While you can buy a $500 iPad at Amazon.com with a single click, sending even small amounts of cash to a friend or relative is still often a tedious and slow task. In most cases, you wind up doing exactly what you would have in 1957—writing a check and mailing it. The recipient then has to cash it or deposit it in her bank account.
But starting Tuesday, you can just email cash, free of charge, directly from your debit card to anyone else’s, regardless of what bank each party uses. There’s no login or password to remember and no special software or hardware required—you just use email. It works on both ends using any email service or program on any email-capable device, whether a computer, a smartphone or a tablet.
This new service, called Square Cash, comes from Square Inc., best known for equipping small brick-and-mortar merchants with smartphone-swiping devices that allow them to accept credit cards, and with tablets that act as sophisticated cash registers.
Jack Dorsey’s design philosophy prizes technology that fades into the background. He prizes transparency and utility in the service of connection—themes common to the products of both his companies, Twitter and Square. At Square, that same sensibility is on display in the places and ways the company’s employees work every day. Square wants work to be anything but punching the clock. It wants life at the office to be a designed experience.
Square Inc. is bringing its mobile payment service to Japan, its first market outside of North America, in an effort to break the country’s overwhelming dependence on cash and help small businesses accept credit cards without expensive point of sale systems.
On Tuesday, fast growing mobile payments startup Square introduced Stand, a hardware device that cradles an iPad, turning it into a countertop point of sale system. Square CEO Jack Dorsey and Jesse Dorogusker, a former Apple (AAPL) exec who led the development of Stand, spoke with Fortune on Monday about what Stand means for the company. What follows is an edited transcript of the conversation.
Square today unveiled a new piece of hardware designed to replace traditional cash registers in the businesses that use the company to accept payments. Square Stand, which can be pre-ordered for $299 starting today, features an integrated card reader for processing payments. An iPad connects to the stand, and the payment software runs on iOS. The stand connects to receipt printers, barcode scanners and other peripherals. It will become available in July online and at traditional retailers including Best Buy.
Square today is unveiling a few updates to its Square Register point-of-sale app that are designed to speed up the app and make it easier to make adjustments to orders.
Square has announced the hiring of a new Business Lead, Francoise Brougher, and she comes straight from spending eight years at Google. For the past three years, Brougher held the title of SMB Global Sales and Operations for the online advertising unit at Google.
Jack Dorsey is one of the biggest and most ambitious innovators of our time. His name doesn't resonate like Jobs or Bezos or Zuckerberg, but his innovations do. His low profile may have a lot to do with his personality. Dorsey describes himself as extraordinarily reserved and shy, which is ironic considering he's the man who created Twitter and changed the way people communicate around the world.
His latest creation is a company called Square, which is helping to transform the way we pay for things.
Despite a rocky start to the year with the sudden departure of COO Keith Rabois, Square is still making a huge push to sign on new businesses on the Square platform and deliver smart, easy service for the mobile payments platform.
The latest development in that push is a new program called “Square: Business in a Box”, which essentially acts as a package deal for small and large brick-and-mortar businesses. Business in a Box gives users everything they’d need to run their small business’s Point of Sale, including two Square Readers, an iPad stand, a cash drawer, and an optional receipt printer.
Everything but the Square Readers come from third-party vendors, but all of these items work wirelessly and seamlessly with Square Register.
Square is at the forefront of the mobile payment space, providing merchants with a simple and affordable payment processing system. The company was started by Twitter co-founder Jack Dorsey and Jim McKelvey in 2009, and launched publicly the next year. Since then, Square has raised more than $300 million funding and is reportedly valued at $3.25 billion. Square now processes more than $10 billion in payments annually, from more than 3 million users and a network of 250,000 merchants.
As Square's business has grown, so has its staff. Square went from just 10 employees in 2010 to more than 450 employees now, and the company says it plans to employ nearly 1000 employees by the end of this year. Square recently signed up for a larger office space in San Francisco to house all those staffers. But even as the company grows rapidly, employees remain focused on the company's mission.
"We are reinventing commerce by removing the friction between a buyer and seller. With that comes a wide spectrum of challenges," Bryan Power, Square's director of talent, told Mashable. "Knowing we are changing the lives of business owners everywhere, keeps us motivated and connected as a team."
Not long ago, Square CEO Jack Dorsey challenged his team to create a solution for accepting payments at Starbucks, which the mobile-payments company had partnered with in August. When an engineer worked out a solution (using QR codes within the Square Wallet app that could tap into Starbucks' preexisting system), Dorsey was so giddy that he grabbed a high-end bottle of scotch off his desk and gave it to the engineer as a reward. The only catch? As both would soon learn, the bottle of alcohol was worth a lot more than Dorsey had initially realized--roughly $2,000.
Now, as the tale around the office goes, every time Dorsey retells the story, the price of the bottle keeps shooting higher and higher--an anecdote Dorsey facetiously uses to highlight his unmatched generosity toward employees. "It became like Gob's suits in Arrested Development," the engineer told me with a smile on a recent visit to Square's headquarters.
Mobile credit card reader Square is in the midst of doing something that it’s never done before. Right now, it is hosting 17 women from around the US at its inaugural Code Camp program. The company shared a behind the scenes look at what’s taking place throughout this four day immersive program.
As we reported in November, Code Camp is aimed at helping female engineering students grow and succeed in the technology industry. A company spokesperson tells us that 17 students were selected and were flown out to San Francisco to participate in workshops, mentoring sessions, and get exposed to working in a startup environment.
Editor's Note: Jim McKelvey is an engineer, entrepreneur, artist, environmentalist, co-Founder of Square and Third Degree Glass Factory and general partner of Cultivation Capital. He is a man who embraces challenge in many forms. Tune in Sunday, January 6 at 2 P.M. E.T. to watch The Next List's full 30-minute profile on McKelvey.
What if you gave your newest employee access to the same information about your company as you do one of your VPs? That's the idea behind the inner-workings of Square, and one that is contributing to the mobile-payment company's success.
"Whether it's your first day, or third year at the company, you're given the same amount of information and opportunity to contribute," Kyle Zink, director of experience at Square, told Mashable. "We want you to be as valuable and effective as you want to be, as soon as you're ready."
Square is announcing today that Starbucks is the next retail partner to sell its mobile card readers. The payments company also has a deal with the coffee giant to process transactions and accept Square Wallet. Now Square readers will also be sold at Starbucks’ 7,000 company operated stores.
Square says that it is now available in over 30,000 retail locations, after hitting 20,000 outlets nationwide in June. In addition to Starbucks, Square’s readers are at AT&T, Walgreens, Staples, FedEx Office, Apple, Wal-mart, Best Buy, RadioShack, and Target.
Square allows individuals and businesses to accept credit card payments on mobile phones, by using either a plug-in device or entering the card’s details on the phone. Square charges a fee of 2.75% on every credit card transaction.
The original inspiration for Square came to Jack Dorsey in 2009. Square was co-founded by Twitter creator Jack Dorsey and Jim McKelvey, and was introduced in early 2010. The company has currently over 400 employees.
The company’s valuation in September 2012 was $3.25 billion dollars.
It’s a Wednesday afternoon before everyone leaves for winter break, and I’m sitting inside a San Francisco tech company office, watching an engineer take sandpaper to a banana.
No, it’s not some fruit-centric start-up. This is Square, the micropayments company aimed at changing the way people make transactions. I’ve stopped by in the middle of the company’s semiannual Hack Week.
For one week during December, employees are given free rein to work on whatever they want, payments-related or not. Some take the time to work on Square-centric ideas that they don’t have time to tackle during their packed work week, when they’re hyperfocused on whatever department they may reside in. Intermingling between the departments is encouraged, so folks who don’t normally work together daily get to meet up and collaborate on a project for the week.
Square is a company that takes user experience seriously. As Zink’s role at the company grew, though, he became interested in a different kind of Square experience--the experience of people who pass through the company's offices in San Francisco, New York, and Atlanta. Roughly six months ago, Square formed an “Experience Team,” with Zink as its director.
This weekend, we told you about the launch of Square Wallet gift cards, which allow you to send gift cards to friends to their favorite places to eat and visit in their neighborhoods.
We spoke with Square COO Keith Rabois today about the launch, what it means for consumers and businesses, as well as how Square can continue to grow to make a better payment experience for everyone involved.
Square is probably best known for giving small businesses a simple and relatively cheap way to process credit cards with its mobile app and dongle. But it's also moving further into the realm of pure mobile payments, and today it's added support for virtual gift cards through its apps. The customer-side Square Wallet app now offers gift cards from participating vendors like Starbucks; recipients save the cards to the Wallet app, then use them at the store. The merchant-side Register app, meanwhile, has been updated to accept the cards either through Wallet or through Passbook in iOS 6. There's also the option for them to read a printed QR code as a gift card.
Square Gift Cards
Online payment processing and register company Square has announced today that it is processing $10 billion in payments annually. That marks an increase in $2bn in just two months, as it announced in September that it had passed the $8bn mark. “Today we’re processing $10B in payments annually, an amazing and humbling milestone. To the small businesses growing with Square, thank you,” said the company in a statement on Twitter.
My next guest, co-founded twitter and he is the ceo of a firm called square. a company breaking through the great divide in mobile and commerce. i spoke to jack dorsey this weekend. he told me square is going global and gave a sneak peek at a view on going public.
Starbucks promised an early November start for accepting payments via Square Wallet, and true to its word, stores across the United States have gone live with the new option. Coffee drinkers with iOS or Android phones will be able to pay using a credit or debit card linked to their Square Wallet account after scanning a QR code at checkout. The new payment method will be available in around 7,000 stores across the country to begin with, and customers will be able to digitally tip their servers in 2013. If you haven’t been satisfied by paying using a virtual Starbucks card, then it might just be time to give this new method a go.
Square Wallet. Now accepted at your local Starbucks.
Every few months, Jack Dorsey screens a carefully selected film for his employees at San Francisco–based Square, Inc.—a movie that "speaks to something we need to learn as a company," as he explains it. He's considering Charlie Chaplin's Modern Times as his next cinematic lesson. At 35, Dorsey has already masterminded not one but two of today's most fascinating, most disruptive technology brands. In 2006, he created Twitter, which has since evolved from a social-media hangout into a major platform for breaking news (as well as a key tool for politicians, nonprofit causes and the revolutionaries of the Arab Spring). In 2009, he founded Square, a mobile app that lets anyone accept credit card transactions using a smartphone or tablet. It has already improved the lives of millions of small-scale entrepreneurs—yoga instructors, piano teachers, food-truck chefs and others. It may, in time, upend the entire payments industry: Square has just announced it will handle all credit- and debit-card transactions for Starbucks's 7,000 American shops.
Square has taken its first step outside of the U.S. for its mobile payment service: it is now live in Canada. The company said today that its mobile card reader/processor is now available nationwide, priced at the same rate as in its home market: 2.75% per swipe. In the U.S. there are now 2 million businesses using Square’s system, making a total of $8 billion in annualized payments.
"We probably need to change the name of this conference,” Twitter and Square co-founder Jack Dorsey said today from the stage of TechCrunch Disrupt in San Francisco. As much as we love this conference, the media — and everyone else for that matter — tends to overuse the word “disrupt” when talking about the potential change inherent in technology. It tends to be used in conjunction with “fluff” rather than the revolutionary. Hard to call the rush to be the Instagram of Video, for example, a “disruptive” charge — at least in the purest sense.
You cover a lot of ground hanging out with Jack Dorsey. In just the first 15 minutes of a visit to the San Francisco headquarters of Square, which makes the device that turns a smartphone into a credit/debit card machine, we cover the way he structures his time, how the company organizes work, a recent acquisition, group meetings, corporate transparency and what he eats for breakfast every morning (two hard-boiled eggs with soy sauce). At 35 this philosophical entrepreneur reminds you a little bit of another technology wizard with mystical leanings. But Dorsey is nerdier than Steve Jobs (he is a programmer first, an impresario second), and his ego seems in check. Like Jobs, Dorsey is a disrupter on an epic scale and a repeat offender. By accepting e-payments with Square, 2 million businesses are upending the financial services industry; the company is on target to reach $220 million in revenue.
In preparing our annual package for the Best Small Companies in America, we confronted an unusual dilemma: how to bridge the list of top-performing public small caps with a cover story on the cofounder of two of the hottest private pre-IPO companies in America. Both subjects were deep in the heart of entrepreneurial territory, but otherwise seemed to have no connection to each other.
In one of the largest mobile-payments rollouts yet, technology start-up Square on Thursday said it has begun processing all credit card transactions at Starbucks' more than 7,000 U.S. storefronts. Next month, customers will be able to purchase coffee with Square's Wallet app, the companies say.
At its three-day Global Leadership Conference this week, Starbucks announced further details about its planned rollout and support for Square’s mobile payments platform. First revealed in August, the deal will allow iPhone and Android users to pay using the Square mobile app at Starbucks’ 7,000 U.S. locations. Now, we have a more exact timeframe for that launch: early November. (Previously, the company had said “before the holidays.”) But Starbucks has also been busy updating its own native mobile applications, which allow customers to pay with their Starbucks card via an app.
Starbucks, which has embraced new technology ranging from social media to mobile payments, on Thursday said it also plans to add digital tipping next summer - something sure to thrill its baristas.
Square, the popular mobile payments company, has proved just how important designers are by making a surprising acquisition. It announced Monday that it has bought a New York design firm, 80/20, which specializes in user interface design, or designing the parts of apps, Web sites and devices that people touch and maneuver.
Jack Dorsey, the founder of Square, the mobile payments start-up, is a stickler for clean design. In the early days at the company, Dorsey was known to mandate employees clear their desks of clutter completely at the end of each day. Hence, the crisp, modern lines built into the company's new San Francisco headquarters--including these creative cubbies. Denise Cherry, the lead designer on the project, was most proud of what she calls the "tertiary spaces" built with plywood and felt.
Jack Dorsey, Co-Founder of Twitter and Square, Delivers His Keynote at Disrupt SF
In the convoluted mobile payments space, there's perhaps no other company with more momentum than Square. During its latest round of funding, the three-year-old platform led by Twitter co-founder Jack Dorsey raised over $200 million and is now valued at $3.25 billion, according to AllThingsD. Those strong figures follow a blockbuster deal with Starbucks announced last month which will see the coffee giant accept payments through Square nationwide. Starbucks also kicked in a $25 million investment as part of the agreement and as such is listed among Square's major backers for this funding round.
Jack Dorsey Talks Technology
Received $200M Series D Funding
Participation Starbucks, CrunchFund, Citi Ventures, Rizvi Traverse Management
Fresh off of its massive partnership with Starbucks that turned the still-young company into the US's largest mobile payment network, Square has just opened up a new flat-rate processing fee for small businesses. The new option costs $275 per month, and that's all you'll have to pay so long as you don't accept more than $250,000 per year using the service. The other option for small business owners has long been Square's 2.75 percent fee per swipe, but if you collect more than $120,000 per year you'll now be better off using the flat-rate option.
Dorsey: Why Square is right for Starbucks
It might not be the funding announcement we've been hearing rumors about, but today Square announced that they've partnered with Starbucks. Beginning this fall, Square will begin processing all U.S. credit and debit card transactions at participating Starbucks stores across their 7,000 locations. Pay with Square users will be able to find a nearby Starbucks in the Square Directory from their iPhone or Android smartphone. Additionally, Starbucks will be investing $25 million in Square for the company's Series D financing round, which clocks in at a $3.25 billion valuation. (Just shy of the $4 billion valuation we'd been hearing about.) Howard Schultz, CEO of Starbucks, will also be joining Square's Board of Directors.
Innovative digital payments company Square has been used for political campaign fundraising for quite a while now, but this morning the startup announced that individual staff members can now accept credit and debit card contributions on their mobile device on behalf of their political organization of choice.
Cafe Grumpy is the kind of hipster hangout that wouldn't deign to trumpet itself. Tucked away on a quiet street in New York's Chelsea neighborhood, it's easy to miss. There's no sign out front, just a frowning face stenciled on a large shop window. And yet when I walked in for the first time, I immediately felt like one of the regulars. "Charge it to Miguel," I told the barista after ordering a cappuccino, and charge it he did -- to my phone. Not that I ever pulled my iPhone from my pocket. Seconds after the barista tapped my order on Grumpy's minimalist register -- an iPad mounted on a stylish countertop stand -- my phone vibrated in my coat pocket, signaling that our transaction was complete. I couldn't wait to check that everything had worked as promised. (It had.) For the first time ever I was tickled by the act of paying for something.
Today, mobile payments startup Square is rolling out what the company says is the most heavily-requested feature by its merchants to date: user permissions. What this means is that business owners will now be able to enable their staff to use Square devices to accept payments without having to provide those employees with access to the same sensitive information that a business owner may see on their end.
The program includes some features designed to attract new customers to the business, too, with the introduction of "first-visit" specials. These could include things like a percent off or a freebie, for example. And, as customers frequent Square merchants, they will be able to track those visits on an in-app punch card to see how far they're progressing towards the next deal.
Apple Passbook? What Passbook? San Francisco's Square says it now has 2 million people and businesses accepting credit cards with the service. That's up from the 1 million figure it cited all throughout the past year. The volume of transactions the company processes is also up to about $6 billion per year, as the company announced earlier this week when it hired former Salesforce senior vice president Sarah Friar as a new chief financial officer. These announcements might help the company keep up visible momentum as it continues a fundraising process.
Square, the upstart mobile payment processing system that's given pause to giants like VeriFone, is hiring its first chief financial officer to deal with a growing number of payments. According to TheNextWeb, the company now says it's processing $6 billion a year in payments for one million individuals and businesses, and it's grown from 80 to 300 employees over the past year. That's major expansion from March, when it announced it was processing $4 billion a year (both these numbers are based on extrapolating current rates out to the next year.)
The circles represent single transactions going through the Square payments system during a one-hour period on a recent Thursday afternoon?the larger the circle, the bigger the dollar amount of the sale. These transactions happened around 4 p.m. Eastern. So think happy hour in New York, and lunch hour in San Francisco, where Square is based. A busy period for Square and the merchants who use it.
Square has doubled its presence in retail stores since the beginning of the year by landing in about 20,000 outlets nationwide. At the beginning of the year, the company told us that it was in about 10,000 outlets. Now Square's readers are at Walgreens, Staples Inc. and FedEx Office stores on top of being sold in Apple, Wal-mart, Best Buy, Radio Shack, and Target.
Mobile payment options have made a number of headlines recently-- from Google Wallet to PayPal Here. Just yesterday, MasterCard also announced PayPass Wallet, which will let its cardholders and partners securely pay with phones or online with just one click.
Mobile payments processing platform Square has been used by a variety of individuals and businesses, from charities to taxis to food trucks to political campaigns. Next up: art fairs and farmers' markets.
Square Inc., maker of credit-card readers for smartphones and tablets, has increased its payment volume 25 percent since March, when eBay's PayPal showed off a new mobile scanner and underscored growth in the field. Square, founded in 2009, is processing transactions at an annualized rate of $5 billion, up from $4 billion a month ago, as more consumers embrace mobile payments, Chief Operating Officer Keith Rabois said in an interview.
Square's Android Ace 'Crazy' Bob Lee On Creating Twubble On Twitter
Mobile payment specialist Square is relaunching its consumer-oriented payment app, swapping the Card Case name to Pay With Square and adding a number of new features. The app works like a combination of Google Local and PayPal, highlighting businesses in your area that use Square and letting you pay from your phone without handing over cash or a credit card. The headline feature is the app's geofencing capabilities-- step into one of your favorite stores and it can automatically allow you to add goods to your tab just by telling the clerk your name, all while your phone stays in your pocket.
Nearly a year ago, Square introduced us to the next evolution of its payments product: Card Case. For anyone who has used and witnessed the app being used to actually purchase something (I have), the experience is pretty awesome. Basically it's totally seamless, and you walk away feeling that perhaps this is the future of the way people will pay for goods in stores. Except, that Square is doing this now and actually growing in usage. Back in November, Square told us that 20,000 merchants had signed up for Card Case, and four months later that number has more than doubled to over 40,000 businesses using the loyalty and mobile wallet platform.
DLD 2012 - Conversation with Jack Dorsey
The headquarters of the start-up Square would be the absolute worst place to play hide-and-seek. There are no offices. Executives sit in open cubicles. All of the conference rooms, large and small, are surrounded by walls of clear glass. The only real place to hide, thankfully, would be the toilet.
For disruptive mobile payments startup Square, 2011 was a year of massive growth on many levels. The startup ended the year with over 1 million merchants using the mobile payments platform to accept credit cards (there are only 8 million merchants who accept credit cards in the US). In November, Square announced it was processing $11 million in payments per day (up from $4 million a day in July). Sir Richard Branson, Kleiner Perkins, Visa, and other investors poured over $100 million over the course of the year into Square, with the company's latest valuation pegged at $1 billion. And Square announced a number of new product innovations, including Card Case, a new iPad app and more. Not to mention the unveiling of retail deals with Apple, Wal-mart, Best Buy, Radio Shack, and Target. It's hard to imagine how Square could top such an eventful year. But according to COO Keith Rabois, 2012 will prove to be even more monumental for the mobile payments company.
"When customers see it, they either say 'What is that cool device?' or 'Hey, that's Square,' " says Mendoza, 32, who used to struggle with a bulky payment device that was slow to pay him and hard to store records on.
Received $3M Series C Funding
Participation Richard Branson
After hitting $11 million in mobile payments volume per day, Square is announcing more news—an update to the startup's flagship iOS and Android payments apps. As you may know, Square Card Reader and companion app transforms any iPad, iPhone or Android phone into a full point of sale system.
Jack Dorsey: How I Juggle Twitter And Square
Twitter and Square co-founder Jack Dorsey took the stage at the GigaOm Roadmap conference to talk about his experience being well, basically a jack of all trades. Dorsey revealed that both his own and his family's experiences with entrepreneurship were inspiration for his two current startups — both of which remove friction from human communication and industry, a process Dorsey described as “getting rid of the ‘conceptual debris'.”
Earlier this year, Square debuted a virtual card case that consumers fill with ‘cards' of all the merchants they visit and buy from who accept Square. These mobile cards include locations, merchant contact info, coupons, order and purchase history and more. One of the more interesting features was the ability to ‘pay with your name.' In a merchant's card within the case, you can press a “use tab” button which allows the frequent customer to essentially put a purchase on their virtual tab with Square at the merchant. Today, Square is launching a new version of its Card Case iOS app that integrates iOS5 support for geofencing.
Disruptive mobile payments company Square has received a big retail boost over the past few months, with its card readers being sold at Apple, Best Buy, RadioShack, Target and most recently, Wal-Mart retail stores. And to help new users find a brick and mortar retailer where they can purchase a Square card reader, the company is launching a new store locator feature.
Dave Greenbaum, a computer repairman in Lawrence, Kan., used to cringe when customers pulled out their credit cards. “I knew I'd be charged anywhere between 0.5 percent and 95 percent in fees,” he said.
Square is eliminating one more hurdle that may have been a turnoff for bigger businesses looking at adopting its service, which allows people to collect payments using a mobile phone and card reader.
Disruptive mobile payments company Square is making a number of announcements today relating to growth and new user features. First, the company is dropping its new user limits.
Ever since Facebook went public, people in Silicon Valley have been a bit bummed out about the tech industry. Keep in mind that the Valley is infinitely optimistic, so even when they’re bummed, folks here keep smiling. Still, in numerous conversations over the past few months, I’ve detected a sense of gloom, and it’s obvious why.
Disruptive mobile payments company Square has pushed a number of new updates to its iPhone and iPad apps today and rolled out a redesigned and updated website. First, the apps are speedier and transaction speed has improved, says the company. The company actually eliminated a number of screens for the transaction process and payments can be completed in as little as four seconds.
Flush with $100 million in new funding, Square is continuing to grow like a weed in the mobile payments space. After passing the $3 million mark at the end of May, Square is now processing $4 million in mobile payments daily, and is on track to reach over $100 million in transactions in July. And COO Keith Rabois tells us that he expects the company to double this volume by October.
It looks like Apple and Square are even more cozy after the Cupertino based company started featuring the mobile payments startup's devices in Apple's retail stores and site a few months ago. Now, Apple is promoting Square in its “how-to' podcasts for iPad users.
After adding Vinod Khosla to its board a few weeks ago, mobile payments startup Square is racking up another big name to its board of directors—Larry Summers. Summers served as Secretary of the Treasury of the United States from 1999 to 2001, and was most recently the Chief Economic Advisor to President Obama. Square says that it has created a new seat on its board for Summers.
Received $100M Series C Funding
Participation Kleiner Perkins Caufield & Byers, Tiger Technology Global Management
Mobile payments startup Square is announcing big numbers today—500,000 Square card readers shipped, 1 million Square transactions in May, and the startup is now processing $3 million in mobile payments per day. Clearly the company is on a roll in terms of traction and usage. And CEO Jack Dorsey is also revealing the next generation of Square. And Square is about to get a whole lot more disruptive.
That was fast. Just like that Square passed $3 million in transactions processed, on a Saturday no less, according to a Tweet an hour ago by CEO Jack Dorsey.
The Power of Curiosity and Inspiration
Mobile payments startup Square has reached a new milestone this week—the company is now processing $1 million in payments per day, co-founder Jack Dorsey just Tweeted.
Mobile payments company Square has made an interesting move today, which should put competitors Verifone and Intuit on notice. The startup is dropping the per transaction charge for any business using its mobile payments device and service. Square previously charged 2.75% of each transaction amount plus a flat $0.15 per transaction fee. Today, Square is completely dropping the per transaction charge.
"Literally, in three minutes you can be ready to go and accept your first credit card payment," says Keith Rabois, COO of Square, the mobile card swiping tool for iPhones, iPads, and Android devices. "We have a joke internally where we track the fastest record holder, and people are starting to get sub-three minute times."
It's not often that I get to write about the intersection of art, design, fashion and technology, but Square has just made my day. Today, in conjunction with New York Fashion Week, Jack Dorsey's mobile payments startup is teaming up with designer Vivienne Tam to launch a limited edition, branded Square credit card reader.
Square and Twitter Co-Founder Jack Dorsey is an entrepreneur driven by an innate curiosity to create amazing products and services. In this insightful lecture, Dorsey describes his early background and inspirations, the current focuses he keeps as a CEO, and his desire to create memorable experiences and solve problems.
Square, the mobile payment start-up from Twitter co-founder Jack Dorsey, announced today that it has raised a new round of funding that values the company at about $240 million. I spoke with Square's chief operating officer, Keith Rabois, about it.
We recently reported that Jack Dorsey's mobile payments startup Square was in the process of raising a new round of funding at a $200 million valuation. Today, Square's general manager Keith Rabois tells us that the company has officially closed its largest round of funding to date, raising $27.5 million in new funding led by Sequoia Capital with exiting investor Khosla Ventures participating in the round. Sequoia partner Roelof Botha has joined Square's board of directors. We've heard from sources familiar with the matter that Square's valuation in the round was around $240 million (that's up from a $45 million valuation in the startup's Series A round in 2009)
Jack Dorsey Founder of Twitter and Square - Foundation
Received $27.5M Series B Funding
Participation Sequoia Capital, Visa
Twitter and Square co-founder Jack Dorsey tells WSJ's Lauren Goode he believes consumers will still rely on credit cards in the near future rather than mobile banking apps, and talks about a new feature Square plans to introduce that might mitigate the risk of banking fraud.
After ten months of a private pilot limited to only 50,000 users, Square has finally opened its doors to the public. The brainchild of Twitter co-founder Jack Dorsey and Jim McKelvey, Square was unveiled last December as a small credit card reader that could turn any iPhone into a mobile cash register. The startup has since unveiled apps for the iPad, Android and iPhone. And Dorsey brought on PayPal and Slide veteran Keith Rabois as General Manager in August. As Square exits its pilot, the startup is hitting an impressive milestone: Square is now processing millions of dollars in mobile transactions every week.
This post is part of a project to crowd-source the January issue of Forbes in a special report called Names You Need To Know. Click here to submit your own ideas for names people should know in 2011. The best ideas will run in the issue.
Square CEO (and Twitter creator/chairman) Jack Dorsey stopped by our studio to demo the Square, a tiny gadget that lets you take credit card payments on your iPhone, iPod touch, iPad, or Android device. Square just started shipping out its new readers after a pilot test of 50,000 users.
It's not much bigger than a postage stamp, but the "square" could soon change the way you pay your babysitter, your landscaper, even your lunch bill. Simply attach a small tiny credit card scanner "Square" device onto your iPhone, iPad, Droid, download the software, and you're ready to go.
SAN FRANCISCO — The father of Twitter has hatched a start-up that he hopes does for financial transactions what Twitter did for communication.
Not only did Google land technology to help boost its social networking ambitions when it bought Slide this month, it got PayPal veteran and Internet superstar Max Levchin as well.
When Steve Jobs returned to Apple in 1997 after a 12-year exile, the company was close to bankruptcy. Thirteen years later it has a market cap of $250 billion and is the world's most valuable tech company, transforming whole industries along the way. iTunes reinvented music. Pixar, now part of Disney, elevated animated films. The iPhone changed telecom. And the new iPad has other computer makers scrambling to respond. Rocking one industry could be luck, but upending four? That's smart.
Today at the TechCrunch Disrupt conference in New York, Square co-founder Jack Dorsey took the stage to show a demo of Square running on the iPhone. To do the demo, Dorsey had a good idea: take money from Michael Arrington.
You win a bet, but the loser does not have enough cash on him to settle it. If he has a credit card, and most people usually do, there is finally a solution. A number of big and small companies — including eBay's PayPal unit, Intuit, VeriFone and Square — are creating innovative ways for individuals to avoid cash and checks and settle all debts, public and private, using their cellphones.
As a general-purpose tablet, the iPad can be many things to many people: an ebook reader, a wireless TV, a touchscreen videogame console. But to store owners and business people it can also be a cash register, with the right app, of course. Jack Dorsey's Square, which was initially developed for the iPhone, now has an iPad app as well (iTunes link).
Jack Dorsey's Square was unveiled last December as an innovative way to let people quickly and easily accept physical credit card payments from their mobile phone.
Square is a new startup that will let you accept credit card payments on your iPhone, founded by Twitter creator Jack Dorsey. (One of several new ways to accept credit cards on an iPhone.) Read more: http://www.businessinsider.com/square-explained-in-two-minutes-2010-2#ixzz27l0WEe3E
Received $10M Series A Funding
Participation Khosla Ventures, Greg Yaitanes, Marissa Mayer, Dennis Crowley, Kevin Rose, First Round Capital, Ron Conway, Biz Stone, Joshua Schachter, Shawn Fanning, Zachary Bogue, Andrew Rasiej,&n