Square’s portable, pocket-sized credit card processing system has created a new economy that allows individuals and small businesses to accept credit card payments. This small development has completely revolutionized how the world does business.
As you pursue your MBA degree online, topics like these are important for forming a perspective on the modern business world you are planning to join.
What is Square?
Square is a point-of-sale technology developed in 2009. The portable system has allowed individuals who previously could only accept cash payment to accept credit cards. The credit card processing system uses a dongle connected to a seller’s mobile device to swipe encrypted credit card or debit card information to complete sales anywhere, at any time.
The Benefits of Square
Not only is Square a mobile solution, but it is also less costly than conventional credit card services. This allows merchants of all kinds to use the service to grow their businesses. Square tends to be most useful to merchants who have less than $10,000 in swiped transactions per month.
Square and Innovation
Square has been working to make the lives of entrepreneurs and small business owners easier. The corporation’s foundation can now execute everything from the point-of-sale structure to payroll to loans for small businesses.
To learn more about the growth and impact of Square, view the below infographic by UAB Collat School of Business: