D overall rating

Sales & Marketing Tactics

Costs & Contract Terms

Complaints & Service

BBB Rating

Year Established: 2009

BBB Membership: No

BBB Complaints: 820

Number of BBB Complaints Resolved: 703

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Square is a relatively new payment processor that targets small businesses and organizations by offering some of the lowest transaction fees available. Rather than charging a large setup fee, fixed monthly or yearly fees, and a per transaction fee as is the industry norm, Square charges only a fixed 2.75% fee per transaction. In addition, Square eliminates a fixed per transaction dollar amount fee that is typically up to $0.50 cents per transaction that can eat away a business’s profits on small value transactions.

The Good:

  • The low transaction fees are a major draw for small businesses looking to cut transaction costs.
  • Square transfers money quickly — money is typically automatically deposited into a business’s bank account within two business days.
  • Square readers are small attachments for smartphones and tablets. This allows mobility, low setup cost, and use by merchants outside of typical stores.

The Bad:

  • Some customers may feel uncomfortable with the idea of a store employee swiping their credit card in a cell phone.
  • Transactions are sometimes not clearly identified on credit card statements. This has led to customers being unsure of what transactions on their billing statements were and creates the risk of increased chargebacks for merchants.

For Job Seekers:

Square’s current strategy does not use salespeople and the company has stated that it is looking to avoid hiring them for as long as possible. Instead, Square is relying on the quality of its product and word of mouth to spread the growth of its product. This is made easy by the fact that anyone can obtain a card reader by signing up for an account on their website at no charge and without needing to provide any financial information. They are also distributing card readers in locations that small business owners frequent such as Starbuck’s.

Square is heavily recruiting workers with technical backgrounds. These include engineers, web developers, and graphic designers. Square mirrors many new tech companies in offering perks such as three meals per day, an in-house barista, and frequent company outings.