By: Rufy Garcia, Community Manager, @rufygarcia | Sept. 4, 2014
Square, the gadget that has made it so simple for entrepreneurs everywhere to accept credit cards, was valued at 5 billion earlier this year, but may be heading towards 6 billion. Allowing any type of business to accept credit cards as a form of payment without having the old clunky registers and high-tech equipment in order to do so has made way for the start-up to dominate the market.
The success has also given way for competitors to enter the market and strive to be the number one easy go-to payment processor for businesses. Amazon, Apple, Paypal, Etsy, and other apps are giving Square a run for their money by launching their own versions of the famous easy-to-use tool.
Amongst all the competition Square is attempting to rise above and continue to offer their clients a unique service that others cannot. Along with other initiatives, an appointment-book type of program is now being offered to Square customers to help manage loss of sales. With a target market so broad there is still much opportunity for Square to tap into certain segmentations that could benefit from the tool and influence others in the same niche segment. I mean, how many times have we wished that our local paletero had Square on their phone when we didn’t have cash? What if the nice lady outside the grocery store could actually take my card in exchange for an amazing Valentina-doused elote? The diverse markets are out there and the chance to grow is there for anyone to take. Who will take the plunge?
Catch the full Provoke Weekly – Mobile Payments: Thinking Outside the Box with Square