In the world of payment processing, two names stand out amongst the rest: Square and Clover. Both offer a range of innovative solutions designed to simplify transactions, streamline business operations, and enhance the overall customer experience. But while they share some similarities, Square and Clover are not identical twins. As a business owner, it’s essential to understand the differences between these two payment processing giants to make an informed decision about which one is right for you.
What is Square?
Founded in 2009 by Jack Dorsey and Jim McKelvey, Square is a mobile payment company that revolutionized the way businesses accept credit card payments. Initially, Square’s primary focus was on providing a compact, user-friendly credit card reader that could be plugged into a smartphone or tablet. Over the years, the company has expanded its product line to include a range of point-of-sale (POS) solutions, online payment systems, and business management tools.
Square is known for its ease of use, competitive pricing, and innovative features like contactless payments, invoicing, and online ordering. The company has become a go-to solution for small businesses, restaurants, and retailers, with millions of users worldwide.
What is Clover?
Clover, on the other hand, is a cloud-based POS system designed to help businesses manage their operations more efficiently. Founded in 2010, Clover was acquired by First Data in 2013 and later spun off as an independent company, Fiserv, in 2019. Clover offers a comprehensive suite of tools that enable businesses to process payments, manage inventory, track sales, and engage with customers.
Clover’s strength lies in its flexibility and customizability. The company provides a range of hardware options, including mobile card readers, countertop devices, and full-fledged POS systems. Clover also boasts an extensive app market, which allows businesses to integrate third-party applications and tailor their system to suit their specific needs.
Key Differences: Square vs Clover
Now that we’ve introduced both players, let’s dive into the key differences that set Square and Clover apart.
Payment Processing Fees
One of the most critical factors for businesses is the cost of payment processing. Square’s pricing model is simple and straightforward: 2.6% + $0.10 per swipe, dip, or tap for in-person transactions. Online transactions, invoicing, and online ordering come with slightly higher fees. Square also offers a discounted rate of 2.5% + $0.10 per swipe for businesses that process over $250,000 annually.
Clover, on the other hand, has a more complex pricing structure. The company offers various plans, including a Pay-as-You-Go option with fees ranging from 2.7% + $0.10 to 3.5% + $0.10 per transaction, depending on the type of payment and the hardware used. Clover also provides custom pricing for larger businesses and enterprises.
Square’s flat fee structure is generally more appealing to small businesses, while Clover’s tiered pricing model may be more suitable for larger enterprises or those with unique payment processing needs.
Hardware Options
Both Square and Clover offer a range of hardware options to suit different business needs. Square’s Register is a popular choice for small businesses, while Square Terminal is designed for larger retailers. The company also provides a mobile credit card reader and a contactless chip reader.
Clover offers a more extensive range of hardware options, including the Clover Mini, Clover Flex, and Clover Station. These devices vary in functionality, size, and price, allowing businesses to choose the one that best fits their operations.
Clover’s diverse hardware range provides more flexibility and customization options, while Square’s limited options may be more suitable for smaller businesses.
Software Features
When it comes to software features, both Square and Clover offer a range of tools to help businesses manage their operations. Square’s dashboard provides insights into sales, inventory, and customer data, while Clover’s dashboard offers real-time analytics, sales tracking, and employee management.
However, Clover’s app market provides an unparalleled level of customization, with over 150 integrations available, including third-party apps for inventory management, loyalty programs, and online ordering. Square’s app market is smaller, but still offers a range of integrations, including popular tools like QuickBooks and Xero.
Clover’s extensive app market offers more flexibility and customization options, while Square’s integrations are more limited.
Customer Support
Both Square and Clover offer 24/7 customer support, but the quality and availability of support can vary. Square’s support is generally considered more accessible, with a comprehensive knowledge base, email support, and phone support available from 6am to 6pm PST.
Clover’s support is more limited, with a smaller knowledge base and less extensive phone support hours. However, Clover’s support team is known for being more proactive in resolving issues and providing tailored solutions.
Square’s customer support is more accessible, while Clover’s support is more personalized and proactive.
Security and Compliance
Security and compliance are critical factors in the payment processing industry. Both Square and Clover meet the highest security standards, with Level 1 PCI compliance, EMV certification, and end-to-end encryption.
However, Clover’s security features are more comprehensive, with additional protections like tokenization, point-to-point encryption, and secure card storage. Clover also provides more detailed compliance reporting and auditing tools.
Clover’s security features are more comprehensive and robust, while Square’s security measures are still reliable and secure.
Conclusion
In conclusion, Square and Clover are two distinct payment processing solutions that cater to different business needs and preferences. While Square is ideal for small businesses, restaurants, and retailers who value ease of use and competitive pricing, Clover is a better fit for larger enterprises, businesses with complex operations, and those who require a high degree of customization.
Before making a decision, consider your business’s unique needs, growth potential, and the features that matter most to you. Weigh the pros and cons of each solution, and choose the one that aligns with your goals and aspirations.
Whether you choose Square or Clover, one thing is certain – you’ll be joining a community of innovators and entrepreneurs who are shaping the future of payment processing.
What is Square and how does it work?
Square is a popular payment processing platform that allows businesses to accept credit and debit card payments through mobile devices, tablets, or computers. It works by providing a small card reader that can be plugged into a device, allowing users to swipe cards and process payments on the go. Square also offers a suite of point-of-sale (POS) software and hardware solutions for businesses of all sizes.
In addition to payment processing, Square offers a range of features such as inventory management, employee management, and sales tracking. Square also provides 24/7 customer support, online invoicing, and virtual terminal capabilities. With Square, businesses can process payments online, in-person, or on-the-go, making it a versatile and convenient payment processing solution.
What is Clover and how does it work?
Clover is a cloud-based payment processing platform that provides businesses with a range of point-of-sale (POS) solutions to manage their operations. It works by providing a series of hardware devices, including POS terminals, mobile card readers, and countertop registers, that can be customized to meet the specific needs of a business. Clover also offers a range of software applications that can be accessed through the cloud, allowing businesses to manage their operations remotely.
Clover’s payment processing solutions are designed to be scalable and flexible, making it a popular choice for businesses of all sizes. With Clover, businesses can process payments, manage inventory, track sales, and manage employees, all from a single platform. Clover also integrates with a range of third-party applications, allowing businesses to customize their POS system to meet their specific needs.
What are the key differences between Square and Clover?
One of the main differences between Square and Clover is the type of businesses they cater to. Square is generally geared towards smaller businesses and solo operators, while Clover is more suitable for larger businesses or those with multiple locations. Another key difference is the hardware options available – Square’s card reader is a simple, plug-and-play device, while Clover offers a range of more advanced hardware solutions.
Additionally, Square is known for its flat-rate pricing model, while Clover’s pricing is more tiered and based on the type of hardware and software solutions chosen. Overall, while both Square and Clover offer a range of payment processing and POS solutions, they are designed to meet the needs of different types of businesses.
Which payment processing solution is more affordable?
Square is generally considered the more affordable option, particularly for small businesses or those with low transaction volumes. Square’s pricing model is based on a flat rate of 2.6% + $0.10 per transaction, with no monthly fees or contracts. This makes it a cost-effective option for businesses that don’t process a high volume of transactions.
Clover’s pricing model is more tiered, with prices ranging from 1.99% + $0.10 per transaction for swipe transactions to 3.5% + $0.10 per transaction for keyed-in transactions. Clover also charges monthly fees for its software and hardware solutions, which can add up quickly. Overall, while Clover can be a cost-effective option for larger businesses or those with high transaction volumes, Square is generally the more affordable choice for small businesses.
What types of businesses are best suited to Square?
Square is a popular choice for small businesses, solo operators, and mobile businesses that need to process payments on the go. It’s ideal for businesses such as food trucks, market stalls, or pop-up shops, as well as service-based businesses like hairdressers, plumbers, or electricians. Square is also a good choice for businesses with low transaction volumes, as its flat-rate pricing model is more cost-effective for low-volume transactions.
Square is also a popular choice for businesses that need to process payments online, such as e-commerce sites or online marketplaces. Its virtual terminal and online invoicing capabilities make it easy to process payments remotely, and its integrations with popular e-commerce platforms like Shopify and WooCommerce make it a popular choice for online businesses.
What types of businesses are best suited to Clover?
Clover is a popular choice for larger businesses or those with multiple locations, as its scalable and flexible payment processing solutions can grow with the business. It’s ideal for businesses such as restaurants, cafes, or retail stores, as well as service-based businesses like salons, spas, or gyms. Clover is also a good choice for businesses that need to manage inventory, track sales, or manage employees, as its POS system provides a range of features to support these functions.
Clover is also a popular choice for businesses that need to process high-volume transactions, as its tiered pricing model can be more cost-effective for high-volume transactions. Additionally, Clover’s integrations with popular third-party applications make it a popular choice for businesses that need to customize their POS system to meet their specific needs.
How do Square and Clover compare in terms of customer support?
Both Square and Clover offer 24/7 customer support, with Square providing phone, email, and online support, while Clover offers phone, email, and online support, as well as on-site support for certain hardware solutions. Square’s customer support is generally considered more intuitive and user-friendly, with a comprehensive online knowledge base and a range of tutorials and guides to help users get started.
Clover’s customer support is also comprehensive, but may require a bit more technical expertise to navigate. However, Clover’s on-site support option can be a major advantage for businesses that need hands-on support to get their POS system up and running. Overall, both Square and Clover provide reliable and comprehensive customer support, but Square’s support may be more accessible to smaller businesses or those with limited technical expertise.