Small businesses everywhere are familiar with Square, a startup that simplified and popularized the phone-compatible credit card reader. Square was founded in 2009 and only offered the Square Reader, a small plastic device which plugged into the audio jack of a supported smartphone or tablet in order to read a magnetic stripe on credit cards. The company has since expanded to offer full cash register devices, contactless card readers compatible with Apple Pay, and a suite of services to simplify business related tasks like online ordering and scheduling.
Today the company launched it’s newest platform: Square Payroll. The application is designed to simplify the process of logging employee hours as well as allocating salary and hourly pay. Speed seems to be the ultimate mantra of the program; managing tax information, payment calculations, and importing hours can all be done with “just a few clicks” according to a promotional video from Square’s YouTube channel.
Square Payroll YouTube video:
It’s a smart idea and there are a couple of clear advantages for Square to build and offer a payroll product…
TechCrunch had mixed feelings on the announcement in a post earlier today “it’s a smart idea and there are a couple of clear advantages for Square to build and offer a payroll product… but [it’s also] competing strongly against the likes of PayPal and others.”
At $20/month and another $5/employee the service is pricier than much of the competition. However by including tax filing at no additional cost, it does have a certain advantage over Intuit Quick Books and Wave Accounting.
Business owners in Hampton Roads have a little time to consider their options as the product roll-out is currently only for California businesses. Square’s plan is to expand the program to more states soon.