Description: Payment processing company Square was facing problems on Thursday and Friday as customers were unable to access their accounts. Square has been a popular innovation for small vendors who use it to process payments from customers. The system outages also impacted Cash App, an application that is not available in Canada.

Date:  September 8, 2023

Source:  cbc.ca

 Link: https://www.cbc.ca/news/business/square-block-outage-1.6960764

Discussion points:

1) Are you familiar with Square?

2) What impact would a small vendor face if they were suddenly unable to process a payment via Square?

3) Page 7-11 of Wiley’s Financial Accounting: Tools for Business Decision-Making includes an inset box titled “What is Cash?” What percentage of purchases in Canada are made by cash?