Square SQ is leaving no stone unturned to provide enhanced financial solutions to small business owners.
This is evident from the company’s latest introduction of a suite of financial tools called Square Banking, which offers a range of banking solutions to small business owners.
Square Banking includes two new deposit accounts, Square Savings and Square Checking. These tools have become part of the company’s another financial solution, Square Loans.
These tools are directly linked to sellers’ payments and provide them access to their sales, savings along with various financial offerings according to their needs.
These tools easily work with payments and Square Payroll solutions, thus providing sellers a one-stop platform for viewing their payments, account balances, expenditures and financing options.
The recent launch expands key offerings of the company. This is expected to aid Square in gaining a strong seller ecosystem.
Square, Inc. Price and Consensus
Square, Inc. price-consensus-chart | Square, Inc. Quote
Square is continuing efforts to expand offerings for supporting businesses and individual sellers to gain customers online and in person, manage their business as well as access financing.
Apart from the recent launch, Square recently acquired Crew in a bid to bolster workforce management solutions and offer a better team communication platform to business owners.
Square also introduced Automated Clearing House payments on Square Invoices in April, which is expected to offer efficient payment solutions to both businesses and customers.
Additionally, the company introduced new features in inventory management for Square for Retail including easy item create, quick inventory counting and smart stock alerts, which are expected to aid retailers for efficient inventory control.
Further, it announced three new developer tools in May, Snippets API, Web Payments SDK and Loyalty API. While Snippets API is developed to help sellers engage customers online in interactive ways, Web Payments SDK and Loyalty API extend the benefits of online selling.
The digital payment space is witnessing a significant improvement as it offers hassle-free and cashless transaction. Additionally, the ongoing coronavirus pandemic is driving this space as more people are shifting to contactless payments.
As online and contactless transaction is becoming the new norm, the digital payment market competition is intensifying with growing efforts of not only Square but also other companies including Square, PayPal PYPL, Alphabet’s GOOGL Google, Intuit and Shopify SHOP.
Recently, PayPal introduced PayPal Zettle to help small business owners accept payments in-person and manage their sales, inventory, reporting as well as payments across all channels in a single platform.
Meanwhile, Google’s Google Pay for Business application helps business owners receive payments directly in their bank accounts, and to get discovered as well as gain new customers.
Intuit QuickBooks recently launched QuickBooks Card Reader to help small businesses get faster payments and speed up in-person sales.
Further, Shopify’s money management platform, Balance, which includes a range of solutions to help merchants run their businesses effectively, remains noteworthy.
Currently, Square carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report
Shopify Inc. (SHOP) : Free Stock Analysis Report
Square, Inc. (SQ) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research