Square review in 2024

Detailed review of Square

Square payments can be made from anywhere in the world. The system works with most world currencies and almost all payment systems, including electronic payments and Visa/Mastercard cards. The functional and optional Square stack offers a full range of software solutions for businesses. The system is convenient for online stores, HoReCa organizations, as well as private companies providing services in the field of healthcare, cosmetology, and insurance. Square has complete solutions for each sector.

Like some other payment systems, Square is built on the microservices architecture. That is, it is not a solid app with specified functions, but a conglomerate of independent programs that the client can connect and disconnect at will. Many of the standard functions are free (for example, checking for fraudulent actions), others will require a subscription fee (in particular, you have to pay $35 for connecting each employee), or one-time payments (for example, 3.5% + 15 cents for the account when processing transfers with a virtual terminal).

Square's hardware solutions stand apart, as no payment system offers analogs. These are the latest generation payment terminals with convenient touch screens, an intuitive interface, and excellent functionality. They are characterized by simplicity of scalability and high speed of operation. However, these terminals are designed to synchronize with the developer's software, it will not be possible to flash them or connect them to third-party payment systems.

Square Payment by the numbers:

• 2009 – year the company was founded and launched the platform;

• Square terminals are available in 8 countries;

• $0 – fee for software installation;

• 2.9% + 30 cents – business commission for each transaction;

• 0 – number of competing companies providing payment terminals to businesses.

Note that Square Payment’s acceptance devices are designed based on the iPod. This determines their impeccable optimization, intuitiveness, and usability.

Useful features of Square:

• Invoices. A standard function that allows accepting all types of payments on an online resource or through a terminal.

• Dashboard. An analytical panel in the app (can be accessed through the website or terminal) with detailed statistics on transfers.

• Card on File. This function allows saving the payment details and their source for automating payments without re-entering data.

• Risk manager. Automatic payment verification to detect fraudulent activities (provided free of charge in the standard version).

• Gift cards. A function for creating and distributing gift cards customized for a specific business.

• Virtual terminal. A complete analog of a physical terminal, but installed on a conventional PC with an internet connection.

• Customer prepayment. This function allows charging the client an advance payment for the provision of services.

• Manage multiple locations. A free function that connects several points of online and offline sales, displaying data on the dashboard of the aggregator app.

• Manage devices by location. Allows full control over a remote point of online or offline sales.

• Team management. A service for delegating authority to specialists with the possibility of centralized coordination.

• Square appointments. Appointment, reminder, and follow-up tool for businesses that is fully customizable.

• Payroll. The service provides an opportunity to generate and send payroll data per local tax laws.

• Marketing and pricing. A small service for interacting with customers through an advertising newsletter to increase conversion.

• Loyalty overview. Allows proprietary client loyalty program based on preset settings.

• Square for Retail. A service for Square hardware devices that allows managing retail businesses.

The cost of a standard Square payment terminal is $299 or $27 per month until the full payment of the amount. Square Reader for contactless payment costs $49. A magnetic stripe reader is provided free of charge. An independent point of sale with two screens (for the manager and the client) will cost $799 or $39 per month until the full payment of the amount. Square offers other hardware solutions as well.

Advantages of Square’s payment system:

• Versatility. The company's software and hardware solutions are suitable for all types of online and offline payment acceptance points.

• Adaptability. Complete stacks and templates of microservices can be quickly assembled and customized to meet the requirements of a particular business.

• Simplicity. No special education or special skills are required to connect to the system and configure it in depth.

• Responsiveness. All transactions are performed as quickly as technically possible and per regional laws.

• Transparency. The Square app aggregates for tracking all financial flows and business processes.

• Flexibility. The company offers complete service stacks, stack templates, and recommendations for individual assembly.

• Loyalty. The cost of using the system corresponds to the average price on the market, for some functions it is even lower.

• Originality. Many solutions from the Square marketplace have no analogs in other services.

• Terminals. In addition to the software for Square Payment System, the company offers terminals of its own design.

• Safety. Square guarantees the confidentiality of data, and it operates under the license of authorized regulators.

Types of accounts in the Square payment system

The Square Payment System provides only one type of account, which is a business account. All functions are immediately available on it, and access to the software solutions marketplace is open. The account has no restrictions, and its owner can order any services from the company, purchase devices in any quantity, and receive competent advice. When a large business orders services in bulk, it receives individual terms of cooperation.

Some services may be provided under variable tariff plans. For example, the cost of connecting offline payment points depends on the selected tariff. The Standard tariff allows activating one point for free. Plus and Premium tariffs cost $29 and $69, respectively, and they differ in the number of points available for opening (check details on the website).

There are separate tariffs for the Square Invoices service, which allows accepting payments. On the Standard tariff, the transaction costs 2.9% + 30 cents. The Plus tariff enables a business owner to pay $20 per month with no need to pay for transactions separately, but additional fees are charged depending on the speed of transactions (calculated regionally). A flexible approach to choosing a tariff provides an opportunity to choose the most comfortable terms for cooperation following the specifics of a particular business.

Banking features

Square is not a mobile bank, but it has some internet banking functions that are peculiar to neobanks. This applies to making payments and the possibility of aggregating business processes. The business owner manages all financial flows and even his team from a mobile device, and almost all types of payments are available at his payment acceptance points (both online and offline). The service does not provide banking services of a private nature (for example, overdrafts or flexes). It does not have personal accounts at all (although you can register on the platform not as a company, but as the company owner).

Social programs of Square

The company does not implement social programs. This is a FinTech organization that provides a wide range of services for businesses to make payments online and at physical points of sale.

How to open an account at Square

Go to the official website of the company, click on the "Sign in" button in the upper right corner of the main page, and select the "Sign up" line in the window that appears.

Enter your email twice (the second time for confirmation), create a password, and select the region where you do business. Agree to the terms of service by checking the box, and click on the "Continue" button.

In the next window, enter your business details and click "Continue". Then you will need to provide more detailed information about the points of sale (online and/or physical) of your business. After filling in these screens, the system will ask you to confirm your identity by providing personal data, including the SSN or ITIN number.

Confirmation of identity may take some time. Wait for the process to complete, after that, you will be able to fill in additional fields and complete registration in the service. During the registration process, the system will send a link to download the mobile app, and you need to log in using the registration details. Registration can also be done through the app (it can be downloaded directly from the Play Market and App Store digital stores).

At the final stage of registration, you need to link a bank account to your user account, just follow the instructions on the screen to complete this step. The system will also give recommendations on the basic software stack. You can choose the standard option or go to the marketplace and choose the necessary options yourself. The connected services are managed via the website or app.

Technical support

There is a "Support Centre" in the website menu, where detailed information on working with the system is provided. If this is not enough, the client can refer to the "Community" section to contact other users of the service and get advice from them. Chat service is available in the app; but if the bot cannot provide the required answer, it will automatically connect the client with the manager. In the "Contacts" section of the user account and the app, the email and call center number are indicated. Both communication channels work on a 24-hour basis.