Square and Sage partner to help SMB customers manage their finances

Through this partnership, Square’s point of sale (POS) software will integrate with Sage Accounting, thus enabling customers using both products to do business and take payments online, in-person, or over the phone. The system is live in Canada, the UK, and Ireland. 

Some of the most noteworthy benefits of the Sage Accounting and Square POS integration include 24/7 support for customers through a service provided by Amaka, as well as an improved customer experience and the ability to better understand customer behaviour.

The integration also provides up-to-date visibility of a business’ position, and it allows for a seamless update of customers’ books as all sales and payment transactions processed through Square POS are reconciled automatically in Sage Accounting daily.

Official representatives from Sage Canada cited by globalnewswire.com revealed that small businesses should be able to process cashless transactions with more ease as digital payment methods continue to increase in popularity among consumers.

Digital payment trends in the UK and worldwide

According to brc.org.uk, the digital payments market is evolving at a speed never seen before in the UK and worldwide. In the UK, in 2021, the ecommerce transaction value was reported to have reached GBP 255,819 million (USD 297,787 million) and is expected to reach GBP 305,738 million (USD 355,848 million) in 2022 - a 16% year-over-year increase.

The Buy Now, Pay Later payment method proved popular worldwide and in the UK during the pandemic, accounting for 6% of all ecommerce transactions in 2021. This payment method is expected to grow 50.5% in 2022, according to the Research and Markets’ BNPL survey.

When it comes to crypto, The Paypers Payment Methods Report 2022 reveals that the blockchain market size for retail alone is set to reach USD 4.6 billion by 2028, as more industry players make an effort to align their offers with market demands. 

As for being used as a payment method at checkout, crypto has seen a change in optics and trust from the greater public and retailers. With increased focus on security, authentication protocols, and a recently fuelled mobile payments popularity, experts estimate crypto could become a payment method as common as credit cards.

What has Sage been up to in 2022?

In May 2022, UK-based business financial platform Tide and accounting, financial, HR, and payroll technology provider Sage launched an end-to-end accounting and tax solution for small businesses. The solution is named Tide Accounting, and it allows Tide members to benefit from integrated, automated accounting and bookkeeping services from within their bank accounts.

In the same month, the accounts receivable collections automation system Gaviti integrated its accounts receivable solution with the Sage Intacct cloud financial management software to enable joint customers to streamline their user collections processes and improve overall cash flow for their business.

Thanks to the Gaviti and Sage Intacct integration, companies can reduce days of sales outstanding (DSO), automate all account receivables processes, and free their collections team to focus on other projects.