Square Announces New Online Payment Processing Tool

Square has announced a new payment processing tool to aid businesses amid the coronavirus (COVID-19) pandemic. 

The tool, called Square Online Checkout, will offer merchants the ability to accept online card payments on various platforms. According to the introduction video, Square Online Checkout would take digital shoppers to a checkout page without the need for merchants to develop a new website. 

Through this technology, merchants can unlock new sales channels and opportunities. This is because links can exist in emails, text messages, existing websites, as well as posts on social media. 

Square Online Checkout involves a dashboard where users can create links for goods and services that require payment. A title, along with the dollar amount, should be provided for each link as well. 

A link can also be saved as a customized button, which can then be put on a website or a blog page, allowing for consumers to easily access the checkout page through a simple call-to-action. 

For merchants who are unfamiliar with Square Online Checkout, it should be noted that there is a fee of 2.9% and 30 cents per transaction.

The launch of Square Online Checkout reflects the growing popularity of e-commerce as well. While consumers are following social distancing procedures in order to mitigate the spread of COVID-19, they are also turning to online shopping.  

According to a report by ACI Worldwide, it was found that various retail sectors had a 74% increase in transaction volumes in March 2020 when compared to the same period in 2019. 

Online retail sectors that pertained to garden essentials, as well as DIY products, for example, saw a 163% and 136% increase in transaction volumes in March 2020 compared to the same time last year. Meanwhile, home products and furnishings, as well as electronics saw a 97% and 26.6% increase respectively.

“During these unprecedented and uncertain times with millions now at home, many consumers are going online to purchase products or services,” Debbie Guerra, the executive vice president at ACI Worldwide, said. “Quarantine has changed lives for all of us, with consumers buying electronics and furniture — to support work, communication, school and entertainment — as well as items such as home goods and DIY products.”

As merchants continue to adapt their businesses amid COVID-19, it is important to keep up-to-date with the latest technology. However, doing so may be challenging due to the proliferation of various payment card acceptance products and services. 

The Merchant Broker team is ready to help businesses worldwide when it comes to providing insight on effective payment processing tools during the unprecedented times. By working closely with clients and providing an outstanding customer experience, Merchant Broker is able to help clients reach their business goals while providing value and saving time. 

To contact the team and begin taking your e-commerce business to the next level, call 1-888-668-0733 or email info@merchantbroker.com. We cannot wait to work with you. 

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