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updated 8/21/2014 9:15:10 AM ET 2014-08-21T13:15:10

Businesses that use Square are about to get a fresh batch of tools to track their performance.

Square, the 5-year-old mobile payments company co-founded by Jim McKelvey and Twitter's Jack Dorsey, has rolled out several new features this week intended to give businesses a more detailed operations platform, including information about bestselling products and what times of day they get the most traffic.

Building off of its existing analytics technology, business owners can now refer to an entirely revamped reporting service, including a new analytics homepage designed to show how their company is faring, up to the minute. With this tool, it's possible for businesses to compare their performance with other companies in their industry and area. The information is delivered as an average, and comes from other Square sellers, though they are not listed by name. 

Related: Square Scoops Up Fancy Food Delivery Startup 'Caviar'

Sales trends broken down by the hour, day and month are also available on the new homepage. Additionally, Square users now have access to Buyer Insights, which provides customer data, in particular if you're getting business from new or returning patrons, how much they spend on average and how frequently they come in or use your site.

This week also saw Amazon set itself up as a Square and PayPal competitor, when the digital giant unveiled its latest gadget, a mobile card reader of its own called Amazon Local Register. Square is priced at $9.99, PayPal Here costs $14.99 and Amazon's retails for $10.

Related: Why You Need to Start Accepting Mobile Payments Now 

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