Today mobile payments enabler Square is launching yet another feature within its Register platform: Analytics. The new product expands on the daily reports that Register already provides by adding more information about business sales.
More specifically, Analytics will tell small business owners what time of day or day of the week they make the most sales, and whether most sales come from new customers or returning customers. Square refers to this kind of information as “actionable data,” which business owners can conceivably use to enhance sales.
“We see this as leveling the playing field. Big companies can pay for expensive analytics, but small businesses can’t,” says Johnny Brackett, a spokesperson at Square.
Square has been on a rampage lately, scooping up new companies and rolling out new products. Just last week the company expanded into the appointment making business with Square Appointments — a new product that spun out of its acquisition of BookFresh earlier this year.
And yesterday the mobile payments business announced that its cash-advancing institution, Square Capital, received a fresh investment from Victory Park Capital, so it can lend funds to even more businesses.
Right now, Square’s point-of-sale software integrates with Intuit’s QuickBooks as well as Xero and StitchLabs. However, it wouldn’t be surprising if the company expanded its product line further into accounting services.
To that point Brackett says this, “Honestly, it all depends on what our sellers want.” If Square sees the masses crying out for accounting products, it just might deliver them.
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