By Erin Ryan, Controller at Fortiviti
Square is a convenient and simple solution for small business owners who need to process credit card payments for any purpose. It’s a terrific platform for business just starting out, yet, also grows into a more robust solution alongside your business.
Here are 3 reasons Why Square is the MVP of credit card processing for small businesses
Flexibility and Portability
One of the best and most important things about Square is that it offers both simple and advanced ways to process credit cards, giving small business owners flexibility to collect payment anywhere at any time. Their magstripe credit card reader attaches directly to your smart phone or tablet. This allows portability and quick payment options for small businesses owners on the go, and will also save you in transactions fees versus manually entering charges.
Eliminates Cash Flow Issues
Square accounts are tied ties directly to your bank account and your funds are transferred directly within one to two business days. There is also an auto-charge option, which means you are able to receive recurring charges immediately upon invoicing. This is a huge benefit for small business owners that are tight on cash flow from delayed transferring of funds that typically occur with merchant accounts.
Simple Flat Rate Pricing
While many credit card processors have complex pricing structures, Square offers a simple, flat-rate pricing plan, with a 2.75 percent processing cost for any credit card that is swiped. There is no monthly or annual fees you have to pay for the service, which is ideal for small business owners with tighter margins and need to process a small number of credit card payments sporadically.