Square, the payment processing company, launched a new tool on Wednesday (Feb. 8) for the retail industry. In a blog post, Square said that it has learned a lot about how retailers run their businesses and the tools they need and, as a result, has built what it said is its most intelligent set of retail tools for accepting payments.
According to Square, Square for Retail includes a suite of powerful inventory tools that do more than take a count of stock. It gives retailers an inventory management tool that provides alerts when stock is low and then creates and sends purchase orders to vendors via a few clicks; in-depth reporting so that retailers can understand how each item will impact the retailer’s bottom line by providing automatic costs of goods sold and margin reporting; and multi-location readiness, making it easy to track, adjust or transfer inventory across all of the retailers’ locations.
But the tools don’t stop there. Square said its retail POS is aimed at engaging the customer more and enhancing their checkout experience by providing instant customer profiles that are automatically created with every card transaction accepted and helps retailers keep track of customer information and purchase history; the ability to automatically sort customers into loyal, casual and lapsed categories and to create custom groups; and the ability to easily add notes and preferences to a customer profile. The POS terminal has also been overhauled for retailers and now includes built-in payment processing so that retailers can accept all types of payments with their Square for Retail POS account and Square hardware. The tools cost $60 a month per register with a 2.75 percent payment processing fee, Square said in the blog post.