The Usefulness of Square Up for Entrepreneurs
As a jewelry mompreneur, for years I've had to carry around a big, heavy credit card transaction machine, not to mention I also had to bring a manual reader, in case I didn't have a connection to make the transaction automatically. Do you remember that? I do! Since then, I always try to travel as light as possible. At different shows and events, I saw people using this little device known as Square Up.
My hubby, the finance guru and personal accountant, found out all the information for me and we agreed that it was the best device we could have for our business in 2013. The best of all is NO CONTRACT is required and money is GUARANTEED to be in your bank account within 48 hours. This is wonderful, considering that the alternatives such as my global merchant account that ended September of last year would make me have to twiddle my thumbs for 5-7 business days until the money finally arrived!
How can this benefit someone working as an entrepreneur you ask? Let me tell you a bit more about Square Up.Bottom line is any entrepreneur can benefit; mainly those of small and medium-sized businesses. According to Mashable Business, 34% of small to medium-sized businesses take advantage of Square Up, in contrast to 9% from 2010. We use it at all of our shows and festivals here at Evelyn Brooks Designs.
Easy as 1, 2, 3
Step Two: Download the Square Up app on your smart device or sign up online (basic company information is needed)
Step Three: Open for business!
Another great thing about Square Up is that you can accept either cash or credit (just make sure you have enough change for cash!)
Square Up has been used widely by retail stores across the U.S. I personally experienced my first Square Up sighting during the holidays when I walked in to Apple. The employees were charging customers for their products in line using iPads.
Also, GPS and Google Maps is enabled on Square Up. This allows you to see which business near you is connected with Square Up and allows you to pay your bill through the app. It can also let you see hours of operation, menus, specials, coupons, etc.
For instance, if a business I enter is connected with Square Up, I could tell them my name at the counter, a picture of me would pop up and they would charge my account right then and there. Pretty neat, huh?
All of you entrepreneurs must be thinking, "Wow! This is all mainly free?!" Well, it is. The only thing your business really has to pay for is every transaction, Square Inc. receives 2.75% of it. For example, if you charge a customer $100, Square Inc. only gets $2.75, a small price to pay for something so convenient to us entrepreneurs.
At the end of a credit transaction, the customer signs their name like any other purchase. A TIP FOR ENTREPRENEURS: Having a stylus on hand is advisable. Some customers WILL NOT feel comfortable signing with their fingers.
Another helpful feature of Square Up is that you can immediately verify online how much money was brought in, as well as different daily and monthly reports. That is why it's so important to record every sale, cash or credit, onto your Square Up. In the description, you can type the model of what you are selling and the price for accounting purposes. Also, your employees can have access to Square Up and they can use their own mobile devices to complete the transaction if you are away. That has made our inventory and my accountant's life SO MUCH EASIER!