Square launches “Square Market” eCommerce shopping site for US merchants
Originally iOS exclusive mobile payment pioneer Square taking on eBay and etsy.
“Today Square, the company making commerce easy for everyone, introduced Square Market, an online marketplace for businesses to sell everything from handmade jewelry, housewares and merchandise, to yoga lessons and beauty services. Square Market provides local businesses across the U.S. the ability to sell their products throughout the country to anyone, anywhere.”
Setting up your Square Market store is free, and there’s no charge to list items. The transaction fee is flat 2.75% per item sold.
You don’t need an iPhone or iPad only Square Register to create Square Market profile, but I suspect if you already set up shop using Square it’ll be super easy to bring your shop online.
To buy an item, it seems that you need Square Wallet account. You can visit the Square Market site, but it is running very slowly as of publication.
I am surprised the Square Market fee is the same as the in person 2.75% per Square Reader swipe charge. It defies the conventional credit card processing industry standard of higher fees for remote transactions.
As of today Square has the advantage over other eCommerce shops:
- Etsy has a $0.20 per listing fee which will post the item for four months, and transaction fee of 3.5% of the item price.
- eBay’s “basic fees”: no listing fee for up to 50 items per month. Final value fee of 10% of the total amount of the sale, with maximum transaction fee of $250. That’s before the required PayPal fees of 2.9% plus $0.30.
- Square Space E-commerce uses Stripe for 2.9% and $.30 per transaction fee. Requires $24 per month Squarespace business hosting account.
- The recently killed Google Checkout fee is 2.9% + $0.30 fee (+1% fee for international orders) if for those who sell under $3000 per month. Google doesn’t even display your items, and claimed the service is not profitable. Google Checkout will shut down on November 20, 2013.