Square Inc (NYSE:SQ) has seen its stock soar 230% in the past 12 months and in three years its revenue has more than tripled. Although the company is still in the red, it is showing incredible growth and could be a great long-term buy.
The company provides anyone with the ability to easily accept credit card transactions by just plugging in its Square Reader into a headphone jack on any Android or iOS smartphone. With a simple installation, it allows literally people on the street to accept credit card transactions with ease.
Previously, to accept credit card transactions you would need to have a terminal obtained from a credit card processor and either buy the device or pay expensive monthly rental fees for it. Then you’d have to go through the process of setting the terminal up and ensuring that it is working properly and linked to the correct accounts.
Square’s products are secure as the company claims that the credit card information used in a transaction is encrypted and that no data is held on the device, ensuring that no liability stays with the vendor.
This is a product that has a lot of growth potential as it can be used in many different applications and has a wide appeal. The simplicity of the setup will certainly attract non-tech users and for that reason I see it having a lot of demand and potential for long-term growth.
Square could be the next big tech stock, and the share price has already started to skyrocket.
