Square Statistics: Rise of a Point of Sale Giant
In 2009, Jack Dorsey and Jim McKelvey formed Square, Inc. It represented the culmination of their dream of owning a merchant services provider that offered mobile and desktop processing solutions with a hassle-free services model to life. Less than ten years after Square was founded, it had been downloaded more than 33 million times by small businesses and ecommerce stores looking for a more streamlined method of accepting payments, tracking sales and monitoring their inventory.
Square’s low payment processing fees of 2.75%, combined with their mobile application, point of sale reader and online payment processing system has helped the company earmark hundreds of millions in revenue. As of Q3 2018, the company had reported $431 million in revenue for that period, with share value increasing by a whopping 35% YOY. In April of 2019, Square completed its acquisition of popular shopping cart service Weebly, shelling out $365 million to bring the ecommerce service under its belt.
During its short tenure, Square has shifted the point of sale industry while also edging its way into the ecommerce shopping cart arena. What else does it have cooking? Here are all the Square Up statistics you need to know for 2019 and beyond.
2019 Square Statistics
Square has made a name for itself in the payment processing and ecommerce industries. These statistics on Square help paint the full picture.
- Founded in 2009 by Jack Dorsey – who is also Twitter’s co-founder and CEO – and Jim McKelvey
- $3.3 billion in annual net revenue as of Q4 2018.
- More than 33 million downloads of the Square application.
- More than 2 million sellers currently use this service.
- 61% of merchants using Square are processing less than $150,000 annually.
- At least 7 million people are using the Square Cash App
- The Square App Marketplace features more than 100,000 sellers.
- Half of all Square powered businesses are owned and run by women.
- Square has a strong $1 billion market cap.
- Almost 50% of Square invoices are generated via mobile app.
- Square bought Yik Yak in April 2017 for $1 million.
- Square Capital has issued loans to more than 40,000 businesses.
- Square posted its first $100 million day in December 2014.
- If all the merchants on Square were owned by one store it would be the 13th largest store in the U.S.
- Square vendors generated at least 446 million transactions in 2014, and close to 1 billion in 2018.
- Square bought Weebly in 2018 for $365 million.
Making the Most of Square
If you’re using Square to power the transactions of your business, you’re already taking advantage of some of the lowest processing fees currently available. While this service is excellent for point of sale, swiped transactions and card not present transactions, it becomes even more powerful when you pair it with a Square CRM.
But what is a Square CRM and how does it work? A Square CRM like ReadyCloud connects directly to your Square account, and fills in the details about every transaction, creating customer profiles and contacts for each one. These contacts track every customer interaction, from transaction information to invoice, tracking number, shipping timeline and even returns.
Using this data, the Square CRM also gives you detailed cross-channel views into all your sales channels, like Amazon and eBay, so you can manage your inventory better, create more efficient flash sales and pay per click ads, send stronger marketing messages and improve your back office operations from top to bottom. What’s more, premium plugins for shipping and returns ensure that you’re always a step ahead of the competition.
Want to know more? Click the blue button below and take our Square CRM for a test drive for two weeks for free, no credit card is required!