You may recall we ran a story towards the end of last year on a startup called Square, it was founded by twitter’s Jack Dorsey as well as Tristen O’Tierney and Jim McKelvey and advisors include actress Alyssa Milano. Basically the service allows you to accept credit card payments via your mobile device, which is fantastic for small and startup businesses that may be on the go during the day or working from a remote location such as a market stall.
Last year the team closed a massive funding round of 27.5 million dollars and now it is reported they are transacting up to 4 billion dollars in payments per year. The newest addition to the Square family is the addition of their new app for iPad which enables bricks and mortar businesses to completely eliminate the traditional cash register, overhauling not only the look of a store but the complete functionality of the way people go about doing business.
Whether you sell 20 items in your business or 20,000 items, Square allows you to set up and process payments easily. The real value for retailers though is in the analytics functions of the application, The dashboard provides a view of all your sales information and recent transaction history, including the number of payments, subtotals, tax, tips, refunds and account deposits. It also shows several interactive data sets, breaking down sales by month, days of the week, time of day, and even size of payment.
We know that data is king these days and the new look Square certainly should have business owners in Australia salivating for when they can eventually get a hold of it and use it in their business when the company expands internationally … hopefully soon.