Apple Pay vs Square

July 02, 2023 | Author: Sandeep Sharma
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Apple Pay
Apple Pay will change how you pay with breakthrough contactless payment technology and unique security features built right into the devices you have with you every day. So you can use your iPhone to pay in a simple, secure, and private way.
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Square
Accept credit cards on your iPhone, Android or iPad. Send invoices free with Square Invoices. Signing up for Square is fast and free, and there are no commitments or long-term contracts like with alternative services.
Apple Pay and Square are both popular digital payment solutions, but they serve different purposes and target different user bases. Apple Pay is a mobile payment service designed for users with Apple devices. It enables users to make secure payments using their iPhone, Apple Watch, iPad, or Mac in physical stores, online retailers, and apps that support contactless payments. Apple Pay leverages NFC technology and biometric authentication for seamless and secure transactions. On the other hand, Square is a versatile payment platform that caters to businesses of all sizes. It provides a range of solutions including point-of-sale systems, card readers, and payment processing services. Square allows businesses to accept various payment methods, including contactless payments, and offers features like inventory management, sales analytics, and invoicing. Square's focus is on empowering merchants with tools to manage their transactions and grow their businesses.

See also: Top 10 Online Payment platforms
Apple Pay vs Square in our news:

2021. Square acquires buy-now, pay-later company Afterpay for $29 billion



Square has reached an agreement to acquire Afterpay, an Australian buy-now, pay-later service, in an all-stock transaction valued at approximately $29 billion. This acquisition stands as one of the largest in Australian history. Square has announced its intention to incorporate Afterpay into both Cash App and Seller. Cash App facilitates payments and money transfers for customers, while Seller caters to retailers. Following the integration, Cash App users will have the ability to manage their Afterpay payments directly within the app, and Seller merchants will be able to offer Afterpay as a payment option to their customers.


2020. Square acquires inventory management company Stitch Labs



The financial services, merchant services aggregator, and mobile payment company Square has acquired Stitch Labs, a company that specializes in inventory management software. Square, which is widely used by over 33.5 million small businesses for various purposes like accepting credit card payments, tracking sales and inventory, and obtaining financing, aims to enhance its Seller ecosystem by incorporating Stitch Labs' expertise. Currently, Square's functionality falls short of providing a complete inventory and order management system or fully meeting the needs of advanced Stitch Labs users. However, there is potential for Square to expand its software capabilities in the future with the assistance of the Stitch Labs team. In the meantime, we have compiled a list of the best alternatives to Stitch Labs that are currently available on the market.


2018. Square acquired website builder Weebly



Square, renowned for its payment software, has announced its acquisition of Weebly for a sum of $365 million. Weebly specializes in providing user-friendly website-building tools primarily tailored for small businesses and e-commerce companies. The company has successfully secured $35.7 million in funding. Square's objective in acquiring Weebly is to establish a unified solution that caters to entrepreneurs seeking to establish a robust online and offline business presence. This strategic move will also facilitate Square's global expansion, given that 40 percent of Weebly's 625,000 paid subscribers are based outside of the United States.


2017. Mobile POS system Square launched Retail app



Square is introducing an all-new Square Retail app that complements an extensive backend package of tools. This package includes comprehensive inventory management, customer relationship management, and employee tools. The aim of this new offering is to deliver a top-notch retail solution for merchants and shop owners who require more than just the Square Reader and basic Square mobile app. The scalability of this solution allows it to cater to clients ranging from single-location shops to merchants with multiple storefronts and extensive inventory tracking needs. Initially, Square is primarily targeting retailers in the "finished goods" industry, which includes those selling packaged products, apparel with barcodes, as well as items like wine or games.


2016. Square now allows to charge loyal customers without card swiping



Mobile payment processing service Square has introduced a new feature called Card on File, which enables businesses to charge recurring customers without physically swiping their cards or requesting them. This feature benefits customers as well, as they can visit your shop or restaurant without carrying their cards or cash. They can simply choose what they want and leave, while you effortlessly charge the appropriate amount directly from their cards. To avail this service, customers must initially opt in and provide their card information to your company's Square account. Additionally, Card on File allows businesses to charge remote customers even without an internet payment connection. However, it is important to note that this feature comes at a slightly higher cost for businesses, with a fee of 3.5% plus 15 cents, as compared to the standard 2.75% commission for card swiping.


2016. Apple takes on PayPal with Apple Pay on the web



Apple has announced that Apple Pay will be introduced to the web in the upcoming fall. This means that Mac users will have the convenience of making online payments in Safari using the "Pay with Apple Pay" button. To authenticate their purchases, users can utilize Touch ID on their iPhone or Apple Watch. Previously, Apple Pay was only available for use in selected iOS apps and physical retail stores. Retail partners will be required to integrate Apple Pay into their checkout process, and Apple has already secured numerous merchants for the payment platform, including Target, Expedia, United Airlines, and more. In addition to this expansion, Apple has revealed plans to launch Apple Pay in Switzerland, France, and Hong Kong during the summer season.


2015. Square launched a dashboard app for iOS



Mobile payment processing service Square has introduced its second non-consumer application, an iOS dashboard app designed for business owners. This app enables business owners to monitor real-time sales data and gain valuable insights into the performance of their business through analytics. While this app is not intended for the barista on duty, it serves as a valuable tool for owners who need to oversee operations remotely. With this app, business owners can conveniently track stock levels across multiple locations, enabling them to make informed decisions on the go, without the need for a desktop computer.


2015. Square launched payroll service for small businesses


Mobile payment startup Square has introduced Square Payroll, a software solution designed to assist businesses in managing payroll, tracking taxes, and handling other expenses related to both hourly and salaried employees. The pricing for this product is set at $20 per month, with an additional charge of $5 per employee. Square aims to position itself as a relatively straightforward and uncomplicated option within the payroll software market, at least for the time being. The software includes features such as timecard management, tax management, and the capability to handle payments for both hourly and salaried workers, all bundled together at a single price. Square Payroll enters a competitive landscape, facing established players like Intuit's QuickBooks, ADP, Paychex, and others. While some competitors like Wave Accounting offer similar features, they may not provide the complete range of services offered by Square Payroll. For instance, Wave Accounting does not handle tax payments or tax filings, only estimated tax liabilities. Additionally, Wave Accounting offers lower pricing, with two base tiers starting at $10 and $15 plus an additional $4 per employee.


2015. Apple rebrands Passbook to Wallet extends Apple Pay to UK



To align with the updated Apple Pay service, Apple has made the decision to rebrand the Passbook app as Apple Wallet. This name change aims to ensure relevancy and coherence between the two offerings. In addition to the ability to add traditional debit and credit cards, Apple Pay now enables users to include store cards, as well as loyalty and rewards cards, within the Apple Wallet. Retailers such as Kohl's, JC Penney, and BJ's will be among the first to offer compatibility with their own store credit cards through the Apple Pay platform. Moreover, Kohl's, Walgreens, and Dunkin Donuts are introducing rewards cards to the Apple Pay ecosystem. Notably, Apple Pay is expanding its reach to the United Kingdom, where it will soon be compatible with a vast majority of debit and credit cards, covering approximately 70 percent of the country's cards. Additionally, Apple has recently unveiled a partnership with Square, introducing a new card reader specifically designed for small businesses to accept payments via Apple Pay and credit card chip transactions (without support for card swipes).


2015. Square's new wireless card reader will accept Apple Pay and work with Android



The newly introduced Square Reader is a compact device in a square shape, specifically designed to enable merchants utilizing a tablet or smartphone to effortlessly accept wireless payments, including Apple Pay and contactless mobile payments. Additionally, it supports payments made through EMV chip cards, which include Europay, MasterCard, and Visa. Priced at $49, this upgraded device surpasses Square's previous $29 merchant reader, offering enhanced functionality and wireless capabilities. It is compatible with recent iPad models, iPhone devices (including the iPhone 4S and newer), and a wide range of Android devices manufactured by Samsung, HTC, Asus, Motorola, LG, Dell, and Toshiba.

Author: Sandeep Sharma
Sandeep is a marketing expert with a wealth of knowledge in various domains: customer relationship management, social media management, advertising, search engine optimization, website building, Sandeep has established himself as a multifaceted professional. He honed his skills while working at Salesforce and Hubspot, where he gained invaluable insights into the industry. Now, as the proud owner of a small advertising consulting agency, Sandeep continues to provide innovative and effective strategies to businesses, helping them thrive in the competitive landscape of digital marketing. You can contact Sandeep via email sandeep@liventerprise.com