Square provides payment solutions for businesses of all sizes, focusing on making it easier for businesses like yours to simplify how you take payments. Square provides both the hardware and the software required for your business and, with its range of card machines available, it caters to businesses of all types and sizes.
In addition, Square offers various software features to make managing your business a bit more simple. These reasons and more make Square a popular choice for small and medium-sized businesses.
Square offers a range of different card readers, each with a different range of uses, so you can choose a card machine that works for your business. Most of Sqaure's card machines also come with Square's software already installed, and its mobile app means you can turn a device you already own into a payment terminal.
Some of the software and customisations are specifically aimed at certain industries, further enhancing its applicability to some of the most common industries. Read on to find out more.
As well as the basic card reader machines and POS software that comes with them (all of which are explored above), Square also provide accessories to accompany its machines. These accessories allow you to mould your EPOS system to your specific needs.
If for example, you buy a Square Register to deal with your customers but, later down the line you require a cash drawer to keep your cash takings in, you can buy one directly from Square. Likewise, if your customers start to ask for printed receipts, you can choose from a whole range of printers available on Square's website.
Other accessories include barcode scanners, docks for card readers, kitchen touchscreens, and wall mounts. All of these mean your business can grow and develop and stick with Square for the duration, because it will be able to keep up with your business's demand for hardware, making it a viable option even for businesses that are likely to change the way they work in the near future.
As you've already read, Square provide a range of hardware to both take payments directly and facilitate the taking of payments. All of this hardware, you'll have seen, carries a one-off cost. After you pay for the hardware, there's no requirement, as there is with some payment system providers, to carry on paying for it over an indefinite period. You are also not required to pay any monthly fee for using Square's equipment, something else which makes the company a good option for businesses looking to save money.
You are, however, required to pay transaction fees on each payment that is processed through Square. The transaction fee you pay depends on a few factors. You pay a 1.75% transaction fee on in-person transactions that are chip & PIN payments, mobile payments, or contactless payments.
You pay a higher rate of 2.5% for manually keyed-in payments that go through the Square Point of Sale app, Square invoices, and card payments that happen over the phone with Square's virtual terminal.
When it comes to online payments, you pay a 1.4% transaction fee (+25p) on payments made on UK cards and a 2.5% transaction fee (+25p) for non-UK card transactions. This pricing structure applies to online store payments, online checkouts, and online API.
If your business still operates a cash-only policy when it takes payments, or you're looking to upgrade the cash machines you've already got, choosing the right card reader for your business can be a trickier job than it sounds.While card machines aren't the most glamorous thing to spend your money on, they are an essential part of your business. Recent years have seen them grow in popularity and now many people use their cards to pay for the vast majority of their goods and services. You, then, need a reliable, useable, and cost-effective card machine to ensure your business is not only able to take payments by card but also take them quickly and easily with a device you understand. The Best Card Machines for Small BusinessesDifferent machines offer your business different benefits, and knowing which is the best choice isn't always clear. That's why we've done most of the research for you, and compiled this list of some of the best card machines on the UK market. We've compared them, so you don't have to. As you're probably aware, card machines come in a variety of shapes and sizes. Some are portable and pocket-sized, while others are large and fixed to your business's countertop. We've covered all bases in this list, so you'll find a mix of different types of card machines.
What is a Business Bank Account?Business bank accounts enable you to separate your personal and business expenses; creating a convenient way to organise your tax and bookkeeping. This makes paying taxes easier and means your files are clear and easy to understand. There are several advantages to having a business bank account. For a deeper dive into what a business account can offer you and your business, read on. In this article, we outline the costs associated with opening and maintaining a business bank account and explain what you need to get started. How Much Does A Business Account Cost?Each bank has its own set of criteria for opening a business bank account. It's important to evaluate and compare the available options to find the best business checking account that suits the needs of your business. If you already have a personal account with a particular bank, there might be special offers or benefits available to you if you choose to open a business bank account with the same one. Some banks require an initial deposit or a minimum balance, while others impose varying fees for different types of transactions, such as monthly service fees, excess transaction fees, or cash handling fees.
A direct debit payment is a payment taken automatically from a customer's bank account periodically. It's often offered as a payment method by businesses that provide subscription services or other services that require an ongoing commitment from a customer. The main benefit of direct debit payments, for businesses and consumers, is their simplicity. Neither your business nor the customer has to worry about remembering the payment, so payments aren't missed and the relationship between you and your customers is more easily managed. How to Take Direct Debit PaymentsThe way direct debits work is fairly simple. Your customer's payment is taken from their account automatically, usually on a predetermined date, and your business then continues to provide the customer with your service. You need an agreement from your customers to take payments automatically, so make sure it's clear what they are opting in for. You don't want your customers to be confused about what it is they've committed to. You also need to be eligible to take direct debit payments, which means you need to get a Service User Number (SUN) - a six-digit number businesses use to get paid via direct debit. You can get a SUN directly from your bank, provided you meet its criteria. Once your bank and your customers have given you the green light to take payments automatically, you just need to set up the frequency and size of your payment. The most important thing to remember about this part is that your customers must be given 10 days' notice before each payment is taken. The notice needs to detail when the payment will be taken and how much it will be. Benefits of Taking Direct Debit PaymentsAs mentioned above, the most obvious benefit of accepting direct debit payments is the simplicity it brings to the hassle of keeping on top of recurring payments. That's not where the benefits of direct debit payments though. Other benefits include having greater predictability, greater retention, and better relationships with your customers. Having a better idea of exactly how much revenue you've got coming in from your customers and knowing exactly when you'll be receiving it can make your business's general finances more predictable and therefore more manageable. You can also use this information to inform future decisions about your business growth. Having customers committed to your business on an ongoing basis also means they're more likely to stick around as they already know they like what you provide, making the job of your CRM that much easier. With customers already engaged heavily with your business and your brand, they're right where you want them to be to develop your relationship with them. You can use their pre-existing interest to market more of your services, offer special discounts or offers, or reward their loyalty with a giveaway. These things will help keep their engagement with your brand nice and high.