Honorable Mention: FinTech
For most small businesses, providing a payment option like Square Installments to their customers has not been possible. Existing offerings have prohibitive minimum sales requirements and getting set up is time consuming and labor intensive. In a survey of Square sellers, nearly half indicated the number one reason for not offering a flexible payment option was the long and complicated setup. In contrast, Square Installments is seamless for sellers, taking just minutes to get started and has no sales volume minimums. Research shows that access to an offering like Square Installments can significantly grow sales for a small business. In fact, 68% of consumers said they would be more likely to consider a small or local business if it offered financing options.
Square Installments is also simple and transparent for customers. Customers can apply through a brief online application and get a decision in real-time. If approved, customers will see the option to pay over 3, 6 or 12 months, with the total cost clearly spelled out upfront. The entire Square Installments experience, from application to repayment, has been designed with the customer in mind: the application is in the customer’s hands at all times, whether they choose to apply from the comfort of their home or in-store when they see an item they love. And, a Square study of U.S. consumers revealed strong demand for more flexible payment options that clearly outline total cost, allowing consumers to more effectively manage their budgets. Ultimately, Square Installments creates a more private and comfortable experience for both customers and sellers.
Key Team Members
About the organization
No one should be left out of the economy because the cost is too great or the technology too complex.
So we’re building easy tools to empower and enrich people. Tools that shorten the distance between having an idea and making a living from it—because we believe in fair and square.
We started with a little white card reader but haven’t stopped there. Our new reader helps our sellers accept chip cards and NFC payments, and we have tools for customers too, like our Cash App, which lets people send money to friends and family instantly.
We’re empowering the electrician to send invoices, setting up the food truck with a delivery option, helping the clothing boutique pay its employees, and giving the coffee chain capital for a second, third, and fourth location.
We’re here to help sellers of all sizes start, run, and grow their business—and helping them grow their business is good business for everyone.