Square, the company that started out providing small businesses with a credit card reader for smart phones, has grown big enough to have a store of its own—on chic Mulberry Street in Manhattan no less, according to an August 24 report by Crain’s New York Business.
Primarily a business-to-business operation, Square's first new retail point of sale is not a store in the typical sense; it is open by appointment only during the work week. Square customers, which are primarily mom-and-pops of varying sizes, can drop by for troubleshooting or coaching on the use of the company's products and services.
For a cost of $60 per month, a company can obtain a register and a payments card reader.
What’s more, using the Square Point of Sales app, small businesses can:
- accept cards, cash, checks and gift cards.
- create digital and printed receipts.
- send out invoices.
- manage inventory in real time.
- produce sales reports and analytics.
- keep track of refunds, taxes, tipping and discounts
In addition, the company offers automated payroll and small business loans through Square Capital and person-to-person payments through Square Cash. Need a payroll app? They’ve got that too.
On weekends, the public is welcomed in to sample Square’s wares. The shelves hold credit card readers, point-of-sale tablets and third party accessories, including bar-code scanners and iPhone cases. But there is also a rotating selection of products from Square "sellers," or customers, which right now range from handmade jewelry to fanny packs and candles.
"It's more like a town square point of view on retail, rather than a 'buy this product and walk out the door' angle," said Square's Hardware Lead Jesse Dorogusker. "We certainly will sell our hardware, but it's not a dollars-per-square foot game."
In some quarters, Square is best known as the company whose CEO, Jack Dorsey, also serves as CEO at Twitter. Currently, Crain’s reported, he is doing better with Square, where the stock price is up 111% from a year ago. (Twitter's is down 8%).
The company said it has plans to open showrooms in other cities, but started in New York because it already has a sizable office in SoHo, and hundreds of Square customers are within walking distance of the new outlet.
"There'll be good density," Dorogusker said. "This is a great place to start."