Square has built a compelling ecosystem, packaging POS, payroll, marketing, and more into a seemingly seamless offering. But “seamless” doesn’t always mean “best.” Let’s dissect their tools and arm ourselves with strategies to show prospects why our tailored solutions are superior.
Breaking Down Square’s Toolset:
- Square POS (Starting at $0/mo):
- While free is attractive, it often comes with limitations.
- Your Counter: Highlight the customization and integration capabilities of your POS solutions, especially for industry-specific needs. Emphasize personalized support and advanced reporting.
- While the software itself may start at $0/mo, it often requires Square’s proprietary hardware, which comes at a cost.
- Your Counter: Highlight the customization and integration capabilities of your POS solutions, especially for industry-specific needs. Emphasize personalized support, advanced reporting, and compatibility with a wider range of hardware, including options that might already exist in the businesses location, or may be cheaper than squares hardware.
- Don’t forget, Square’s ecosystem often requires their specific hardware. For example, their Square Register, Square Terminal, and other devices come with upfront costs that can add up quickly. We offer flexible solutions that can integrate with existing hardware or provide cost-effective alternatives.” Example hardware costs to consider mentioning.
- Square Reader for contactless and chip: $49
- Square Stand for contactless and chip: $149
- Square Terminal: $299
- Square Register: $799
- Emphasizes Flexibility and Why this is important in overcoming Square.
- It reinforces the flexibility of your offerings, which may allow businesses to use existing hardware or choose more affordable options.
- Strengthens Your Value Proposition:
- It positions you as a transparent and cost-conscious advisor who looks out for the client’s bottom line.
- How to Integrate This Into Your Pitch:
- When discussing Square’s POS, don’t just focus on the monthly fee. Ask about their hardware setup and highlight the costs involved.
- Provide a side-by-side comparison of Square’s total cost of ownership (software + hardware) versus your solutions.
- Showcase hardware options that offer better value, compatibility, or customization.
- By addressing this detail, you’ll paint a clearer picture of Square’s true costs and strengthen your position as the provider of more flexible and cost-effective merchant services.
- Payroll (Starting at $35/mo + $6/person):
- Payroll integration is convenient, but not always the most cost-effective.
- Your Counter: Showcase your payroll partnerships that offer competitive rates, specialized HR features, and dedicated support.
- Online Store, Invoices, Virtual Terminal, Online Checkout, Gift Cards (Starting at $0/mo):
- These tools are often basic and lack advanced features.
- Your Counter: Offer robust e-commerce integrations, advanced invoicing solutions, secure virtual terminals, customizable gift card programs, and seamless online checkout experiences.
- Email & Text Marketing (Starting at $15/mo & $10/mo + messaging):
- Square’s marketing tools are convenient within their ecosystem, but may lack depth.
- Your Counter: Present powerful marketing platforms with advanced segmentation, automation, and analytics, proving a better ROI.
- Loyalty (Starting at $45/mo):
- Your Counter: present loyalty programs that are fully customizable, and integrate with many platforms, not just limited to a single POS system.
- Advanced Access (Starting at $35/mo/location):
- Your Counter: Show how your reporting, and permission features are more robust, and customizable.
- Customer Directory (Starting at $0/mo):
- Your Counter: Show CRM integrations that capture far more data, and allow for much more detailed customer insights.
- Cash App Afterpay (6% + 30¢):
- Your Counter: Show other buy now pay later options, and compare rates.
- Checking & Savings (No Fees):
- While “free” banking is appealing, businesses need comprehensive financial solutions.
- Your Counter: Partner with banks offering business-specific accounts, lines of credit, and personalized financial advice.
- Loans (Flat Fee):
- Square’s loan program is tied to its processing volume, limiting flexibility.
- Your Counter: Connect businesses with diverse lending options, including traditional bank loans, SBA loans, and alternative financing.
Your Winning Strategy:
- Unbundle the Value:
- Show prospects that they don’t need to be locked into a single ecosystem. Highlight the flexibility and power of integrating best-in-class solutions.
- Focus on Customization:
- Emphasize that your solutions are tailored to their specific needs, unlike Square’s one-size-fits-all approach.
- Highlight Expertise:
- Position yourself as a consultant, not just a salesperson. Demonstrate your deep understanding of their industry and offer strategic advice.
- Show Long-Term ROI:
- Focus on the long-term benefits of your solutions, including increased efficiency, reduced costs, and improved customer loyalty.
- Emphasize Integrations:
- Show all the software, and hardware that your processing is compatible with.
The Bottom Line:
Square offers convenience, but we offer solutions. By focusing on customization, expertise, and long-term value, you can confidently compete and win against the Square ecosystem.
Tomorrow’s let’s look at Friday’s Top 10 Ways to Conquer Square
Go forth and conquer!
Happy Selling,
David
Payment Lynx Daily 