Square is a mobile payment processing service founded by Twitter CEO Jack Dorsey. The company launched in 2010 and grew rapidly due to its innovative model and simple pricing. It is now a publicly traded entity following a widely publicized IPO in November 2015. Known for its iconic square-shaped credit card reader, Square runs on a business owner’s smartphone or tablet as a free app without the need for separate, dedicated hardware. In order to comply with the October 2015 EMV shift, Square launched a $49 EMV reader that pairs with iPhone and Android devices via a Bluetooth connection. The cost of this reader is fully reimbursed in the form of an account credit during the merchant’s first three months of processing through Square.
In addition to offering debit and credit card processing, Square has recently expanded its suite of products to include invoicing, branded gift cards, business analytics, employee management tools, third-party app integrations, payroll software, appointment setting, customer engagement tools, and a delivery management system. Square has also begun to dip its toes into the merchant cash advance industry with the introduction of Square Capital, and it has targeted the peer-to-peer payment market through its Square Cash service.
Square has attracted a large amount of positive buzz for its simple signup process and its flat per-transaction pricing of 2.75% for swiped payments and 3.5% plus $0.15 for keyed-in payments. However, the company has also received a large amount of criticism for withholding merchants’ funds in instances of suspected fraud and for providing limited customer support.
At a glance
Location: San Francisco, California
Acquiring bank: JPMorgan Chase
Phone number: 1-855-700-6000
E-mail: Contact form here
Square Promotional Video
Online reputation and reviews
There are over a thousand negative reviews of Square across all consumer protection websites. The overwhelming majority of complaints are related to withheld funds, unreachable customer support, or some combination of the two. Among professional and merchant reviewers, Square’s lack of live customer support remains the largest blemish on its brand. Positive reviews about the company tend to cite its low-commitment contract with flat, predictable pricing.
Legal actions and lawsuits
There are no outstanding or recently resolved legal actions related to Square at this time.
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