For entrepreneurs just starting, life can be tough. Things as simple as marketing, hiring people, and selling online can all be an uphill struggle. It’s no surprise that many don’t make it.
For the POS company Square, however, the plight of entrepreneurs hadn’t gone unnoticed. The company realized that entrepreneurs needed a way of accepting card payments while they were out and about, trying to drum up support for their products. The problem until 2009 was that there weren’t any secure electronic point-of-sales solutions on the market that untrained entrepreneurs could pick up and use. Often, startups had to turn away people if they couldn’t pay by cash.
Square, however, set out to change all that. With new wireless technologies and payment software, there was no fundamental reason why small-scale merchants could accept card payments. A change was needed.
The growth of Square was extraordinary. By 2013, 250,000 business locations in the US and Canada used the company’s products, and by 2017, Square had total revenues of $462 billion.
The company is now widely seen as a leader in the payments space. If there is going to be a further revolution in how we pay for goods and services, the expectation is that it will involve Square to some degree.
Square now does much more than offer companies point-of-sale services. It’s expanded into many other areas, executing everything from payroll to loans. Square wants to be a kind of one-stop-shop for small businesses all over North America. Take a look at the company’s incredible story in the following infographic.
Infographic by University of Alabama Birmingham