Thinking about using Square to process payments for your business? Whether you are a solopreneur or a busy boss running multiple locations, you can quickly set up an account with Square with little to no fuss. Square offers several time-saving benefits for the small business owner looking to start processing payments, including no credit checks, a free magstripe reader to get you started, and a free Square POS app which enables you to start taking credit card payments right away. Not only that, but the Square dashboard offers analytics reporting, inventory management, alerts, and (with optional add-on software) even the ability to plan email marketing campaigns!
With all of these conveniences and freebies, you can expect slightly higher transaction fees than you’d get with a traditional merchant account. However, as a third-party processor, Square offers a very transparent pricing plan that starts at 2.75% per swipe dip or tap, and 3.5% + 15 cents for keyed-in transactions. You wonât be surprised with hidden fees or contracts, and you can enjoy the same processing rate for all major credit cards. Square also offers payment dispute assistance, chargeback protection, and secure, PCI compliant software â all included.
If your interest in Square is piqued, but you need a little more information before getting started, then you’ve landed on the right post! Below, we’ll take you step-by-step through the process of signing up for a new Square account. As you will see, setting up your Square account is relatively straightforward. And the best part? Itâs completely free and requires no commitment on your part whatsoever.
What Do You Need To Get Started?
Before we get started, here is the main information youâll need to set up your Square account:
- Email address
- Last four digits of your Social Security number (to confirm your name)
- Home address
- Shipping address
- Legal name
- Phone number
- Bank account number to set up your direct deposit schedule
You don’t need:
- Bank statements
- Proof of revenue
- Your full social security number
- Tax documents
- A credit check
We are going to get pretty detailed in this tutorial, but rest assured, the application itself takes less than ten minutes. Follow along with the guide below to discover how to set up and make the most of your new Square account!
How To Create A Free Square Account
First, visit Squareâs sign-up page and hit the âSign Up With Squareâ button.
The next screen is straightforward and asks if you are an individual or represent a larger business, charity, or religious organization. Enter in your business name or another title that you would like to appear on your receipts. I’m typing in “Blue Heron Content” as my business name.
Now we are getting closer to the meat â Square wants to know where you plan on processing payments. In this example, I donât want to limit myself, so I am choosing all of the possibilities!
It’s important to mention that even if you don’t plan to use some of these options right away, you can still access them later at any time.
Next, Square asks what else they can help you manage. I am also going to select all of the options again to get a better idea of what Square may suggest right off the bat. I donât personally need employee tracking for my business, but letâs see what it can do!
Now it’s time to make decisions. Because I selected that I was interested in restaurant-related products, I am offered a free 30-day trial of Square for Restaurants, one of Square’s premium iPad POS apps. (Check out our full review of Square for Restaurants for a more detailed look at pricing and features.) If you are a restaurant owner, check out some of the perks Square lists below. For this particular tutorial, though, we are going to stick with the free POS system.
Now that I have selected Square Point of Sale as my preferred POS app, I’ve made it to the âLetâs talk about youâ page. This is the place to plug in the rest of your information. Note that Square is not going to perform a credit check on you or your business, they just need the last four digits of your social security number or ITIN, your legal name, street address, and phone number. They use this information to verify your identity.
I’ve finished filling in this form, so I am going to hit “continue” and see whatâs next on our journey.
Choose A Magstripe Reader
Great news! By the time you arrive at the next screen below (3-5 seconds, give or take), Square will have successfully verified your identity. Now it’s time to select a credit card reader to accept in-person payments. For my part, while the Contactless + Chip Reader looks very enticing at $49, I am going to accept the free reader for now.
Now there’s another choice to make. Square would like to know if I would like the 3.5mm magstripe reader that is compatible with the traditional headphone jack, or the Lightning connector version for iOS devices. Iâm choosing the reader that plugs into a conventional audio jack. You’ll obviously choose the option that works best for your business setup.
Compatibility Note: Square’s magstripe and chip card readers and the Square Point of Sale (POS app) are compatible with most Apple iOS and Android devices running the latest software updates. After this tutorial, check out our Square POS Review for more about system requirements, integrations, and a lot more details about Square POS.
After selecting the type of magstripe reader that fits your needs, Square will give you the options to find a retailer close to you and pick up the reader or have it mailed. Personally, I’m opting for Square to send me the reader in the mail. After entering my shipping details, I am one step closer to getting my own Square reader. Oh, and shipping is free, too! Just note that it could take up to 10 days for yours to arrive.Â
After entering my information and clicking continue, the setup process is officially complete!Â That was very easy. Square has already sent me an email letting me know when to expect my reader and another to confirm my email address.
It’s time to head to the new dashboard to set up the backend.Â
How To Set Up Your Square Dashboard
Right away, you can see that the dashboard has a clean layout and is pretty straightforward. Since this is the first time I am visiting this new dashboard, Square is offering up these green bubbles as a setup guide. Letâs explore the dashboard and start setting up inventory, customizing the layout, and checking out the reporting features.
Compatibility Note: Youâll be able to access the full Square dashboard from any web browser, but the Square Dashboard app is only compatible with iPhones at this time. You can still take payments on any compatible iOS and Android device with the Square POS app, however.
Add Items & Build Your Inventory
From your home screen, you will see the teal Items button (pictured in the screenshot above). The place to add inventory is under Items>Item Library. To the right on the screenshot below, note the blue button that says âCreate an Itemâ:
Here is what the “Create an Item” screen looks like in the Square Dashboard before adding a product:
I went ahead and uploaded a product image and filled out my first item below. I can add the amount of stock I have, a price, and set up low-stock alerts for myself here, too! Square will even let me color-code items if I prefer to group categories by colors.Â
It’s also possible to create variant items if you sell the same product in different colors and/or sizes. Plus, for cafes and restaurants, there’s a “modifier” option. Say, for example, that you want to offer coconut, soy, and almond milk alternatives for customers in your coffee shop. You can do that, and even set an upcharge fee for these items using the modifier feature.Â There’s also an option to specify at which locations an item is available if you have more than one shop.Â
Create & Manage Locations
You can create multiple locations from within your Square Dashboard by going to “Accounts and Settings” and then to “Business” and selecting “Locations.” Square will even let you specify a mix of physical locations with a set address and mobile locations without one.
Square’s location management features can help you manage inventory and gather data from multiple stores â and it is totally free:
- Linked locations and deposit options
- Per-location item libraries
- Device management for security
- Reporting tools to compare/contrast sales or other data
Square also offers advanced tracking and reporting tools for individual employees across your locations. More on those features and cost in the Employee Management section.
Manage Sales Tax Settings
You will find Square’s sales tax settings nestled under the Items menu in your dashboard.
When you create a tax at your Square Dashboard, the tax will automatically sync to every device in your account, and you can specify which taxes apply to which locations. You can even build the tax into the price of the item if you prefer, rather than adding the tax to the price afterward. Square also lets you modify tax settings from within the mobile POS app as well, which is useful when you need to make changes on the fly.
In addition to multiple tax rates, you can create conditional tax rules, which are preset conditions in which a tax won’t be applied â whether you need that to apply to one item or the entire order. This is especially helpful for restaurants that handle online orders.
Now, let’s head back to the home screen and customize our dashboard layout, and then check out the reporting features!
Customize Your Dashboard Layout
Customizing the layout of your Square Dashboard is super easy. First, you can get rid of anything you know you wonât need right off the bat by scrolling through and unchecking anything in the drop-down menu (pictured on the right-hand side of the screenshot below). Donât worry about making the wrong decision, because you can reset the whole thing or click to re-check one box.
The other way to easily adjust your view is by dragging and dropping the tiles to configure them exactly how you want them. For my store, I switched tiles to move the feedback tile up from the last row. This drag-and-drop feature makes it easy to get the information you prioritize first, and then scroll to other options whenever needed.
As you can see, it’s simple to move things around, and if you change your mind, just as easy to change it back.
Review Square’s Reporting Features
The extensive, user-friendly and (mostly) free reporting features are what make Square a fantastic, no-fuss choice for any small business. As you can see in the screenshot below, there is a long list of possible reports. Every business has unique needs, and Square does a good job of supporting a wide range of small businesses with various options and features.
All of the sales reports, such as Sales Summary, Sales Trends, Items Sales, and Modifier Sales, are free. Custom Reports is another handy and entirely free reporting tool that can help you combine and compare your reporting data. Custom Reports allows you to aggregate reports with multiple filtering options. This feature makes it easy work to create a report that breaks the data down for a single location, or you can pick and choose certain pieces of data and compare them across different locations.Â For instance, you could create one report that compares Gross Sales and Returns for a particular device and/or location.Â
To find out even more about what Squareâs dashboard can offer you in terms of reporting features, check out our post Why We Like Squareâs Online Dashboard and Analytics App.
If you are looking for even more robust reporting and tracking across multiple locations for your employees, it may be worth it to you to learn more about the Employee Management tools, featured below.
Manage Your EmployeesÂ
Within the Dashboard, you’ll find the Employee section, which is the foundation for Square’s Employee Management feature set. Adding a new employee into your dashboard is easy â and adding in separate email logins for Square POS is entirely free. However, if you want advanced reporting on timekeeping, individual employee sales, and sales vs. labor costs, you need to subscribe to Employee Management, which will cost you $5 per employee.Â
Here, I have chosen to select the free “Mobile Staff” option to show you that you can invite employees using the email address that they will then use to log into the Square app. You can also enable or disable permissions for accepting payments in Offline Mode and set or remove Issue Refunds permissions.
It’s important to note that employees assigned to mobile staff can only access their own sales data in the Square POS app.Â
If you want something a bit more substantial in terms of employee reporting, Square offers that, too.Â To track individual employee sales through the day, keep better performance accountability across multiple locations, and closely monitor administrative permissions, the $5/mo per employee cost for the advanced Employee Management feature seems like a pretty fair deal. You also get timekeeping, so your employees can clock into their shifts through the Square POS app.Â
If you want to get started with Employee Management, there are a few ways to do it: Head to Employee Sales or Labor vs. Sales under Reports and start adding employees. It’s free to try for 30 days!
How To Set Up Square Deposits & Funding
When itâs time to get all of that revenue into your bank account, Square has several options for getting your money, all found under Deposits.
Square will automatically deposit your funds on the next business day. You can also change your âclose of dayâ to adjust for your time zone or business hours if you would like. The close of day determines when Square cuts off payment deposits for the next business day.Â If you need your money even faster, Square offers Instant Deposits that transfer your current Sales Balance immediately â whether itâs a business day or a weekend. This faster service will cost you 1% of the transfer amount. You can even use Scheduled Deposits to get your money deposited at each day’s close of business.Â
Find out all the details about the instant deposit feature, and more about how Square’s deposit options work in general, by checking out our post, How Does Squareâs Instant Deposit Work?
To set up your deposit schedule or choose an instant transfer, youâll need to link your debit card (in addition to your bank account). However, you have yet another option for disbursement. You can request your very own Square Card, a personalized business debit card that holds your Square balance.
You can use your card anywhere MasterCard is accepted. If youâd like to order one, youâll find “Square Card” tucked right under the Deposits tab. To be clear, you can request a Square Card and also choose to have funds deposited into your bank account.
Explore More Square Software Options
Square offers a myriad of specialized software options to make business more productive. Here are some of your options:
- Customer Engagement: Square’s customer engagement tools includeÂ a customer database, feedback management, and CRM software. The database and feedback tools are free, but the CRM starts at $15 month.Â The image above is a sample CRM campaign I could send to my lapsed customer list. Email campaigns are easy to customize and segment for those reachable-by-email customers.
- Loyalty Program:Â This tool starts at $25/month. Read our Square Loyalty Program Review for an in-depth analysis.
- Advanced Employee Management:Â As outlined in a previous section, pay $5/month per employee for advanced reporting and employee management tools.
- Payroll: Square Employee and Contractor payroll starts at $29/month plus $5/employee. Contractor-Only Payroll is just $5/month per contractor.
- eCommerce: Square offers free space and setup for an online store, and you can integrate with major shopping carts. Read our Square Online Store and eCommerce Review.
- Invoicing:Â Invoices are always free to send, pay 2.9% + 30 cents per invoice when your customer pays with credit or debit online. For more on the pros and cons, pricing, and an in-depth look at invoicing with Square, check out our Square Invoices Review.
Choose Another Square Point of Sale App
While the free Square POS app will likely fit the bill for many small businesses, Square has developed more specialized tools for retail, restaurants, and appointment-based businesses.
Square For Retail:
This POS system works with an iPad and has a redesigned interface and usability geared for retail businesses that have substantial inventory. Instead of scrolling to an item in your inventory, an item is easily searchable by name. The barcode scanning and printing features make keeping up with inventory a bit easier, too. Check out our Square Retail Review for more on price, pros and cons, and all a lot more details.
Square for Restaurants:
If you are familiar with Square’s POS system, you may be surprised to see how different Square for Restaurants really is. And it has to be. Sit-down restaurants usually require more specialized tools to cover their everyday business needs, and this POS delivers â from table mapping, menu creation, table management, and reporting tools â there are a lot of specialized features here. Check out our full Square for Restaurants review to find out if this is the right choice for your restaurant.
If your business relies on creating and maintaining appointments for just yourself or an entire team, Square Appointments might be just what you need. Note that this POS option is an iOS exclusive. It’s free for individual users, and pricing starts at $50 a month beyond that. Check out our in-depth Square Appointments Review, including functionality, customization, and features.
Choose Hardware Options
Square has expanded to offer so much more than the free magstripe credit card reader. As I mentioned earlier, Square offers a Contactless + Chip reader that lets you accept chip card and contactless payments for $49, which is a smart move to improve payment security.Â Â
If you need something more robust in terms of hardware, however, you can probably find what you need. Square offers countertop POS systems with customer-friendly displays, and if you want to toe the line between countertop vs. mobile, Square also offers a fully portable credit card terminal with a built-in receipt printer.
Squareâs countertop POS devices include:
- Square Stand: This hardware option is a tablet stand with a built-in card reader (along with contactless and chip reader) with an affordable price tag, minimal cords, and a swivel stand.
- Square Terminal: A more portable option, Square Terminal accepts magstripe, chip card, and contactless transactions. Itâs sleek design, built-in receipt printer, and generous display size make it a nice, versatile option.
- Square Register: Need something more robust? The Square Register offers a 13.25-inch display to run your Square Point of Sale, and on the opposite side, you have a 7-inch customer display ready for magstripe, chip card, and contactless transactions.
For an in-depth look at each of the POS options or to take a gander at all the Square POS kits and bundles, head over to A Guide To Square Credit Card Readers And POS Bundles.
Where To Go Next With Square?
When you consider that Square is a secure, PCI compliant option with a transparent pricing plan and offers lots of bells and whistles, it truly is an excellent solution for any small business. I like that itâs so easy to set up an account with Square, and that they don’t ask for much in terms of personal information. When it is time to get set up or find reports, the dashboard is intuitive and easy to navigate. I also love that Square offers affordable hardware and software when it comes time to scale the business.
Not quite ready to make a decision? Check out our Square Review or head over to Square and set up your own account to see for yourself.
Already have an account?Â Square support provides great resources to help answer your questions as you navigate your options.
Have questions, comments? Leave us your thoughts below! (Just make sure you check our comment guidelines, first!)
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