If there's a big name in the low-cost mobile payment market right now, it's Square. The company has quickly grabbed the attention and business of companies that want to accept payments, but don't want to pay the ridiculously high rates charged by credit card companies. Today Square is announcing new services, including a loyalty and reward program for merchants.
With the loyalty program, customers get a virtual punch card in the Pay with Square mobile app. With each visit to a participating merchant, customers can follow their progress to a reward. Merchants can provide special discounts or free merchandise with a first purchase as a reward for new customers, and regular customers can get rewards based on total amount spent or number of visits.
Square is also providing merchants who use the Square Register iPad app with much more detailed analytics on sales, breaking those sales down by hours, time of day, and day of week. Merchants will also have an idea who their most productive sellers are, and inventory management is now expanded to include categories of items.
On the payer side, the Pay with Square app now includes an easier way for customers to find local businesses that take Square for payment.