Online invoicing service Square will soon start offering a subscription model, besides its current free model. Called Invoices Plus, the new offering will come with a number of new features, as well as a few that were tested in the free version.
As reported by TechCrunch, the service has already been quietly rolled out to some users, with some users notified of the upcoming changes via email, despite an official announcement yet to be made.
The announcement, which has since made its way to the Square Seller Community forum, says multi-package estimates, custom invoice templates, and custom invoice fields will all be part of Invoices Plus, after previously being tested in the free version.
Additional new features include the ability to automatically convert accepted estimates to invoices, and the option to build schedules based on milestones.
Square Invoices will get a “trial” button next to these features, to communicate the changes with the users with more clarity.
The free version will still allow unlimited invoicing, estimates, and contracts. Users will also keep the invoice tracking, reminders, and reporting tools.
Explaining the changes on the forum, a Square employee said the current way the company makes money isn’t enough to keep developing the product. At the moment, Square takes 2.9 percent of every invoice paid online by check or debit card, plus a $0.30 flat fee. Furthermore, there is a 1% fee per ACH transaction.
We still don’t know how much the subscription to the new service will cost.
By becoming a paid service, Square Invoices will join the broader Square family of subscription-based products, such as Square Online, Appointments, Square for Retail and Square for Restaurants.
The company hopes that by bringing Invoices into the paid subscription model, it will be able to better compete with other paid invoicing apps.