Payment giant Square is expected to launch Invoices Plus, a paid subscription service that will include extra features including those previously available with the free service.
The service itself had been quietly introduced to individual sellers but has not yet been publicly announced. Some sellers who were already using Square Invoices were recently alerted to the upcoming changes via email.
The new subscription, which will be available starting October 1st, will include a series of features that were released in the past year as part of a limited trial. This includes multi-package estimates, custom invoice templates and custom invoice fields. These will now become a part of Invoices Plus, as will two other features: the ability to automatically convert accepted estimates to invoices and the ability to build milestone-based schedules – three-plus instalment invoices.
Next to these features, Square will include a ‘trial’ button in its Invoices software to notify customers about the new features. The free invoicing program from Square will not be eliminated. With the free plan, sellers may send limitless invoices, estimates, and agreements. Free users will also be able to utilize invoice tracking, reminder functions, and reporting tools.
Previously, the free plan was based on processing charges to generate income. This is now 2.9% + $0.30 per invoice paid online by check or debit card, as well as a 1% fee per ACH transaction, according to Square’s website. The cost of the new paid subscription has not yet been published publicly.
The new service comes after Square announced earnings, where it reported that its seller division made $1.31bn in sales and $585m in gross profit in the second quarter, bolstered by continued propelled online growth.
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