Contactless payments company Square has seen its clients' online sales jump since the coronavirus pandemic forced small businesses to adapt to social distancing and stay-at-home orders with new technology.
"Moving online became an absolute priority," said David Rusenko, head of e-commerce at Square.
The company not only signed up new clients but also found that existing clients began to rely on more of the fintech's offerings.
Touting his company's ecosystem for small businesses, which encompasses everything from payroll to online sales, Rusenko stated, "A lot of sellers were able to adopt Square's online store as their online ordering solution."
The ongoing crisis has also established the importance for businesses to have an online presence. According to Rusenko, "Everything completely changed, especially for small businesses who were hit extremely hard. It turned into survival mode." Rusenko also said that businesses expanding operations online has become a priority.
"It went from something people were sort of looking to do in the next few years and it really shortened that three-year adoption cycle down to three weeks."
Rusenko presented Macri's Bakery, a family-owned business in South Bend, Indiana that has been operating since 1978, as an example of a small business that was able to shift online when the pandemic hit.
"They were not selling online prior to the pandemic. They were very quickly able to leverage Square's online store to shift all of their sales online," he said. "They implemented grocery sales. They were receiving a huge amount of food from their supply chain and things that may have been difficult to find elsewhere."
"A restaurant used to be just a restaurant, and now people are really adapting and they're doing all kinds of things to weather through the times," he added.