While much of Square's business model may be focused on payments, it appears its software business is where the company is growing faster.
Square announced yesterday (May 11) that it has processed over $2 billion in invoices since it launched in 2014 and said that the number of sellers who use the software has more than doubled in the last year alone. As a result, Square also announced the rollout of a new feature called Scheduled Invoices.
"With Scheduled Invoices, Square sellers can now schedule all of their invoices at one time and control when they want their customers to receive them, creating flexibility so they can focus on running their day-to-day business. Sellers can now get paid even faster with unlimited, customizable invoices," Square shared on its blog.
While its software is focused on providing the ability for merchants to send necessary invoices to clients from the Square mobile app, which then can be paid through the app, the company has taken the steps to make that service faster. What this new upgrade does is enable Square sellers to determine when and how their customers receive them so they can add flexibility and speed as to when sellers can get paid.
"We love the ability to schedule invoices for our clients, saving our team valuable time every month,” David Backhus, cofounder of Social Proper MKTG, was quoted as saying in Square's blog post about the new feature. “Square's software is easy to use, and the analytics on the provided dashboard is very helpful."
Square's latest quarterly earnings results showed that its revenue from the category defined as invoicing software, loans and marketing services increased 179 percent from the year prior to $24 million. Square profits by charging its merchants 2.75 percent of the invoice costs.