Fintech & Ecommerce

Square ecosystem: products review

An overview of the company profile and its products

Square ecosystem: products review. Source:

The creator of the Cash App, Square, Inc., boasts a rapid growth rate of its customer base. The company entered a P2P payments sector in 2013 and quickly attracted 15 million new users. Many experts consider Square one of the most innovative companies in modern retail.

Square, Inc. was founded in San Francisco in 2009. The name of its co-founder, CEO, and Chairman, Jack Dorsey, is already known worldwide. After all, he is also the one behind the renowned Twitter social network.

The company focuses on facilitating payment solutions for all types of businesses. The idea behind the company’s vision is that business has to be fair and square. Therefore, fintech equipment and applications should be easy to use and affordable. Square, Inc. develops both hardware and software components of their payment systems.

Square ecosystem

As of now, Square has expanded its activities to many countries. It has offices in the USA, Canada, Japan, Australia, the UK, and Ireland.

They offer a range of products which will be useful for the fintech development of any company. Here are some of them:

  • Cash App. The app is a multifunctional payment solution. Both installing the app and its use are free of any commission fees. Some additional fees may be applied for premium services such as instant money transfer to a bank account or personal payments from third-party credit cards.

Square has expanded its activities to many countries. Source:

Cash App helps individuals to exchange money in a few clicks without any bank intermediaries. The Cash debit card can be integrated with various payment systems. Actually, that is a Visa card linked to a user’s Cash App account. It is sent to every user for free within a week after signing up. Thus, users can get their paychecks and cash them at the ATM.

Business owners can enjoy the service as well. They get their free Square Card and pay a small transaction fee while accepting Cash App payments.

The Square P2P platform doesn’t deal with just physical currencies; bitcoin trade is also an option here. Transaction safety is provided by fingerprint and passcode protection. The app works on numerous Android and iOS devices.

  • Square Payroll. Online service that helps employers to track all their employees’ working hours (timecard option is available), monthly salaries and bonuses, as well as easily calculate hourly payments for part-time staff. This software solution includes a mobile app so that any payments can be made 24/7 from any corner of the world. The app also allows adding contractors and suppliers to the system. It automatically deducts all taxes due and deals with the supporting documentation.
  • Square Capital. A system of loans for small businesses. The solution applies only to authorized Square sellers. Listing as one is quite easy and free. New users can also receive a pleasant bonus – a free credit card reader. Moreover, Square sellers as a whole are one of the major retailers in the USA. Therefore, being one brings a certain reputation and benefits. Once a company is eligible for a loan, all the application, funding, and payback processes are quick and automated.

POS is quite flexible and can be downloaded onto mobile devices. Source:

  • POS System. The system collects all the selling information, makes personal profiles of the buyers, allows sending digital receipts, therefore, saving paper, and accepts customer feedback about the products and service. Besides managing the inventory, the POS dashboard helps estimate the overall business picture. It enables the comparison of sales data throughout both short-term and long-term periods. In addition, it includes reports on real-time sales and tender offers. POS is quite flexible and can be downloaded onto mobile devices. The software integrates a few types of payment in a Virtual Terminal (credit cards, cash, paychecks, and gift cards) so that you don’t need additional hardware.
  • Credit Card Reader. This was one of the first products presented by Square. Business owners can order the MSR free of charge. It works along with the Square POS app. Basically, sellers then need only their phones/tablets and a card reader to accept payments anywhere anytime. The commission fee is 2,75% from the paid amount and money gets credited to a bank account in 1-2 business days.
  • Caviar. Square partners with various restaurants in New York, San Francisco, and Philadelphia. Its Caviar platform integrates a few services which is convenient for the user and allows food order and delivery via a mobile app or a website.
  • Square Online Store. The company is currently working on a major e-commerce solution. Their online store interface is aimed to help business owners customize their digital storefronts. It is expected to rival such market giants as Shopify. The online store will also connect sellers to social platforms and aggregator marketplaces where they can promote their brand. In particular, it will enable Instagram-based shopping popular today.

With the help of the Square Application Marketplace, sellers can also unite a few different business solutions. They can integrate Square with third-party applications, such as QuickBooks or BigCommerce. Therefore, the selling experience becomes highly flexible and customized. This Marketplace allows merging businesses effortlessly while developing a commerce ecosystem.

SEE ALSO: Micropayments: examples of practical use in different businesses

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