Which mobile payments service are you using in your eCommerce business?
Square, the payments system which was recently launched here with a London event, might be worth adding to your list of options.
The payments service, which is widely used in four countries—namely, Canada, Japan, Australia and the US, allows you to accept payments with your smartphone or tablet.
Square’s target market consists of small and medium-sized businesses, which the UK isn’t short of.
The reason of its expansion in the UK is summed up by Square’s founder and CEO Jack Dorsey in this sentence:
“The UK has always been an example of entrepreneurship and small businesses, not just in London but all over the country,” he said.
Receive Card Payments thru Square
As it has been trying to tap into the UK market for the past year or so, Square had done a fair amount of research and discovered that 70% of shoppers in the country pay by credit card.
That serves as a cue for you to start offering a payment option which accepts credit cards if you haven’t already done so, lest you turn away potential customers.
Square allows you to take credit card payments by connecting a card reader, which costs £39, to a phone or tablet.
Like any credit card company which has processing fees, Square takes a 1.75% cut from in-person transactions and 2.5% from payments that were made online.
It accepts MasterCard, Visa and American Express.
And it’s Ready to Square up
Although not the first company to offer UK businesses a mobile payment service, Square isn’t the least bit worried of competing head to head with similar services in this land of online retailers.
In fact, Dorsey said they don’t need to be the first, just the best.
iZettle, PayPal Here and WorldPay Mobile are among the mobile payment service providers that have already established their position in UK’s online retail sector.
Square is particularly interested in working with UK businesses that aren’t taking card payments yet.
Would you be interested in working with Square?
Let us know in the comments below.
As always, to your continued success,
Dave & Matt