Square Inc. announced a feature that will now allow all the developers and sellers to handle payments within the mobile app, and this will provide depth to the company’s push in e-commerce and increase its competition with Stripe Inc. and PayPal Holdings. Formerly, the company was known to help brick-and-mortar businesses to accept credit card payment, and it will now enable the businesses to receive payments within the mobile app. The new solution supports businesses with payroll, accounting, loans, website building, and inventory tracking. The operations are carried out by the company in a crowded market for payment technologies that span across various platforms.
The solution is currently targeting large merchants such as multi-store retailers and restaurant businesses that build their application for purchases. Companies like PepperHQ which specializes in creating hospitality apps are also testing this feature. The SDK is currently available for iOS and Android devices. Square merchants can have a unified backend reporting of their transaction. The function will now serve as Omnichannel payment solution for all the payment needs of the merchant. Square is planning to add more sophisticated payment services when dealing with micro-merchants. Great clarity is expected in the consumer activities across sales channels. Card handling within the app is crucial, and Square has made sure that it complies with all the PCI-DSS industry rules on how the card information should be handled. Square jumped 5.5 percent in NYSE after introducing the new feature.
Financial technology firms are growing in value by providing multiple functions and an all-in-one solution to businesses. The companies offer constant support and regularly upgrade to ensure that the client uses the same provider for in-store payments. To provide the best customer services, the solution must be compatible across channels. The app must recognize the person that makes an online purchase as well as a physical store purchase. To capitalize on the present online shopping trend, digital-commerce capabilities must be fully explored.