Square and TikTok Expanding Payments Via Social Media

In a recent press release, payments company Square announced a new offering, teaming up with TikTok to create a product called Square x TikTok that makes it easier for TikTok’s small business users to set up online stores. The product will allow sellers to send customers directly to their existing Square Online store from TikTok videos, ads, and shopping tabs.

“We are constantly working to help sellers expand their online presence and reach new customers,” said David Rusenko, head of eCommerce at Square. “Online sales have long been a significant revenue driver for merchants and will only continue to become more vital. We’re looking forward to helping our sellers tap into a valuable, rapidly expanding new customer base on TikTok.”

“We’re so excited to partner with Square to help their merchants drive sales through TikTok,” said Melissa Yang, head of ecosystem partnerships at TikTok. “Our community loves discovering new businesses and products, and we can’t wait to see more Square merchants showcase their creativity and make real connections with consumers on the platform.”

American Banker highlighted that with Square x TikTok, commercial users of TikTok For Business can set up a customizable Square online store for free. Sellers can also grow their business by running ads through TikTok Ads Manager, sync their catalogs to TikTok in curated shopping tabs, and include product links that direct potential customers to Square Online to complete a purchase.

Square x TikTok is part of Square’s efforts to offer more social media tools to small business owners and customers. It recently launched Snippits API, an application programming interface to help merchants create digital content. The program includes Fomo, a social marketing platform that uses Square’s tools to improve consumer communication of reviews and purchases.