Square had recently announced that it will acquire Afterpay that offers ‘buy now pay later’ services. In its next move Square is offering its next subscription service called Invoices Plus. It will be a paid subscription service that offers several new features and some of the existing ones in the free service. The service was not publicly announced, rather it was disclosed to individual sellers. The present customers of the service were given alerts via mail about the changes.
The new paid service will have the features that were present on the service that was introduced as a trial last year. The features include multi-package estimates, custom invoice templates, and custom invoice fields. The new Invoices Plus will also have the feature of automatic conversion of accepted estimates into invoices and building milestone-based schedules. Square has announced that it will add a “trial” button near these features to notify the customers about the future capabilities. It has also announced that the free invoicing software of the company will not be dropped. It will allow sellers to send unlimited invoices, estimates, and contracts with the free plan. They will also have access to invoice tracking, reminders, and reporting tools. The free plan used the processing fees to generate revenue. The cost of subscription for the new paid service hasn’t been announced.
Square decided to bring up a paid service because the processing fees alone could not back all its product developments and services that also include other products like Square Online, Appointments, Square for Retail, and Square for Restaurants. Invoices Plus will enable the company to bring out more advanced features and products. The company has not shared many details about this software subscription but confirmed that it will be announced shortly. The indications for the new product have already been noted in the Square app’s code. The present users can continue for a limited time in using the free services as the code indicated. But the service will not be free when they create new files with Square Invoices.
Square is reported to have earned $1.31 billion from its seller business and $585 million in profit in the second quarter. The plan to acquire Afterpay in a $29 billion deal was also recently announced. The deal will help Afterpay users to pay using Square’s Cash App.
