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Square now lets merchants buy and track Facebook ads

According to Square, the new Facebook ad integration will help merchants understand the effectiveness of their online advertising efforts while also aiming to get new customers in the door.

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Small business payments processor Square has partnered up with Facebook to integrate the social network's ad buying capabilities into Square's merchant platform.

The integration will enable merchants to buy and target Facebook ads directly from Square, with Square getting a cut of the subscription fee.

According to Square, the integration will help merchants understand the effectiveness of their online advertising efforts while also aiming to get new customers in the door.

"Now your Facebook Ads results and Square sales data are integrated, so you can connect your Facebook marketing budget to actual sales and understand exactly what your customers respond to," the company wrote in a blog post.

Square said it plans to add support for other social channels in the coming weeks.

San Francisco-headquartered Square initially launched in 2009 as a hardware company pushing technology to enable mobile payments. The company has broadened its portfolio to include software and services over the years, and now a majority of its revenue comes from beyond its digital payments and point-of-sale services.

In Square's fourth quarter earnings report earlier this month -- the company's first since going public last year -- hardware revenue reached $6 million. Meanwhile, revenue from Square's software and data products, including its lending service Square Capital, more than tripled to $22 million compared to the same period of last year.

The Facebook ad integration is just another example of how the company is branching out.