Starting and Running a Small Business – Get Paid
Getting paid is a pretty important piece of the business equation. And these days you shouldn’t run a small business without accepting credit cards.
In this post, I will show you how you can easily set up your point of sale system and start accepting payments using Square.
What is Square?
Chances are, unless you’re living in a cave, you’ve been exposed to one of Square’s products before.
The Company was co-founded by Jack Dorsey, also a co-founder of Twitter, to help small businesses like yours easily accept credit card payments.
They make these little credit card readers that allow small businesses to accept credit card payments from their customers with nothing more than an iPhone or other popular smartphone.
And they do much more than that.
Square also offers full point of sale hardware and software solutions for 21st century small businesses.
Additionally, they offer gift card solutions, appointment booking software and payroll solutions in several states.
In this post, I’ll show you how easy it is to get up and running with Square’s payment processing hardware and software using Embarkment Salon, the subject of The Embarkment’s Guide to Starting and Running a Small Business, as an example.
Links Used in This Post
Click on the Square link above and you’ll be taken to Square’s home page where you can sign up for a free account.
To get started, you’ll select your business’s sales volume and industry.
If you’ve been following along with The Embarkment’s example Company, Embarkment Salon, which is used in the Guide to Creating a LivePlan and Guide to Starting and Running a Small Business, you know that it will be renting salon station’s to its hairstylists and nail technicians.
However, it will be collecting credit card payments for the services provided by it’s contractors and then remitting the money to the contractors, so credit card sales should easily be over $250,000/year.
On the next page, you’ll enter some basic information to set up a new account.
Then, you’ll provide some information about your business, including the name, type, anticipated revenue range and number of employees and specify how you will use Square.
You can also provide your business’s EIN if you’ve applied for one.
Embarkment Salon, LLC anticipates sales from all of the contractors of between $1 million and $5 million and will have between 1 and 10 employees when they first start out.
It will use Square for all of its credit card transactions.
On the next screen, you’ll enter some information about yourself to confirm your identity.
It is blurred out in this example, as I don’t want you knowing too much about me!
Once Square confirms you are human, you will have the opportunity to enter your business bank account information.
You can also elect to do this later, which I have done for Embarkment Salon.
On the next two screens, you will have the opportunity to request a Square card reader and download the Square app.
Then, you’ll be all set up and ready to start exploring the Square dashboard.
Once you sign up, you’ll have access to a comprehensive start up guide and plenty of support.
In the meantime, if you want to explore further whether Square makes sense for your business, here are some links to some popular use cases:
If you have questions about getting paid with Square, feel free to leave a comment below or connect with me on social media.
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