Square in Spanish Boasts Business Surge for Latino Entrepreneurs Just Months After Launch
Launched in March of this year, the Spanish-language version of Square for Latino entrepreneurs has taken off in key Latino markets. Here's an update on how Latinos are using Square's mobile payment system to grow their businesses.
Square's Spanish-language suite of software and the iconic credit card swiping accessory for mobile devices launched just a few months ago in Latino-heavy business markets in Texas, California, Florida, and New York City. But already, according to an update from the small business-focused mobile payments processing company, Square has taken off with Latino entrepreneurs.
Square: Significant Growth After Launching Latino-Focused App
The number of sellers using specifically the Spanish-language Square Register app has increased 10 percent across the board in the four or so months since launch, according to updated data Square provided to Latin Post. Since launch, use of Square's Spanish-language mobile payments system has generated millions of dollars in key Latino markets including Los Angeles, Houston, New York City, and Orlando.
But, according to Square, "Miami takes the crown for total transactions processed by Square in Spanish, cashing in at over $24 million so far." In second place was New York, coming in at $15.3 million, followed by Los Angeles at $10.4 million and Houston and Orlando at a close $4.5 million and $4.2 million, respectively.
(Photo : Square)
Overall, the Spanish-language version of Square is being used in more than 400 metro areas across the country and has recorded in over $112 million in sales in just the past few months.
With such a wealth of amazing food Latino culture contributes to the U.S., it might be surprising that the biggest segment of Latino businesses using Square so far were not diners, restaurants, or trendy food trucks -- at least as measured by the amount of revenue generated -- but were instead part of the service economy. "The biggest sector is services," announced Square, citing examples of successful Square-powered Latino entrepreneurs like accountants, electricians, and taxi drivers, "making up 14 percent of our Spanish-using sellers."
Latino Entrepreneurs Love Mobile
In this increasingly wireless-connected business world, Hispanic entrepreneurship is the fastest growing segment of the U.S. small business economy. According to a 2013 USHCC study, Latino entrepreneurs now generate 20 percent of new business ventures in the U.S. and contribute more than $468 billion to the U.S. economy, starting up new businesses at twice the rate of the general population.
And according to a statistics cited last month by Latin Post's guest columnist -- and President and CEO of the United States Hispanic Chamber of Commerce (USHCC) -- Javier Palomarez, the mobile Internet is increasingly important to Latino entrepreneurs in the U.S. For example, 60 percent of Latino entrepreneurs surveyed said mobile technology helped them grow their businesses in general, with 41 percent stating that mobile devices helped them gain new clients and customers.
Another 70 percent of Hispanic business owners surveyed said they can offer better customer service thanks to mobile technology, using wireless Internet and phone service to respond to customers and clients faster, and one-third of Latino entrepreneurs say they offer mobile payment options for their customers.
Underscoring how important mobile is for Latino business in the U.S., the study also found that 94 percent of Hispanic entrepreneurs said a day without their mobile devices and services would affect their business, with 55 percent saying it would be either a "major disruption" or an "utter catastrophe." These statistics come from a survey conducted by the USHCC and Mobile Future, whose chairman Jonathan Spalter also contributed to the Latin Post guest column, "The Mobile Future of Hispanic Business."
Along with its update on how Latino entrepreneurs are faring using the new Square Register app in Spanish, the company had a new announcement to make about the availability of its iconic accessory for Latinos' mobile devices. "We're excited to announce," stated Square's update to Latin Post, that "the Square Reader presented in Spanish is available at 3,800 Walmart stores and Walmart.com" as of late last week.
The Square Reader is provided free for customers who sign up for the mobile payments service, so the company is giving full rebates to customers who purchase the device for $10 at Walmart, along with offering this acclaim to its new Latino small business constituents: "Cheers to all the Latino entrepreneurs killing it out there."
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