Until 2009, small companies were at an inherent disadvantage when it came to taking payment from customers. While large companies could afford to receive card payments and use mobile POS, solo entrepreneurs and small pop-up businesses had to rely on cash – something that their clients didn’t always have on them.
With society moving in a more cashless direction, there was a need for a solution. That solution came in the form of Square’s new POS product that allowed solo business owners and micro-enterprises to take card payment through their iPhone. Square used an app that connected the payment system to the business’s bank account, allowing the transfer of funds in and out, without having to rely on costs.
The benefits of the system were extraordinary. Merchants with low volume could pay a fee per transaction, and those transacting larger amounts could just pay a flat and fixed monthly rate that wouldn’t change, no matter how many individual sales went through the terminal.
After it’s early success Square went on to offer customers a host of additional services designed to automate the financial “back end” of their businesses – everything from payroll to loans. The company, therefore, has made itself part of the backbone of small and micro-scale companies all over the world.
The following infographic tracks the success of Square over the last decade. It shows significant milestones in the firm’s history, including its IPO date and when it launched new products and services for its customers, including specialized services for restaurants and firms that need to book appointments.
Infographic by University of Alabama Birmingham