Square is a payment processing company which allows small businesses to accept credit card payments without a physical card reader. A good example is an Etsy seller who sells a cozy blanket from a holiday in New York City, with a card reader and smartphone.
It’s a service that many small and medium businesses have come to rely on. Thanks to an acquisition last month, the company’s own business is now being powered by Nuvei, an SaaS business intelligence and customer relationship management company.
This means Square now powers business software for many of Nuvei’s 6,000-plus clients, including a number of restaurants. Square will begin to charge the SaaS software provider a per-square-foot charge for using its hardware.