Square launched a new feature called Square Checkout, which will make it easier for the company’s merchants to begin using Square to sell online
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Square launched a new feature called Square Checkout, which will make it easier for the company’s merchants to begin using Square to sell online, according to a blog post from Square’s product manager.
The offering, which is part of Build With Square, will allow merchants to better connect online sales with the Square Dashboard, so they can see purchasing data across channels in one place, see better buyer data, and avoid hassle associated with security standards thanks to Square's certified offering. It will also more prominently advertise that consumers are checking out with Square, in a move to increase trust.
For Square, pushing deeper into e-commerce signifies an important recognition of payment trends. BI Intelligence forecasts that US-based e-commerce retail sales will increase to $631 billion by 2020, up from an estimated $436 billion this year. Square, which is still predominantly a brick-and-mortar-based product, likely wants to capture some of that growth. And it thinks it can use its brand recognition to do that — the firm believes that, by putting “Checkout With Square” on the page, it could improve consumer trust and increase online sales. It’s unclear if Square’s brand alone will be strong enough to increase sales, but anything that could onboard more merchants to its e-commerce offerings could be useful for the company.
That’s because e-commerce could lift Square. The majority of merchants use different acquirers and processors for physical and online sales. Therefore, it’s likely that many of Square’s clients are already selling online, but through a different provider. But that creates friction, since merchants have to spend time and money unifying sales and buyer data across multiple channels.
Square Checkout, and the firm’s other e-commerce offerings, could help reduce those pain points by giving merchants streamlined, one-stop-shop access to back-end data and analytics about sales and customers, and as a result, be a very attractive option to clients. That could give Square a major new source of processing volume, and in turn, revenue, particularly because these features could be especially appealing to larger sellers — a demographic Square has been striving to attract.
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Square launched a new feature called Square Checkout, which will make it easier for the company’s merchants to begin using Square to sell online Read Full Story
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