Square

Definition

In the context of mobile commerce and apps, Square is a financial services and mobile payment company that enables businesses to accept card payments through their mobile devices. It provides tools for point-of-sale transactions, online sales, and business management, all accessible via a user-friendly app. Square has revolutionized the way small businesses operate by offering an affordable, simple solution to process payments seamlessly through mobile technology.

5 Must Know Facts For Your Next Test

1. Square was founded in 2009 by Jack Dorsey and Jim McKelvey to provide a solution for small businesses to accept card payments easily.
2. Square's signature product is the Square Reader, a small card reader that plugs into a mobile device, allowing businesses to accept credit and debit cards on-the-go.
3. The platform not only supports payment processing but also includes additional features like inventory management, sales analytics, and customer engagement tools.
4. Square offers a subscription service called Square for Restaurants that caters specifically to the needs of food service businesses, providing tailored POS solutions.
5. Square has expanded its services to include Square Online, enabling businesses to create online stores and integrate them with their physical operations.

Review Questions

• How has Square changed the landscape for small businesses in mobile commerce?
  • Square has significantly transformed the mobile commerce landscape for small businesses by providing affordable and easy-to-use payment solutions. Its products, such as the Square Reader, empower entrepreneurs to accept card payments anywhere using their mobile devices. This accessibility allows small businesses to compete on more equal footing with larger companies that have traditional POS systems.
• Discuss the advantages of using Square's integrated tools for managing sales and inventory compared to traditional methods.
  • Using Square's integrated tools offers numerous advantages over traditional methods of sales and inventory management. Businesses can access real-time data about sales performance and inventory levels directly from their mobile devices, allowing for quick decision-making. Additionally, the automated nature of these tools reduces human error, streamlines operations, and saves time compared to manual tracking methods.
• Evaluate how Square's expansion into online services reflects broader trends in mobile commerce and e-commerce integration.
  • Square's expansion into online services, such as Square Online, showcases a key trend in mobile commerce: the convergence of physical retail with digital platforms. This integration allows businesses to create a seamless shopping experience for customers who expect flexibility in how they shop. By offering tools that facilitate both in-person and online transactions, Square is positioning itself at the forefront of a rapidly evolving marketplace where consumers increasingly value convenience and accessibility in their purchasing habits.

Related terms

Point of Sale (POS): The location where a retail transaction is completed, where the customer makes a payment for goods or services.

Mobile Wallet: A digital wallet that allows users to store payment information and make transactions using their mobile devices.

E-commerce: The buying and selling of goods or services over the internet, which is increasingly integrated with mobile commerce.