Regional businesses have been outpacing their metropolitan counterparts with businesses in regional Australia processing 259% more in sales through Square since the onset of the pandemic, according to a recent report. Comparatively, businesses in metro areas processed 178% more in sales through Square.
Square’s State of Regional Business Report examines the growth regional small businesses have seen across Australia and uncovers the factors driving this trend, as well as the remaining challenges they’re facing as the sector recovers from the effects of the pandemic.
Towns in regional Queensland account for four of the top ten fastest growing regional hubs on the Square platform, with Goondiwindi, on the QLD-NSW border, leading the charge in the state. Port Pirie in South Australia is the fastest growing regional town.
Not only have sales through Square grown faster in regional Australia than metropolitan, so have businesses signing up to use digital payments. More businesses began taking payments with Square since the onset of the pandemic until now, compared to the same time period before March 2020 — with the pace of adoption growing more quickly in regional areas than in metro areas.
The last two years have shown the entrepreneurial and adaptive best of Australian businesses, according to Square Australia head of business development, Colin Birney.
“Our regions have been particularly savvy and turned to technology to help them adapt and enable continued growth. We’ve seen huge numbers of Australian sellers use Square Online to build an omnichannel business and tap into a Square Loan to invest in their business,” he said.