Vend partners with Square, gives retailers more flexibility
Point-of-sale software provider Vend will soon give its US-based retailers the option to process payments with Square, thanks to a new partnership between the two companies.
Square was one of the first companies to make mobile payment acceptance widely available, with the launch of its plug-in credit card reader for smartphones in 2010. It has since expanded its offering to include tools for inventory management and sales analysis, as well as loan services.
Small businesses still form the cornerstone of the company’s two million-strong user base (via Forbes), with 63 per cent of sellers processing less than US$125,000 at the time of the company’s IPO in November 2015. But as competition increases in the electronics payments industry, Square has set its sights on higher-volume retailers to keep growing. Thus, the partnership with New Zealand POS company Vend.
Vend provides POS software, including inventory and retail management, to over 15,000 retailers who generally process more money each year than Square customers, according to Square’s business lead Francoise Brougher (via Bloomberg). The integration allows Vend retailers to use Square hardware to accept magstripe, chip cards and contactless payments, such as Apple Pay, within their existing POS systems.
“Square is a perfect partner for us, with our shared focus on creating a beautiful in-store customer experience. It’s just a great match, and we’re excited to be working together to allow advanced and multi-location retailers to use Square,” Alex Fala, CEO of Vend, said.
One retailer who already uses Square and Vend said the integration will make the two systems even more complementary. “We love Vend and we love Square,” said John Waltman, co-founder at US-based boutique Katie Waltman.
“Vend makes it simple to print barcodes and manage complicated inventory at multiple locations. We’ve used Square for processing in addition to Vend’s point of sale, because it’s easy to learn and train, and it’s reliable. Together, they offer what we’re looking for in a POS/payment processing system and we’re looking forward to the integration.”
The integration also highlights the growing importance of choice and flexibility for retail businesses in the technology they use. “Square is teaming up with best-in-class partners to provide the best experience for sellers. Vend is a great product and this partnership will give more sellers access to payments and financial services to reinvest in their business,” said Brougher.