WebProNews

Tag: Square

  • Jack Dorsey Creates Bitcoin Legal Defense Fund

    Jack Dorsey Creates Bitcoin Legal Defense Fund

    Square founder and CEO Jack Dorsey announced the launch of the Bitcoin Legal Defense Fund as a way to help protect Bitcoin developers.

    Bitcoin developers are facing new legal threats on multiple fronts, impacting their ability to be innovative and continue developing for the Bitcoin network. As a staunch supporter of cryptocurrency and blockchain technology, Dorsey wants to help provide legal protection to such developers, freeing them to focus on their projects.

    Dorsey described his goal in a post to the Bitcoin Dev mailing list:

    Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support. Open-source developers, who are often independent, are especially susceptible to legal pressure. In response, we propose a coordinated and formalized response to help defend developers. The Bitcoin Legal Defense Fund is a nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like.

    Dorsey made it clear the fund will provide legal assistance to Bitcoin developers free-of-charge.

    The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills. This is a free and voluntary option for developers to take advantage of if they so wish. The Fund will start with a corps of volunteer and part-time lawyers. The board of the Fund will be responsible for determining which lawsuits and defendants it will help defend.

    One of the first things the fund will do is takeover “coordination of the existing defense of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide the source of funding for outside counsel.”

    The Bitcoin Legal Defense Fund is likely welcome news to Bitcoin developers and should provide a measure of security.

  • Jack Dorsey and Marc Andreessen Feud on Twitter Over Web3

    Jack Dorsey and Marc Andreessen Feud on Twitter Over Web3

    Square CEO Jack Dorsey and VC legend Marc Andreessen are fueding on Twitter over the future of web3.

    Web3 refers to the next generation of the internet, based on blockchain technology. As such, web3 uses the features and characteristics of blockchain to improve traditionally weak areas, such as security and reliability. Instead of designing and deploying apps to run on a single server, web3 involves apps that are decentralized, running on blockchains, decentralized P2P servers, or both.

    Given how early it is in the process of adopting web3, there’s still much discussion about the future of this evolution of the web. At least for Dorsey and Andreessen, that discussion has gotten rather intense.

    Dorsey fired the open salvo, criticizing VCs — including Andreessen’s firm Andreessen Horowitz — for trying to own web3.

    Dorsey even retweeted a cartoon portraying VCs as gluttons gorging themselves on web3 while retail entities starve.

    It seems Andreessen didn’t take the criticism very well, with Dorsey tweeting shortly after that Andreessen had blocked him on Twitter.

    In response, Dorsey criticized a16z’s (shorthand for Andreessen Horowitz) mission statement.

    It’s a safe bet such heated discussions will continue to play out across the industry as developers, companies, and (yes) VCs continue to adopt web3.

  • H&R Block Sues Block, Inc. (Formerly Square) Over Name Change

    H&R Block Sues Block, Inc. (Formerly Square) Over Name Change

    H&R Block is suing Block, Inc. over its name change from Square, alleging trademark infringement.

    Square made headlines when it changed its name to Block in early December. The company chose the name to emphasize its broader strategy, with each of its various businesses serving as the building blocks of the company.

    H&R Block is not a fan of Square’s move, calling the name change trademark infringement and accusing Square of trying to profit off of H&R Block’s brand.

    Through many decades of hard work by its franchisees and associates, and billions of dollars invested in marketing, Block has built a valuable brand that has earned and maintained the trust and loyalty of millions of consumers. Rather than generating its own brand equity, Block, Inc. appears to be taking a shortcut to capitalize on the well-known Block moniker. This is a clear violation of Block’s trademark rights, which threatens to confuse consumers and cause harm.

    “Today’s filing is an important effort to prevent consumer confusion and ensure a competitor cannot leverage the reputation and trust we have built over more than six decades,” said Jeff Jones, H&R Block President and CEO. “Protecting and defending our brand is crucial.”

    H&R Block says it is already seeing indications that customers are linking the two companies, as a result of Square’s choice.

  • Square Changes Its Name to Block

    Square Changes Its Name to Block

    Taking a cue from Google and Facebook, Square has changed its name to Block, retaining the Square name for its Seller business.

    Square is Jack Dorsey’s second company. Dorsey stepped down as Twitter CEO Monday, presumably giving him more time to focus on Square. As the first big move since Dorsey’s pivot to focus exclusively on Square, the company is changing its name.

    Block will be the name of the corporate entity, with its various businesses — such as the Square Seller business — forming the building blocks of the company.

    “We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.” 

    Other than the name change, there will be no other organization changes.

  • Twitter CEO Jack Dorsey Preparing to Step Down

    Twitter CEO Jack Dorsey Preparing to Step Down

    Twitter CEO Jack Dorsey is preparing to step down, according to reports, raising questions about the social media platform’s future.

    Dorsey currently serves as CEO of Twitter and his second company, Square. He has faced calls to step down from the top spot at Twitter before, with some questioning whether he has the ability to effectively run both companies.

    According to CNBC, sources say Dorsey is expected to step down, although no details have been disclosed. It’s not known when or why he would step down, nor is it known who would replace him.

    Twitter’s stock was up on the news.

  • Jack Dorsey’s TBD Is Building Decentralized Bitcoin Exchange

    Jack Dorsey’s TBD Is Building Decentralized Bitcoin Exchange

    Jack Dorsey is revealing more information about his TBD business and its focus on building a decentralized Bitcoin exchange.

    Dorsey announced in July that his company Square was creating a new business named TBD.

    It’s unclear if TBD is the final name, or merely a placeholder. Either way, Dorsey is finally revealing what TBD’s business will be.

  • Amazon Partners With Affirm to Offer Buy Now, Pay Later

    Amazon Partners With Affirm to Offer Buy Now, Pay Later

    Amazon is partnering with Affirm to offer its customers the option to buy now, pay later.

    Buy now, pay later is becoming an increasingly popular option, even in e-commerce. Square recently inked a deal to purchase Afterpay Limited in an effort to offer buy now, pay later.

    Amazon is now getting in on the action, partnering with Affirm to offers its customers the convenience.

    As a result of Amazon and Affirm’s partnership, select Amazon customers now have the option to split the total cost of purchases of $50 or more into simple monthly payments by using Affirm. Approved customers are shown the total cost of their purchase upfront and will never pay more than what they agree to at checkout. As always, when choosing Affirm, consumers will not be charged any late or hidden fees. 

    The two companies are testing the service with select customers, but intend on bringing it to Amazon’s wider customer base as soon as possible.

    “By partnering with Amazon we’re bringing the transparency, predictability and affordability that Affirm provides today to the millions of people who shop on Amazon.com in the U.S.,” said Eric Morse, Senior Vice President of Sales at Affirm. “Offering Affirm’s alternative to credit cards also delivers more of the payment choice and flexibility consumers on Amazon want.”

  • Square Buying Afterpay Limited

    Square Buying Afterpay Limited

    Square has announced it is purchasing Afterpay Limited, the Australian firm that made its name in the “buy now, pay later” business.

    Square is one of the leading companies in the payment processing market. Afterpay, allows customers to buy a product, and then pay interest-free over four installments.

    The two companies’ clearly see their services as complimenting one another in their shared purpose to revolutionize the financial market.

    “Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,” said Jack Dorsey, Co-Founder and CEO of Square. “Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”

    “Buy now, pay later has been a powerful growth tool for sellers globally,” said Alyssa Henry, Lead of Square’s Seller business. “We are thrilled to not only add this product to our Seller ecosystem, but to do it with a trusted and innovative team.”

    The deal is worth approximately US$29 billion, and is expected to close in the first quarter of 2022.

  • Jack Dorsey’s Square Buys Majority Stake in Jay-Z’s TIDAL

    Jack Dorsey’s Square Buys Majority Stake in Jay-Z’s TIDAL

    Square has bought a majority stake in TIDAL, the music streaming service built and co-owned by artists.

    Square is one of the leading mobile payment companies, making it easy for small businesses to handle sales and transactions. The goal of the deal, valued at $297 million, is to open up new avenues of business, centered around meeting the needs of artists.

    “It comes down to one simple idea: finding new ways for artists to support their work,” said Jack Dorsey, cofounder and CEO of Square. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”

    “I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” said Shawn “JAY-Z” Carter. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

    Much like the Seller and Cash App ecosystems, TIDAL will operate independently within Square. In addition to Jay-Z joining Square’s board, all of Tidal’s shareholders will remain co-owners of the streaming service after the deal is closed, likely in the second quarter of 2021.

  • Tesla’s Elon Musk Supports Twitter’s Jack Dorsey Amid Ouster Push

    Tesla’s Elon Musk Supports Twitter’s Jack Dorsey Amid Ouster Push

    Twitter’s Jack Dorsey is under fire from Elliot Management as the investor seeks to push him out as CEO.

    Paul Singer, founder of Elliot Management, has managed to acquire a 4% stake in the social media company with the goal of pushing for a CEO change. At the heart of the issue is Dorsey’s time being split between the company he originally co-founded and his new company Square, where he also serves as CEO. There is also concern that Dorsey plans on spending several months living in Africa this year, further raising questions about his ability to focus on his role as Twitter’s head.

    Twitter recently announced its first $1 billion quarter, illustrating the untapped potential the company has. According to Real Money’s Eric Jhonsa, many investors applaud Elliot’s moves, and believe Dorsey and upper management are largely to blame for Twitter being eclipsed by newer rivals.

    At least one high-profile individual is coming to Dorsey’s defense, as Elon Musk has tweeted his support. Like Dorsey, Musk also serves as CEO of two companies, and that perspective likely plays a role in his support.

    Just want say that I support @Jack as Twitter CEO. He has a good ❤️.

    —Elon Musk (@elonmusk) 3/2/20

    It will be interesting to see if Elliot Management succeeds in ousting Dorsey, or if he is able to rally enough support to stay.

  • WPN Today: Websites Relying on Facebook Traffic Face Uncertain Future

    WPN Today: Websites Relying on Facebook Traffic Face Uncertain Future

    If the story of Mic.com is any indication Facebook reliant websites face a bleak future if they don’t quickly adapt to the new reality of much lower Facebook referrals. This follows changes earlier this year by Facebook to emphasize posts from friends or family instead of news sites.

    According to Digiday, Mic.com pageviews dropped 95 percent since they hit a high of 192 million in April 2017, receiving only 11 million in March 2018. The question is can Mic.com pivot from a large audience of millennials to a niche publication that charges a premium for advertising? Its financial backers certainly hope that their $52 million in funding doesn’t disappear with the pageviews.

    Co-founder and CEO Chris Altchek believes that the company will not only survive but prosper. The company has been busy changing their original strategy of Buzzfeed style click-bait to quality original journalism and he says this approach is already paying off. Mic just posted its best quarter ever and Altchek projects the company to break-even in 2019.

    Clearly, the era of driving bulk pageviews to websites via Facebook is over. This is especially true for viral social sites, which is why Buzzfeed is also aggressively pushing original long-form journalism that will get backlinks and do well in Google. Websites are finding that creating great original content is the only sustainable method to driving traffic.

    LinkedIn Wants You to Share Your Story

    It’s not every week that you can reach potential customers for free, but you are in luck! In a celebration of National Small Business Week LinkedIn is reaching out to businesses asking them to share their story on the platform:

    We want to hear from you, too! Whether you’re a business owner, entrepreneur, or a proud small business employee — we want to hear your story. Share a video on LinkedIn, telling us what are you in it for.

    Critical Security Features Announced for Microsoft 365 Business

    Microsoft has added new ways to protect small businesses with up to 300 employees from phishing, ransomware and data security breaches. Microsoft 365 Business now includes AI-powered analysis of attachments and link landing pages to find phishing and ransomware before it impacts your business. This is a significant security improvement that will prevent your team from accidentally infecting your vital data.

    The 365 team has also added new capabilities to project key customer data such as social security and credit card numbers. For example, businesses can now set encryption rules to prevent an email from being forwarded, copied, or pasted into other programs.

    Square Buys Weebly to Help it Become a One Stop Shop for Internet Business

    Digital payments company Square has announced plans to acquire Weebly for approximately $365 million in cash and stock. The purchase was in line with Square’s objective to provide a cohesive solution to entrepreneurs in running their businesses across all channels.

    With the merger, a start-up company doesn’t have to shop around separately for applications, hardware, and platforms compatible with each other to have a presence online and offline. It is one of the challenges in setting up an eCommerce site, especially for those without the know-how to do so. In a statement, Square CEO Jack Dorsey pointed out that the strategic move aims “to bridge these channels, and we can go even further and faster together.”

  • Square Acquires Weebly for $365 Million, Aims to Be a One-Stop Solution for eCommerce Businesses

    Square Acquires Weebly for $365 Million, Aims to Be a One-Stop Solution for eCommerce Businesses

    Digital payments company Square has announced plans to acquire Weebly for approximately $365 million in cash and stock. The purchase was in line with Square’s objective to provide a cohesive solution to entrepreneurs in running their businesses across all channels.

    Known for its payment software and hardware, Square has diversified its portfolio to include money transfer, business financing, and customer relationship management software. The company offers flexibility in selecting and integrating third-party solutions that include point of sale, accounting software, and other back-office applications. Weebly, on the other hand, provides an easy to use platform for building and hosting websites. Over the years, it has focused on catering to small businesses and online companies.  

    With the merger, a start-up company doesn’t have to shop around separately for applications, hardware, and platforms compatible with each other to have a presence online and offline. It is one of the challenges in setting up an eCommerce site, especially for those without the know-how to do so. In a statement, Square CEO Jack Dorsey pointed out that the strategic move aims “to bridge these channels, and we can go even further and faster together.”

    Square emphasizes the importance of an omnichannel experience in commerce. It simply means that sellers can reach out to potential customers through both digital and physical storefronts. From brand discovery and purchase to returns and exchanges, the seller can interact with the buyer in-store, online, or even in-app.

    “From managing orders, appointments, and payments to building a website, running a business is complex, and entrepreneurs around the world want powerful and intuitive tools,” Alyssa Henry of Square said. “Whether they’re an artist, a winemaker, or a hairdresser, with Square and Weebly sellers will have one cohesive solution to build their business.”

    David Rusenko, CEO of Weebly, agreed that entrepreneurs would benefit the most from the merger. He wrote, “Together, we will support you to build professional websites and powerful commerce experiences — whether online or in real life. This move reinforces our original mission: to help the world’s entrepreneurs succeed. As Square + Weebly, we’ll be able to help you in more powerful ways than ever before.”

    He also assured Weebly clients that no major changes are expected to happen. The transaction, however, will boost Square’s customer base and provide a steady revenue stream. With 40 percent of Weebly’s 625,000 paid subscribers based outside the US, the deal is set to expand Square’s global presence.  

    Until the deal is finalized in the second quarter of 2018 and cleared of regulatory hurdles, Weebly and Square will continue to operate separately.

    [Featured image via Weebly Twitter]

  • Square Launches Register and Ecommerce APIs

    Square Launches Register and Ecommerce APIs

    Square just announced the launch of Build with Square, which is a new set of APIs being made available to sellers and the developers they work with. There’s a Register API, which enables any iOS point of sale to be customized to process payments with Square, and an ecommerce API, which lets sellers use Square to process online payments on their own self-hosted sites.

    A spokesperson for Square tells WebProNews, “With these new set of tools we’re helping sellers of all kinds join the Square ecosystem and run every part of their business in one place. Sellers can now identify what and when customers are purchasing online and in-store all in one place. Now no matter what you sell, or how you sell it, you can sell with Square.”

    “Independent businesses have been poorly served by existing commerce solutions, which require them to laboriously piece together hardware, software, and payments services from many different vendors,” the company says in a blog post announcing the news. “From payments to point of sale, financing to payroll, we believe all sellers — big or small, online or offline — should be able to start, run, and grow their entire business with one cohesive system.”

    With the Register API, developers can tell Square how much they want to charge a customer and “let Square Register to the heavy lifting” with just two API calls. Customers can pay like they would with any other Square merchant and get text, email, or printed receipts. The API supports all Square hardware, including Square Stand and the Square Contactless + Chip Reader.

    Make an API request (see code here), and Square Register comes to the foreground and completes the payment. After that, it will call your app back with the result.

    register-api-example-app-contactless-chip-reader

    Square developer platform software engineer Jianliang Zhao discusses the ecommerce API and points to documentation here.

    Jack Dorsey is pleased with it.

    “Now any developer can build solutions for their customers to take payments on a website using Square,” writes Zhao. “Whether you’re getting started selling online with Square’s Online Store; you’re growing through Square’s integrations with eCommerce platforms like Bigcommerce, Weebly, and Ecwid; or now, you’re building a custom website, any business can scale online with Square payments. What’s more, with our eCommerce API, Square takes the hassle out of PCI compliance without interfering with the design or look and feel of your website or re-directing customers off-site.”

    He notes that Square’s JavaScript library uses transparent, dynamically styled iframes to accept sensitive cardholder info so this data never touches your web site or servers.

    While only the two APIs were announced, it will be interesting to see what else Square enables developers to do in the future under the Build with Square banner.

    Images via Square

  • Square Starts Offering Loans Through Square Capital

    Square Starts Offering Loans Through Square Capital

    Square launched Square Capital in 2014 as a cash advance program for eligible businesses. The program gave businesses quick (the next business day) access to thousands of dollars, with great flexibility in payback.

    Payback came out as a percentage of daily sales, so slower days meant less and better days meant more.

    Now, rather than just providing cash advance offers, Square Capital is providing flexible loans to boost lending. Square’s Jacqueline D. Reses writes in a blog post:

    Square Capital is still as fast, simple, and transparent as ever. There is no burdensome paperwork to apply, qualified sellers can get funds as soon as the next business day, repayment happens as a fixed percentage of your daily card sales, and the cost of the loan is a fixed dollar amount that never changes.

    So you might be wondering, do I need to do anything different? Nope, just check your Square Dashboard to see if you have an outstanding offer through Square Capital.

    Square offers tips on how to get noticed by Square Capital here. It provides a list of things they take into consideration, including processing volume (at least $10K a year), activity, growth, history, recent payments, and customer mix.

    Image via Square

  • Square Adds Facebook Ad, Yelp Features

    Square Adds Facebook Ad, Yelp Features

    Square announced some additions to its Customer Engagement offering. Customer Engagement is a suite of tools aimed at helping businesses grow sales with customers after they’ve left the store.

    The new additions are Facebook ad integration and an Automated Campaign that asks a business’s best customers to check out the business on Yelp.

    “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,” Square says. “We will also be adding support for other social channels in the coming weeks.”

    According to the company, a Georgia seafood restaurant recently drove $400 in sales from $10 in Facebook ads with the help of the feature.

    “We know that automated email campaigns have high engagement, with open rates 1.7 times higher than blast campaigns containing offers,” Square says. “So we’re also introducing a new Automated Campaign that asks your best customers to check out your business on Yelp. These features can help improve your online reviews and get new customers in the door, while generating additional sales from existing customers.”

    The company recently added the team from LocBox, which it credits with help on the growth of Customer Engagement.

    Image via Square

  • Square Cash Adds ‘Cash Drawer’ Feature For Businesses and Individuals

    Square Cash Adds ‘Cash Drawer’ Feature For Businesses and Individuals

    Square announced a new update to its Square Cash app that lets users – businesses and individuals alike – store a cash balance like other payments services. The feature is referred to as “Cash Drawer”.

    With the feature, you can store cash you receive directly in the app or add your own from your bank account, so you can set aside funds for whatever you might need them for.

    The feature is optional, and can be toggled on or off.

    “When the Cash Drawer feature is turned on, anyone can keep all the payments they’ve received in one secure place and deduct from that stash to make payments,” the company says. “Anyone can access all funds in their Cash Drawer immediately by selecting the Cash Out button, instantly transferring the stored funds directly to their bank account.”

    “Starting today, all Square Cash customers will be able to access the Cash Drawer and in the coming weeks customers will be able to access the Add Cash button in the app as well,” it adds. “We’re thrilled to provide our customers with even more ways to use Square Cash and keep track of their personal finances with the new Cash Drawer feature.”

    TechCrunch shares comment from the company about business use:

    Notes a company spokesperson, “a business may wish to turn on the feature so that they can easily track and manage their business payments in one place, rather than have them stream into their bank account.”

    The feature is immediately available to all Square Cash users. It’s in a new update for both iOS and Android.

    In the coming weeks, they’ll add a an “Add Cash” button”.

    Last year, Square added $Cashtags for business use and an Apple Watch app.

    Images via Square

  • Amazon Gives Amazon Register Customers Square Readers

    Amazon announced last fall that it was shutting down Amazon Local, its daily deals service, as well as Amazon Register, its Square competitor.

    Amazon Register had only been around a little more than a year before Amazon decided to pull the plug on it. Like Square, it enabled local businesses to accept credit and debit cards from a smartphone or tablet. The app that went with it offered reporting tools so businesses could track their bottom line performance, sales trends, peak sales times, etc.

    Amazon stopped accepting new customers for the product at the end of October, and said existing customers would be able to use it until February 1.

    Now that the date has come and gone, Amazon is reportedly offering free Square readers to former Amazon Register customers. Jason Del Rey at Re/code writes:

    The e-commerce giant is offering free Square credit card readers, which retail for $10, to business owners who had previously bought an Amazon Local Register, the company’s version of a card-swiping device that plugs into phones and tablets. The offer comes three months after Amazon announced it was discontinuing this payment processing service on Feb. 1. Amazon emailed its Local Register customers with the offer and a promotion code in the past week.

    Del Rey says that Square confirmed working with Amazon on the offer.

    Earlier this week, Square announced that the new Square Reader is available at Apple Stores.

    Image via Square

  • New Square Reader Hits Apple Stores

    New Square Reader Hits Apple Stores

    Square just announced that its new card reader is available for $49 online and at Apple retail locations in the U.S. The reader accepts chip cards and contactless payments like Apple Pay.

    “Local businesses across the country are already using Square’s newest reader and have the same advanced payment technology in their own stores that the big chains have,” a spokesperson for Square tells us in an email. “A tap of a phone or watch and their customers are out the door – it’s a simple, fast, and secure payment experience.”

    “We’re excited to get our hands on this technology and offer our customers an entirely new way to pay for the coffee we enjoy making for them everyday,” says Scott Carey, owner of Sump Coffee in St. Louis.

    In November, Square first gave the new reader to 100 local business owners in the U.S. after announcing it in June.

    More on the reader here.

    Image via Apple

  • Square Gives Some Local Sellers New Reader

    Square announced that 100 local business owners in the U.S. are getting its new reader, which enables them to accept chip cards and mobile payments like Apple Pay. According to the company, these businesses are the first set of local businesses to have access to “the same new technologies that big corporations often invest in.”

    Among those businesses are Honey Butter Fried Chicken in Chicago, Philz Coffee in San Francisco, Sump Coffee in St. Louis, Cafe Grumpy in New York City. Over 20 businesses in the Urbanspace Vanderbilt food hall in New York are also using the new reader. Others are spread out throughout Atlanta, Austin, Boston, Denver, Los Angeles, Nashville, New Orleans, Miami, Minneapolis, Philadelphia, Phoenix, Sacramento, Santa Cruz, Seattle, Tampa, and Washington, D.C.

    “Announced in June, the contactless and chip card reader is a wireless reader that comes ready out of the box, connects with Square Stand or a mobile device, and pairs seamlessly with Square’s free point-of-sale app,” says Square. “To make a payment, all a customer has to do is hold their device near the reader or insert their chip card. The reader then initiates the payment and the whole transaction just takes seconds to complete.”

    “With the iPhone’s fingerprint technology (Touch ID), a signature is no longer required,” the company adds. “The new reader meets the highest standards of security because it optimizes for accepting authenticated payments like EMV and contactless (like Apple Pay and Android Pay).”

    Square of course went public last week, trading as SQ on the New York Stock Exchange.

    Image via Square

  • Square Ends Day 1 Up 45% From IPO Price

    Square Ends Day 1 Up 45% From IPO Price

    Square launched its initial public offering on Thursday. The company priced the offering of 27,000,000 shares of its Class A common stock at $9.00 per share.

    This was significantly less than previously announced plans to price the IPO at $11 to $13, but things looked better after the bell rang. It opened at $11.20 per share and climbed from there.

    By the time trading closed, Square hit $13.07 per share, up 45% from the IPO price. The company raised $243 million with CEO Jack Dorsey making a reported $1 billion.

    Square trades on the New York Stock Exchange as “SQ”.

    Image via Twitter

  • Square IPO Priced at $9 Per Share, Well Below Previous Plans

    The big day for Square’s IPO is here. The company priced the offering of 27,000,000 shares of its Class A common stock at a public offering price of $9.00 per share.

    This is significantly less than previously announced plans to price the IPO at $11 to $13.

    25,650,000 of the shares are being offered by Square, while 1,350,000 are being offered by the Start Small Foundation, chich is a charitable fund created by Square CEO and founder Jack Dorsey. Square describes it as a “donor-advised fund held and held and administered by the Silicon Valley Community Foundation, the selling stockholder.”

    Shares begin trading on the New York Stock Exchange on Thursday under the symbol “SQ,” and the offering is expected to close on November 24.

    The company granted the underwriters a 30-day option to purchase up to an additional 4,050,000 shares of Class A common stock. There are 355 million diluted shares outstanding using the treasury stock method, it says.

    CNNMoney digital correspondent Paul R. La Monica says, “There’s no sugarcoating this. Square failed to excite the managers of big mutual funds and hedge funds, the so-called smart money on Wall Street. And that could be a bad sign for other unicorn startups looking to one day go public — billion dollar startups like Airbnb, Dropbox, Pinterest, Snapchat and Uber.”

    Image via Jack Dorsey (Twitter)