Today, global payments provider Square announced the launch of Square Invoices app, providing sellers a self-serve and elegantly designed tool for creating, managing, and sending invoices from anywhere.
From sending quotes and requesting deposits, to issuing recurring invoices and automated reminders, the Square Invoices app adds all the extra functionality small businesses need to ensure they get paid fast.
“The way we do business is changing; not everyone works from an office and small businesses need the flexibility to handle core processes like invoicing on the go.” said Alyssa Henry, Seller Lead at Square. “With the Square Invoices app, small business owners are able to get paid remotely and access their funds quickly and securely.”
Recent research carried out on behalf of Square in the UK showed cash flow to be the second-biggest overall concern for UK small business owners, affecting 41% of businesses. It is topped only by concerns over simply making enough money overall (53%).*
The issue of late payments is a major concern for small business owners - it was highlighted in the Chancellor’s Spring Statement earlier this month, and a recent report from Pay.UK suggested that the issue costs small businesses an average of £9,000 per year.
With today’s launch, Square Invoices also enables businesses to send sleek, professional estimates to confirm details of future jobs through the app or on desktop. This feature is especially useful for service businesses like home and repair providers, freelance consultants, wedding and event planners, photographers, and others who need to provide a quote to secure prospective customers. More than 50% of Square Invoices in the UK are already paid within one day, and the Square Invoices app makes getting paid easier than ever.
James Carr has been using Square for in-person payments from his Dorset-based mobile coffee business Taste the Bean. Recently he has been trialling Square’s Invoices App. He said: “We do a lot of invoicing, several times a month. Some corporate companies book us out and ask for an invoice, so we just try and make it as easy as possible for them. It’s fast, it looks professional and it’s a lot simpler than our previous system.
“With the app I can do everything on my phone, anywhere in the world, including sending an estimate or invoice instantly when someone asks for it. I even get a notification when I receive money so it’s easy to track payments. But the best thing is being able to see who’s read an invoice — this comes in handy if clients are putting off paying by saying they haven’t received anything, something I am sure other small business owners can relate to!”
Since launch, more than $13 billion has been processed globally through Square Invoices. The Square Invoices app is available today in the US, Canada, Japan, the UK and Australia via the App Store or Google Play.
*Square commissioned a nationally representative survey of 1,000 small business owners in the UK, conducted by Censuswide 31.08.2018 - 10.09.2018