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POS Feature - Square moves into buy now, pay later

September 16, 2021

In this month's highlight on Point of Sale (POS) Software, we take a look at Square who looks set to embrace buy now and pay later (BNPL) after moving to buy Australian firm Afterpay Ltd.

In a proposed deal that has been recommended by the Afterpay board and is currently being put to shareholders, Square will purchase the Australian company in Q1 2022 for $39 million (US$29 million).

Should it come to fruition, it will mark the biggest-ever buyout of an Australian company.

Who is Square?

who-is-square

Used by retailers, hospitality providers and small merchants globally, Square began as a mobile Point of Sale and payment processing system that can be customized to suit a retailer’s needs.

Touted as POS software built for simplicity, Square not only facilitates mobile payment processing with hardware but offers an advanced point of sale app and store management system that extends from a credit card reader to a merchant's mobile device and beyond to their laptop.

Launched in 2009 by Twitter co-founder Jack Dorsey, Square has developed into one of the leading payment processing systems in the world that goes well beyond handling transactions to managing an entire store or customer service business via an app and online dashboard.

One of the major advantages of the Square POS system is its simplicity and ease of set-up. The app and accompanying card readers allow a merchant to set up their store quickly, then instantly take payments using a mobile phone or tablet and the accompanying card processor.

In addition to the point of Sale service, Square also created a Cash App (formerly Square Cash) that allows person-to-person money transfers via the app or the Square website.

It later launched Square Cash for businesses, allowing individuals and organizations to send and receive money using a unique username, known as a $cashtag. In 2018, the app introduced the ability to buy and sell Bitcoin.

Who is Afterpay?

who-is-afterpay

Afterpay is an Australian fintech company that burst onto the scene in 2014, offering users the ability to acquire a product but pay for it later over four equal repayments.

The repayments are interest-free, but charges are incurred if a payment is missed.

The service has burgeoned in popularity in recent years as a challenger to conventional credit cards.

In full-year financial results for 2021, the company reported it had 16.2 million active customers globally, along with 98,200 active merchants.

Merchants using the service include major retailers across key verticals such as fashion, homewares, beauty, sporting goods and more.

The rise in e-commerce spurred on by COV

What the deal means

what-the-deal-means

Announcing the proposed deal on August 2, Afterpay and Square issued a joint statement noting the acquisition would “enable the companies to deliver better compelling financial products and services that expand access to more consumers and drive incremental revenue for merchants of all sizes.”

Square plans to integrate Afterpay into its existing Seller and Cash App business units and explained the acquisition will:

  • Allow even the smallest of merchants to offer BNPL at checkout.
  • Provide Afterpay consumers the ability to manage their installment payments directly in Cash App
  • Give Cash App customers the ability to discover merchants and BNPL offers directly within the app.

Meanwhile, Afterpay will benefit from Square’s large and growing customer base of more than 70 million annual transacting active Cash App customers and millions of sellers, which will expand Afterpay’s reach and growth both online and in-person.

“Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,” Co-Founder and CEO of Square, Jack Dorsey said.

“Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”

Upgrade your POS with an iPad

November 2, 2021
So you’re looking to embrace the era of mobile, and transform that static Point of Sale into mPOS that makes life a whole lot easier for your staff while improving customer service, but how exactly is that done? Well, one of the most common ways of upgrading your traditional POS is through the adoption of the humble iPad. In this article, we’ll walk through how that’s done, including the tools you need, some software suggestions and the benefits of upgrading your POS with an iPad.
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Upgrade your Visitor Management with an iPad

November 2, 2021
Gone are the days where paper and pens were the tool of choice for visitor management, with technology playing an increasing role in recording who is at your premises at any given moment in time. That technology doesn’t even need to be expensive or purpose-designed, with one of the preferred tools for visitor management being the humble iPad. Courtesy of its intuitive interface, a host of available apps, and affordability, the iPad is now found in organizations across the globe, catering to workplace safety and security as an up-to-the-minute Visitor Management System. So, let’s look at how you can upgrade your visitor management with an iPad.
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Visitor management, bookings, and customer service - How to use an iPad in an office

October 14, 2021
The attributes of the humble iPad are well-known when it comes to on-the-go office productivity, but what about the other nifty tasks it can perform within the business environment? It turns out there are quite a few, with this savvy little tablet popping up everywhere from visitor management to meeting room bookings and customer service. So, let’s explore some alternate uses for your average office iPad.
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How to use an iPad in cafes and restaurants.

October 13, 2021
Who would have thought the humble iPad would become such a commonplace fixture in cafés and restaurants? Well, it turns out a lot of people. The hospitality sector has quickly embraced the iPad for all manner of tasks since the device first hit the mainstream back in 2010. Now iPads are a mainstay of cafés and restaurants, catering to everything from tableside ordering to digital menus and Point of Sale. Coupled with an iPad holder, this device has revolutionised the industry, replacing cumbersome legacy POS technology and allowing for greater speed, better service and an improved patron experience. If you’re wondering how that’s been accomplished, here’s how to use your iPad in cafes and restaurants.
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