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Square Company Case

Course Code + Name

Instructor

Date

Name and Student’s ID

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Memo

To: Jim Mckelvey

From: Student

Date: 10/25/2023

Subject: Evaluation of Square’s payment platforms evolution in the microenvironment

Recommendations: Square must continue innovating and revolutionizing the microenvironment

to compete effectively with other players.

Short-term: Six months to one year

1). Learn of the weaknesses of the square terminal in the microenvironments

2). Learn of the forces in the microenvironment that drive the market for payment systems

3). Market the Square Terminal to the microenvironment to attract more customers

Medium/Long-term: Three years

1). Continuously learn and exploit the potential of the Square Terminal payment system

2). Improve the designs of terminal payment to include new capabilities such as handling the

payroll, giving out loans to customers, handling appointments, and generally improving

connections within the microenvironment.

3). Develop marketing strategies that will allow the terminal to compete with PayPal and other

similar platforms to improve market share within the microenvironment.

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4). Form partnerships and collaborate with major players in the microenvironment to increase the

market worthiness of the square products.

Control and Feedback

Learn from the square register, and Square stands weakness and how customers respond to it.

Leverage feedback from customers to learn what is needed in the new platforms. This should be

done through an open and anonymous feedback platform, allowing customers to freely air their

concerns and raise new ideas on how the terminal should be designed and improved to serve the

right purpose. Measure the performance of the square terminal new designs and improvements to

determine the progress.

Contingency Plan

If the terminal market and the number of transactions remain the same, Square should design and

create a new application with newer but better features, which will urge customers to try it out,

thus winning a larger market.

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Square -Executive Summary

By: Student’s Name

Jim McKelvey started Square after losing a sale due to a lack of credit card payment options

during an art fair, which inspired him to solve the problem. The Square payment system started

to fill the gap in credit and debit card payment systems, which had locked out most small and

medium businesses. The solution was square, providing a fair fee for transactions and allowing

SMBs to use the payment platform without the hassle of many processes and complexities.

Despite establishing a terminal payment platform with much potential, the platform has only

managed to tap into a small market.

Problem Statement: Evaluation of Square’s payment platform evolution in the

microenvironment

Recommendations/ Implementation

Short-Term-Six Months to One Year

Learn the weakness of square terminal within the microenvironment. Although the market has

embraced the platform, the limited number of customers on the platform may indicate that there

are still weaknesses that may need some improvement.

Learn the forces of the microenvironment that drive the market to payment systems. From the

case, a gap existed because of the long and expensive processes when registering for credit card

payments. However, this may not be the only force driving the market, and thus, research should

be done to identify other forces that control the market to get more customers to use terminal

payment platforms.
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Market the Square terminal to microenvironment to attract more customers. Although the

platform attracts a significant income, compared with industry incomes, the income is still low.

This may be due to the limited marketing efforts, which should be improved to get more people

using the terminal platform for transactions, resulting in more revenues.

Medium/Long Term- Three Years

Continuous learning and exploiting any potential discovered in the square terminal platform.

This is aimed at ensuring that the competitiveness of the platform is intact while the platform is

evolving to attract more customers.

Improve terminal designs and include mor capabilities such as handling payrolls, offering loans

to customers, making appointments, and enhancing the connections with the microenvironment.

This will increase the relevance of the platform to businesses, thus resulting in more business.

Develop a unique market strategy for the business. Although the current marketing approach can

be used in the short run, a better and strong, long-lasting marketing strategy should be developed

to enable the company to reach more people. For instance, use a social media platform to contact

customers.

Form partnerships and collaborate with major players in the industry similar to Visa and master

card payment systems to ensure that the business has a larger market base and can accept as

many payment options as possible.

Control and Feedback

Leverage feedback to learn more about customers. Use the social media platform created for the

company to interact with customers frequently, which will allow them to give feedback to the
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company on the performance of the terminal and other square payment platforms. Also, allow for

anonymous feedback to allow for critical comments, enabling Square to discover any challenges

with the platforms and improve on them.

Contingency

If the market and transactions for terminal and other existing square payment platforms do not

grow, design and develop a new payment platform while integrating all the needs identified by

customers to attract a new and large market.