When the Square Reader crossed the border into Canada last October it was welcomed with open arms by Canada’s small business community, and now the San Francisco-based merchant services aggregator and mobile payments company is giving back through a national contest for small business owners.
Canadians were quick to embrace the point-of-sale technology, maintaining a 25 per cent higher adoption rate per capita compared with the United States. The transactions being processed in the great white north are also much higher than its neighbour to the south, averaging $120 compared with $70 in the States.
With 68 per cent of consumer transactions now processed through cards, and with widespread e-wallet adoption just around the corner, it’s no surprise that cash is disappearing from the pockets of many Canadians. If you don’t believe me, just ask the penny.
Since it was founded in 2009, Square has helped facilitate the transition from paper and coins to plastic and mobile devices by making it easy for small businesses to accept credit and debit card payments, requiring nothing more than a mobile device, and a square reader. Once plugged into the headphone jack the reader instantly turns an iPhone, iPad, or Android device into a digital cash register, with a flat fee 2.75 per cent per transaction.
Square has announced a national contest to celebrate the impact the one million Canadian small businesses make in their community everyday. Small businesses can enter the Love Local contest by tweeting a photo or short video that represents what they contribute to their neighbourhood, using the hashtag #LoveLocal and tweeting @SquareCanada.
Square will award one winner with everything they need to convert their mobile devices into a digital cash register, including Square Readers, an iPad 2, an iPad stand, and a cash drawer.