Square has been taking the retail world by storm over the last few years and it’s not hard to see why. When it comes to point of sale and card payment processing for small businesses, Square has firmly established itself as one of the market leaders in Australia.
If you run a small business such as a market stall, café, coffee shop, boutique or handmade business, or you regularly attend markets or expos, Square could be the perfect point of sale solution for your business. Many people these days don’t carry cash on them and as such, they expect to be able to pay using their card. If you are only able to accept cash, you’re missing a massive chunk of potential income.
So many business owners are put off by the technical set up of card payment processing or the expense associated with getting one in place. Yet with Square, you can be set up and ready to accept card payments from just $19.
To get started with Square, you’ll want to purchase one of their card readers (there is a virtual terminal option too but most people opt for a physical reader as well). You can choose from the $19 Chip Card Reader or the $59 Contactless & Chip Reader.
The main difference between the two is that the contactless reader offers a tap-and-go facility, whereas the chip reader needs the card to be inserted to deduct payment. The contactless reader is also able to accept NFC (near field communication) devices like Apple Pay and Android Pay, where customers pay with their phones instead of a card.
When it comes to payments, there are no monthly or hidden fees. The fees from Square are applied when a customer makes a payment – Square takes 1.9% of each payment. So for a $100 sale, they’ll take $1.90 and you get the remaining $98.10.
We think 1.9% is a small price to pay when it might mean the difference between making and losing a sale.
Square includes high level data encryption as well as fraud monitoring to detect any suspicious activity and keep your business protected. If anything fraudulent is detected, the payment is frozen and investigated immediately.
As a retail business, you may occasionally be asked to refund a customer for any number of reasons. While this isn’t ever ideal as a small business, Square processes refunds in one of the fairest ways – the customer is refunded their full amount, and you are refunded the processing fee as well. Now we think that’s good customer service
Many other payment portals will refund the customer in full but keep the processing fee you pay, so this really sets Square head and shoulders above the competition.
If you don’t want to have a physical card reader, you can opt to simply use Square’s Virtual Terminal. This allows you to take a payment manually by keying in a customer’s payment details in your online Square Dashboard.
This option means you don’t need any hardware, reader or even the app to take a payment. Fees for payments through the Virtual Terminal are charged at a slightly higher rate of 2.2%.
We’re passionate not only about your bookkeeping, but also about streamlining your business to make sure that you reach your full potential and don’t miss out on vital sales..