Business banking disrupter Square is rumoured to be entering the Australian market in the near future. Smart business reports that Square is likely to enter that Australian marketplace in 2014.
The Australian small business banking marketplace is dominated by the larger banks. These banks are noted for the their inflexibility and high fees. Square has created a reputation for itself of disrupting the business banking markets provided better services at improved prices for small businesses in the United States.
Square provides its services via smart phones and tablets with the inclusion of a card reader. This card reader then allows the retailer or small business to process transactions without the need for expensive equipment. This expensive equipment is predominately provided by banks in Australia.
Critics argue that innovation in the small business business banking space is desperately needed. With even the Reserve Bank of Australia’s Governor calling the Australian payment space “a bit dated” in 2012. Since that time a number of small payments providers have entered the market place. Demand has been strong for innovation in the space with companies such as Braintree providing services to organisation that is claimed struggled to receive service from larger banks in the past.