Despite Tough Going on Wall Street, Main Street Loves Square
Kylie Monagan, manager of modern Greek restaurant Amali Mou, one of 22 vendors at New York's Urbanspace, uses Square's (SQ) - Get Report payment technology every day. Monagan appreciates how easy the point-of-sale device is to use as well as its time-and-attendance functionality. 'Square literally takes very little training, if any at all,' she said. 'Employees ring up a guest, they punch in the order, similar to a screen at McDonald's, it's so simple. It's very seamless, very easy to teach, and super intuitive.' Monagan also says that the system boosts sales. 'Every time a transaction is made, Square will email the guests and elicit feedback, which is extremely helpful for us,' she said. 'In terms of ringing people in and guest interaction, it's basically perfect right now.' Seven years after Square started its company and less than a year after its initial public offering, the San Francisco-based payment processor is fighting to differentiate itself in the payments market, estimated to be more than $2 trillion by 2020. While the company's stock has plummeted over 31% this year, vendors like Monagan say Square has demonstrated its value to them.
