Not only is Square able to take its analytics to the offline world, it's able to do so at a cheaper rate, charging merchants just the standard 2.75% processing fee compared to others who charge 10% to 15%. Varma noted that 50,000 small businesses already have signed up to start selling products, spanning a wide range of items, including traditional household goods, ticket sales, raffle tickets, t-shirts, donations and barber products.
One particular vertical that has surprised the company is charity donations. The company has already seen more than $1 million in sales in three months, highlighting the potential for Square Market.
Although that potential is there, Varma admitted that there still needs to be more awareness of the product. Around 500,000 merchants have created a Web site using Square Market, but just 50,000 have actually started listing products for sale.
Not only does Square Market allow merchants to sell their products online but businesses can also embed the photos of products to sell onto any Web site or blog. Merchants can also share the items on their Facebook pages and Twitter accounts or share the items on Pinterest as Square seeks to make commerce easier."Items are a core piece of commerce. If you can copy and paste the code, you can embed the item onto any site. We want to make commerce happen anywhere," Varma said. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV