Square is back in the food delivery market. The company announced the addition of new features for local restaurants and retailers. Square will provide companies with payment terminals for accepting payments.
The company's press release says that customers need fast and affordable payment acceptance methods and the payment service is ready to provide them.
In a public statement, Jack Dorsey, the CEO of Twitter, said that Square would double its investments and concentrate on the core payments.
Square will increase online offers to small businesses. Many Square sellers suffered from losses during the pandemic. Some sellers have closed their offline stores and moved them online.
On-Demand Delivery is just the latest feature we’ve built to help sellers take their business online. Square press release on Wednesday
For orders posted on their pages, Square sellers may send delivery drivers. In an official statement, the company announced that this service is being implemented through a partnership with delivery enterprises, such as Postmates and "additional delivery partners in the immediate future."
The buyer will receive a text message update and a link that will display the status of the order in real-time. This technology ensures that businesses can save on the costs of delivery and information.
The company's shares were down by 4% in Wednesday's trading. This news did not have a positive impact on the price. The drop came during a General stock market correction, as investors began to lock in profits across the entire range of stocks.