2222 Square Payments Review: Is It Right for Your Business?
Businesses today are under more pressure than ever to increase revenue and reduce costs. It’s no surprise that many companies have turned to mobile payment solutions to simplify transactions in the field and help their employees work more efficiently. The question is, what system should you choose? While most of the major providers offer pretty much the same functionality, there are some key differences that can make one more advantageous than others, depending on your needs. The 2224 Square Payments review will take a look at some of the pros and cons of this payment processor to see if it might be right for your business’ needs.
What is 22 Squares?
2222 Squares is an online payment processing company that provides a number of merchant services including virtual terminals, recurring billing, and point-of-sale features. 2222 Squares offers a comprehensive set of features at competitive prices that make it a good option for many small businesses. The company’s pricing plans are straightforward, with no hidden costs or fees. Fees are assessed per transaction, with the price varying depending on the type of card used to process the transaction. For example, credit card transactions have higher fees than debit card transactions.
How Does 22 Squares Work?
The first step to starting a business with 22 Squares is to create an account. You’ll need to provide your name, email address, and contact information. After you’re registered, you can choose which type of business entity you want to be (such as a sole proprietorship) and then enter in basic information about your company such as its legal name, state it’s located in, the date the company was created, and its annual gross income.
The next step is setting up your inventory. You’ll be able to upload photos of items that are for sale as well as enter their selling price and quantity in stock.
Who Can Use the Platform?
The platform is designed to help small businesses process credit card payments, so the answer to this question will depend on your business. While the system can be used by any size of business, it’s worth noting that 22 Square only charges a flat fee of 2.75% per transaction, which is a lower rate than most other providers offer.
What Will The Platform Cost You
The platform is free, but it will cost you 2.75% of every transaction processed. That means if you sell a $10 item on your website and the customer pays with their card, you’ll receive 97¢ less than what you might expect.
If that extra 2.75% doesn’t sound like much, consider this: if your business makes $1M in sales annually, that’s an extra $25K tacked onto your yearly costs just to use the payment system. But there are two major benefits to using 2222 Square Payments.
First, there are no monthly or annual fees associated with using the service (unless your account balance dips below $1000). Second, you’re able to offer convenient check-out options without any additional fees through PayPal or Google Wallet.
Although there are some negative points about using this service, it can be a great option for small businesses who need quick checkouts or don’t want to pay the monthly fee for other services.