Business Canvas-Square Essay

Submitted By NatthayaDis1
Words: 475
Pages: 2

Why is Square successful? Square is one of the worlds leading devices in online commerce. It has enabled customers to easily make online payments anytime and anywhere. It deals with over 4 million dollars worth of transactions a day and this adds up to millions of transactions a month. There are so many reasons why Square is so successful; First of all, Square offers a better solution to a common problem in online transactions. The payment is one of the most annoying problems for many small businesses and individuals, who want to make a payment by credit card but do not qualify for a merchant account. Because of this, many businesses were losing customers. Noticing this constraint, Square innovated in this area and made it easier and less time consuming for customers to transact with businesses. Channel is another important reason Square is so successful. Square is easily available to customers. Not only is it sold at Square’s official website but also at retailers such as Wall Mart, Target, Apple Store, and Best Buy. In my opinion, the most valuable channel to Square is the personal recommendations it receives from small businesses and individuals who feel convenient by the small device and share the product information to the entrepreneur community. Furthermore, customers can download software at no cost from two effective channels; Google play and App Store. Thanks to both the effectiveness and famous channels, sales and brand awareness are created among many customers, which lead to one of the key success factors. Moreover, Square has a persuasive pricing strategy. For the small hardware, it is $10 each in retail stores but the customers could redeem the $10 back to their account. Or customers are able to get it for free by providing information in the official Square’s website then it would be sent to customer directly at no cost. Besides, Square do not have set-up fee and monthly cost. This strategy creates incentive to the…