opportunity: Transportation Sector (Taxi drivers and limos)
- Competitor with similar product: Amazon’s mobile payments service with lower fees for small businesses (not available in Canada yet)
Citation: Dingman, Shane. “Data-mining Retailers Prove It’s Hip to Use Square.” The Globe and Mail, 21 Aug. 2014. Web. 23 Aug. 2014.
Follow