Square Launches a New API for Developers

The American m-payment FinTech Square unveils a platform enabling merchants to manage almost all operational needs.

Goal: enable their merchants to converge online and offline channels.
The new service called API Orders is featured free of charge to developers for orders processed via Square.
Business Model: Square charges transaction processing fees for debit card-based payments ($0.10) or credit card-based (2.65%).
This solution lets its users create, track and manage orders. It also provides merchants with a comprehensive view of their stocks, their customers and product ranges.
Among specifics, this service can easily be integrated with third-party systems even if they don’t run on Square servers.
This API is available in the US, in Canada, Australia, in Japan and in the UK.

Fierce competition. Square continuously makes changes to their systems to withstand competition from new and former payment industry players. The London-based FinTech SumUp plays an active part to this respect: they recently raised $330 million after merging with rival company Payleven.
Attracting merchants. This all-inclusive solution encompasses online and offline payments, order management, customer relations, stocks… helping merchants provide their users with an enhanced, customised experience. They are also in line with a persisting trend towards converging digital and offline channels.

A year ago, Square opened their POS checkout-dedicated API to developers. Square Reader SDK lets developers and merchants add in-app payment services and have their transactions processed through Square from their usual mobile interfaces.
Their US-based rival, Stripe, features an API known for its effectiveness and ease of use. Their platform also packs in a large range of value-added services, giving them an edge over the competition.

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