About Square

Category: AR/AP
Square is an online solution for receiving payment across commercial storefronts and eCommerce websites. Square processes payments via ACH, credit cards, mobile wallets, and online card payments. It also supports basic invoicing and fosters payments from customers.

Company: Square

Square Inc., is a San Francisco, California-based financial services and digital payments company. Its first platform was launched in 2010 by Jack Dorsey and Jim McKelvey. Since November 2015, it has been traded on the New York Stock Exchange under the ticker symbol SQ. Millions of companies use Square to take payments, manage staff, and conduct business in-store and online.

In-Depth Analysis

0 Overall
Price 3.5
Ease Of Use 3.5
Features & Functionality 4.5
Customer Support 4.5

Pros

  • Supports a wide variety of payment methods.
  • Supports remote payments
  • Ideal for freelancers and small businesses.
  • Supports prepayment options

Cons

  • Regular account issues
  • Premiums fee for larger businesses

Square Comparisons

VS
VS
VS
Plans & Pricing

Square Online can be utilized via four basic plans: free, professional, performance, and premium. Each of these plans can be tried for free before upgrading to its paid version. There is also a custom pricing plan which is suited for businesses with unique accounts receivables needs.

Other Charges

In addition to the different subscription plans available on Square, there are still certain transactions and functions you have to pay separately to enjoy:

  • Square POS hardware: Starting from $10 for Magstripe reader, chip and contactless reader, stand for POS and Square register
  • Card Payments (physical): 2.6% + $0.10 per transaction
  • Card Payments(Manual entry): 3.5% + $0.15 per transaction
  • Online invoice: 2.75 of each invoice payment
  • Checkout link: 3.5% + $0.15 per checkout
  • Prepayments: 2.9% + $0.30 per appointment
Free
$0
/mo
2.9% + $0.30/transaction
Professional
$12
/mo
2.9% + $0.30/transaction
Performance
$26
/mo
2.9% + $0.30/transaction
Premium
$72
/mo
2.6% + $0.30/transaction
Custom
Get Quote

Free Plan

The Square free plan is ideal for startups who are yet to navigate the deep waters of business. It requires a monthly fee of $0 and a rate of 2.9% + $0.30 for every customer payment. With this plan, you can sell as many products as you desire and equally provide your customers with various delivery options. You also enjoy integration with Instagram and automatically sync your orders and inventory with Square POS.

Professional Plan

If the free plan is a notch below your business requirements, then the Square professional plan may be ideal for you. It comes at a monthly fee of $12 billed yearly and a transaction rate of 2.9% + $0.30 per payment. On this plan, your business gets to enjoy elevated branding via a custom domain, in addition to the free plan features. Since this plan is billed yearly, you get to keep your domain for a year and enjoy Square Online services without ads and Square branding.

Performance Plan

The performance plan is suited for businesses that long to upgrade their eCommerce operations. In addition to the monthly subscription of $26 per month, this plan charges transaction rates of 2.9% + $0.30 for every transaction. And in addition to the features in the professional plan, this plan scales your sales by enabling you to post your customers’ reviews on your website and enjoy discounted order fulfillment. On this plan, there is also an automated emailing service for customers whose cart never checked out. This feature helps you recover the sales you may have lost with these customers.

Premium Plan

If you’re looking to improve your business and boost your voluminous sales with discounted rates, then the premium plan will be perfect. It comes at a fee of $72 annual billing per month and a reduced transaction rate of 2.6% + $0.30 for every transaction. In addition to the premium plan features, this plan offers enticing discounts on shipping and a real-time calculator for your shipping rates.

Custom Plan

If your business generates more than $250,000 in annual revenue, then the basic Square plans may not suit you. You may need to contact the software’s customer support to discuss a custom-priced plan.

Ease of Use

Square Online is a cloud-based solution and is relatively easy to use. It can be accessed online using suitable software or via its application on Apple and Android mobile operating systems, does not require any hardware installation or file download before use.

However, the Square POS is often necessary for your business to seamlessly enjoy this software’s accounts receivable services. And you may need to request POS hardware at a specific cost. Each hardware can take up to 10 days to arrive, and you may experience slight limitations with receiving payments until your hardware arrives.

However, upon syncing your payments with the POS platform, the system’s integrated structure ensures that you can access your sales information anywhere.

Features & Functionality
General Features

A Variety of Ways to Receive Payment

Square allows businesses to receive payments via different platforms. Therefore, its price is worth its weight in gold. Businesses can receive payments via ACH transfers, credit card payments, checkout links, mobile wallet transfers, online invoices, and Square point of sale with this software.

You can also download the Square POS app for seamless card transaction synchronization. And while each of these methods comes at their particular prices, your business will never have to get stranded when it comes to receiving payments from your customers.

Digital Invoicing

Invoices make up an essential aspect of accounts receivables operations. And often, sending invoices and receiving payments from customers can be quite a demanding task. Square eliminates this difficulty by designing a digital invoice platform into their payment solution.

With Square Invoices, you can digitally create and send invoices to your customers for approval. You can also track each invoice from the comfort of your application dashboard to know when your customers view, approve or pay them.

Prepayment

Wouldn’t it be nice if your customers get to pay before receiving your products/services? In addition to improving your cash flows, this method also ensures that your customers never disappoint.

Square offers a prepayment feature to its customers. And this feature lets your customers pay you based on appointments before your services.

Integrated Payment Platform

Square’s integrated system ensures that your transactions across each platform are synced to the system regardless of how you receive funds from your customers. This synchronization ensures that you can access your transaction remotely without losing track of your sales. It also ensures that reconciliation and order matching is never a problem for your business. And when it is time for tax and audit, you won’t have to go too far to have your transactions ready.

Features
  • 1099 Preparation
  • Accounts Payable
  • Accounts Receivable
  • ACH Payment Processing
  • Approval Process Control
  • Approval Workflow
  • Bank Reconciliation
  • Billing & Invoicing
  • Billing Portal
  • Bookkeeping Services Integration
  • Cash Management
  • Check Processing
  • Check Writing
  • Client Management
  • Contact Database
  • General Ledger
Advanced Features
Features
  • Financial Reporting
  • Mobile Payments
  • Multi-Currency
  • Online Invoicing
  • Recurring Invoicing
  • Quotes/Estimates
Billing Features
Features
  • Hourly Billing
  • Multi-Period Recurring Billing
  • Multiple Billing Rates
  • Project Billing
  • Recurring/Subscription Billing
Tax Preparation
Features
  • Accountant-prep Friendly/Accessible
  • Manage Tax Calculations/Reporting
  • Tax Compliance
Add-Ons

Square supports integration with third-party eCommerce solutions like WooCommerce, Wix, and BigCommerce. It also supports integration with significant accounting platforms like Intuit QuickBooks. The supported solutions for integration can be found in the Square App Marketplace.

The Square software supports customizations with API. Developers can easily manipulate its features to improve flexibility. 

Features
  • Payment Processing
  • Payroll Processing
  • Project Management
  • Time tracking
  • Third-party Integrations
Devices Supported
Features
  • Android
  • iPhone/iPad
  • Linux
  • Mac
  • Web-based
  • Windows
Pricing Model
Features
  • Monthly Payment
  • One-Time Payment
  • Annual Subscription
Verdict

Square is a payment software that helps smoothen out the process of receiving payments for freelancers, small, mid-sized, and large businesses. It accepts various payment methods at their rates and allows users to perform essential invoicing functions.

The different plans available on this solution offer AP services to users based on their business needs. But its free trial ensures you rightly select the best plan for your business.

This software does not support accounts payable functions and is not ideal for businesses that want their AP/AR and accounting in one place. Users also have to acquire POS hardware to harness this software for their businesses efficiently. However, it supports third-party integrations to allow businesses access to different business solutions at a go.

Square User Reviews

C
Clive B
Freelancer
No employees
Used for: 6-12 months
22 Aug - 2021

Square is great!

It makes getting paid so easy for me. It has a chip card reader, a receipt printer, and so many other features that make it so easy to use.

B
Brenda N
11-50 employees
Used for: 1-2 years
22 Aug - 2021

Easy payments

I like the features to be able to accept both card and cash. It creates an easy way to keep track of sales. The added feature to allow you to collect sales tax is also very helpful.

R
Robert M
02-10 employees
Used for: 6-12 months
22 Aug - 2021

Square is easy

My clients now pay me on time because Square Payments has made invoicing EASY. All of my invoices look great and I have never had an issue accepting payments or receiving deposits.

Cons

instant deposit fee is quite high

D
Denise P
02-10 employees
Used for: Less than 6 months
22 Aug - 2021

Simple & Easy to use

So far so good, we have enjoyed the features of Square payments and it has made our invoicing and payments aspect of operations so much easier

Cons

No free way to integrate on my website for recurring payments.

R
Ryan M
02-10 employees
Used for: Less than 6 months
22 Aug - 2021

Square was alright

The company made it easy for me to get started. Overall, support and legit customer service was average.

Cons

The underlying fees