Review: Square, much more than you think
Review: Square, much more than you think
When we first saw Square on the payment services listing on the Xero AddOn Marketplace we thought it must have been a mistake as you go onto Square’s website it says “The POS app that’s simple, powerful and free.”
Square for Payment Processing
Square started out with the simple idea that everyone should be able to accept credit cards. It’s co-founded by the CEO and co-founder of Twitter, Jack Dorsey. It has since developed into a simple, point-of-sale solution.
We will look at the point-of-sale features more when we review retail POS AddOns in the Xero ecosystem in the future. Today, let’s just focus on the payment processing capabilities as this month we are reviewing debtor management and payment service apps in the Xero AddOn ecosystem.
What does Square actually do?
As a payment processing service is only available at this time in the United States, Canada and Japan. If you are not in these regions, you can go to squareup.com and sign up to the newsletter to be advised about Square payment processing being available in your region.
You can take credit card payments easily (in the US, Canada or Japan) by activating your payment free account and requesting your card reader.
The way that Square works is that they provide you with a card reader and the free app on iPhone, iPad or Google Play and then Square captures 2.75% of the sale amount. You can also accept a payment by keying in a card number. Manually entered payments cost 3.5% + 15c for all card types.
Once the payments have been processed, they then transfer it to your connected bank account once you have verified your bank account.
You can only run the payment register – which also acts as a point of sale if you want it to – on a tablet or smartphone. There is no web version. You can however as a business owner, log into your Square Dashboard online anywhere and see what’s going on with your e-registers anywhere in the world.
It’s quite obvious when you get into the Dashboard, Square is a very smart solution filling a big void for many small businesses – being able to accept credit card payments from anyone, anywhere. However, Square intends to be so much more than just a payment service provider or point of sale system.
Here’s a list of the features that Square has ready to hook up once you have a free account:
- Customers can book online using the Appointments portal either stand-alone or in your website
- Square Capital – to gain funding fast from Square. You receive an email offer email once you become eligible
- Send invoices and accept payments via Square – it’s just link the Xero online invoice
- Set up an ecommerce store with a click of the button just by adding products and setting up your profile
Square and Xero
If you are using Square in the US, Canada or Japan, where Square payment processing is available, this is how the Square and Xero integration works:
- Every day, your previous day’s sales data from Square is pushed into your Xero and recorded as a detailed daily sales invoice.
- You can keep track of the amount Square owes you by checking the Square clearing account on your balance sheet.
- You can integrate multiple Square accounts with one Xero organisation.
- You can choose to being in historical Square sales data when you set up Square integration with Xero.
An important thing to note if you are using Square is that you can’t use tracked inventory in Xero. Square takes over the inventory functionality of your system when integrating Square (as a point of sale system) with Xero.
Square makes it easy
Obviously the key to Square’s business is benefiting from your business growth as they take a percentage of how much you make. It’s a very smart setup as they certainly make it easy for your business to grow by giving you the tools you need – starting with payment processing. They help you get paid faster.
We will discuss how Square measures up to other payment service providers in our comparison of the debtor management and payment services Xero addons once we have finalised reviewing them all. If you don’t want to miss out on the latest news, reviews and articles, sign up for the WhichAddOn.com Weekly Digest.