Square is a small card reader that you attach to your iPhone, iPad or Android phone, that allows you to accept credit card payments right from the device. The company was co-founded by Twitter creator, Jack Dorsey.
So if you are selling at a venue, such as a shopping mall cart, an outdoor marketplace or just have a bunch of your products in the trunk of your car, Square makes it very handy to have customers pay you directly without the process of going online.
But now there is another benefit for using Square, and that is the opportunity to appear in their online market, for FREE.
The Square Market is a Great Opportunity for Online Sellers & Retail Shops
The Square Market looks a little like other popular online marketplaces, except they are not selling for you or taking a commission. They are simply promoting your products, whether you are an online store or a retail storefront, and interested buyers are still directed to purchase from the merchant.
With write-ups in both Business Week and InStyle magazine this week, the Square Market seems poised to become a player in the e-commerce world. They consistently promote their market finds to their 136,000+ Twitter followers and recently hosted a housewarming event featuring 50 Square sellers from their San Francisco neighbourhood.
Square is not charging merchants to set up a shop and list items in their Market, nor are they collecting any online revenue from these stores. So you may be wondering what is their objective for setting up this Market.
It’s smart marketing. Help your customers sell more and you sell more, plus you build customer loyalty. When you build loyalty you also create good word of mouth and that will quickly expand your market share. If a seller has a choice of using a mobile payment company that offers this free service and one that doesn’t, which one do you think they will choose? It really does give them a competitive advantage.
It’s also a great opportunity for a retail shop that has yet to venture into the e-commerce world, and it will greatly assist sellers who have been struggling with mobile sales (which are expected to explode in 2014), as more than 40% of Square’s Market revenues come from sales made from mobile devices.
The Square Reader is FREE (you just pay a transaction fee of 2.75%, compared to 2.9% + .30 cents for PayPal) so sign-up here and you can start promoting your products on their Market, even if you never use the Reader.
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