WebProNews

Tag: Square

  • Square Reportedly Raises New $150M Round At $6B Valuation

    Square Reportedly Raises New $150M Round At $6B Valuation

    There has been no official announcement so far, but according to a report from The New York Times, Square has raised a new $150 million round of funding, valuing the company at $6 billion.

    The report cites a person briefed on the investment, who requested to remain anonymous because of a lack of authorization to speak on the matter. It says the round is led by the Government of Singapore Investment Corporation, a new investor, and includes participation from previous investors Goldman Sachs and Rizvi Traverse Management. The company confirmed a round of funding, but no details.

    The Times reported last month that Square had intended to raise at least $100 million, so the round isn’t a huge surprise.

    A couple weeks ago, reports emerged that Square will enable its Register service to accept more types of payments including Bitcoin and Apple Pay. The company announced in the summer plans to release a reader for chip cards.

    In August, Square announced a partnership with Victory Park Capital to extend hundreds of millions of dollars to independent businesses as part of its Square Capital program, which enables businesses to sell a specific amount of future card sales to Square in return for a lump sum payment.

    Image via Square, Twitter

  • Square Register To Accept Bitcoin, Apple Pay [Report]

    Square Register To Accept Bitcoin, Apple Pay [Report]

    Square will reportedly enable its register service for businesses to accept more payment types including Bitcoin and Apple Pay.

    The company made its plans known in Canada this week. Wired reports:

    He [CEO Jack Dorsey] says that Square is building a register that will allow companies to accept Bitcoin as well as Apple’s new contactless payment system, Apple Pay.

    “We’re building a register so that sellers can accept a credit card, so they can accept cash, so they can accept a cheque, so they can accept Bitcoin and so they can accept any form of payment that comes across the counter including future ones and burgeoning ones like Apple Pay,” Dorsey told the CBC this week, speaking at the opening of Square’s new Canadian offices in Kitchener, Ontario.

    This comes as PayPal also revealed new (yet limited) support of Bitcoin, enabling merchants to accept payments processed through a handful of Bitcoin processors.

    Square also recently revealed plans to release a new Square Reader for chip cards to help small businesses prepare for the EMV migration and “industry shift” to chip-enabled credit cards.

    Square’s planned support for Bitcoin and Apple Pay is big news for both payment methods. For Bitcoin, it means a big step toward mainstream adoption, as many businesses are already set up for Square. It would also mean that many more locations accepting Apple Pay (which is part of the latest iPhones) in addition to the 220,000 Apple already has on board.

    Image via Square, Twitter

  • Square Cash Adds Ability To Text Money To People

    Square introduced Square Cash last fall, enabling people to send money to one another using a simple email. Now, you can also send money by texting.

    The company announced today that it has released an update to the mobile app versions (Android and iOS) that lets you make a payment with a text message.

    “The update adds the ability to simply send or request money from everyone in your address book using just their phone number (or e-mail address), even if the recipient doesn’t have the app,” Square says. “Cash also features a refreshed design, the ability to keep track of payments and requests via push notification, and a new Profile feature for linking all of your email addresses and phone numbers to your account.”

    “People use the free Cash app to pay for group vacations, dinner bills and even to send funds for back to school supplies, meal plans and textbooks,” it adds. “Cash also enables anyone to request money, even from up to 25 people at once, streamlining payment collection for sports teams, parties, and events by helping groups easily manage their money.”

    According to the company, people have already sent and received hundreds of millions of dollars using Square Cash since launch. Over a quarter of all that has been sent across city and state lines.

    Image via Square

  • Square Announces New Analytics For Sellers

    Square announced the launch of Square Analytics as a new feature of Square Register. It’s integrated with the full Square Register suite, including Pickup, Invoices, and Appointments, which launched earlier this month.

    The offering includes an Analytics homepage, which shows real-time data on business performance, such as most popular items and a comparison to others in the same industry. The Sales Trends feature gives sellers updates on an hourly, daily, and monthly basis. This data can be taken into consideration when stocking and doing inventory.

    There’s also a Buyer Insights section to show customer information such as new vs. returning customers or customer frequency, recency, and average customer spend.

    “Expensive annual fees, tedious set-up processes, and irrelevant, generalized reports have traditionally excluded small business owners from useful information available to larger merchants,” Square said. “Building on the sales data to which Square sellers already have access, the new mobile-optimized Square Analytics delivers information including most-popular items and categories, busiest time of day, and a holistic view of customer spending.”

    We’ve been seeing quite a bit of news out of Square this week as it also announced a major expansion of its Square Capital program, with backing fro Victory Park Capital. Square also told Square Stand users it has them covered for the coming EMV migration.

    Square is going to want to be as far ahead in the game as possible as it faces new competition from e-commerce giant Amazon.

    Image via Square

  • Square Stand Users ‘Covered’ For EMV Migration

    Last month, Square announced plans to release a new Square Reader for chip cards, an EMV solution aimed at combating card fraud and protecting payment data. The company said it is preparing small businesses for the EMV migration and “industry shift” to chip-enabled credit cards.

    On Wednesday, Square told Square Stand users it has them covered for the shift as well. In a blog post, Square said:

    We’ve built Square Stand to easily connect to the accessories you need to run your business. Not only is Square Stand and its accompanying app a complete register service, it also integrates with your receipt printer, cash drawer, and bar code scanner. Just plug the hardware you want into the Square Stand USB hub, and voila, you’ve got your counter set up.

    It will be just as easy to get your Square Stand ready for next year’s nationwide switch to chip cards (also known as EMV cards). Soon, we’ll offer a chip card–enabled reader that you can plug right into your current stand. The peripheral will be compliant with the new regulations, affordable, and very easy to set up. You can keep processing magnetic-stripe cards on your stand, but this add-on will allow you to take any type of payment from your customers. (Learn more about the nationwide transition to EMV here).

    Earlier this week, Square announced the major expansion of its Square Capital program thanks to investment from Victory Park Capital. Square says it will be able to extend hundreds of millions of dollars to independent businesses.

    Image via Square

  • Square Partners With Victory Park Capital To Front Businesses More Money

    Square announced on Tuesday that it is working with Victory Park Capital to extend hundreds of millions of dolalrs to independent businesses as part of its Square Capital program.

    Square began testing the cash advance program early this year before formally launching it in May.

    Square Capital enables businesses to sell a specific amount of their future card sales to Square in return for a lump sum payment. Businesses automatically pay Square back as a set percentage of daily card sales. That way they pay more when sales are strong and less when they’re not.

    The company says it has extended nearly $50 million to over 10,000 businesses so far. With the Victory Park Capital news, it would appear that they’re just getting started.

    “We are pleased to be partnering with Square and believe they are uniquely positioned to serve their merchant base with another best in class product,” said Victory Park Capital partner and co-founder Brendan Carroll and managing director Dan Schwartz. “We’ve been tremendously impressed with Square Capital’s data-driven approach to merchant finance, and we are confident they will achieve substantial growth in a dramatically underserved market.”

    According to Square, merchants using Square Capital have processed over $1 billion with Square, and have used funds to buy equipment and inventory, hire employees, and add new stores.

    Image via Square

  • Square Adds New Appointment Management Tool

    Square announced the launch of Square Appointments, a new offering for its register service that lets businesses manage their appointments and avoid missing out on sales.

    The product has been in pilot mode for a while. Square acquired appointment-booking software maker BookFresh in February, though it remains as its own separate product.

    “Service businesses lose sales to no-shows, waste time trying to book customers on the phone, and miss out on potential new customers who prefer the ease of booking online,” said Square. “With Square Appointments, sellers can easily manage appointments, ensure they never miss a sale, and offer their customers a seamless booking experience.”

    “Businesses using the Square Appointments pilot — from math tutors to beauty salons — saw immediate value from the online scheduling system,” the company added. “Out of 200 business owners surveyed, 144 sellers said the system helped generate additional revenue, 124 sellers saved more than 30 minutes per day, and 108 sellers said that now they get 10 percent more appointments per week.”

    The product is available to all business owners, and comes with a 30-day free trial. After that, it’s $30 a month for individual sellers, $50 a month for businesses with two to five employees, and $90 a month for others.

    Square Appointments is available to any business, even if they’re not using Square Register.

    Image via Square

  • Square Is Apparently About To Buy Caviar For About $90 Million [Updated]

    Update: Square just made the announcement:

    We are excited to share the news that we’ve acquired Caviar.

    The Caviar team has built a seamless delivery experience that instantly connects buyers with top-rated, popular restaurants that do not otherwise offer delivery on their own. For restaurants, Caviar is an affordable, convenient alternative to an in-house delivery solution and drives additional revenue.

    More than 50,000 restaurants already use Square’s complete register service. With Caviar, we’re deepening our commitment to providing these sellers with services that make it easier for them to grow their business.

    The price was not disclosed.

    Original article: Square is reportedly set to announce its acquisition of Caviar, a food delivery service based in San Francisco.

    Several weeks ago, TechCrunch reported that the two companies were in talks, indicating that the price could be “at least $100 million,” citing “several sources”. As recently as this past Friday, The New York Times also reported that the two were “said to be in talks”. Its sources put the price at “around $90 million in an all-stock transaction”.

    Caviar was founded a couple years ago. Its official mission is to ” provide access to the city’s best restaurants in the comfort of your home or office, enabled by technology. Browse a picture menu, customize your meal, and get delivery straight to your door. No minimums and no compromises. Only premium food and premium delivery.”

    Neither company has been officially commenting, but Re/code reported Monday morning that Square will announce the deal this week.

    In case you’re wondering why Square might acquire a food delivery service, it’s worth noting that the company recently replaced its Square Wallet app with Square Order, which is designed to let customers order food, and pick it up.

    Square announced last week that it is preparing to launch a new version of Square Reader for small businesses to accept chip cards.

    Earlier this year, Square acquired appointment-booking service BookFresh, after acquiring expense-sharing service Evenly in December.

    Image via Square

  • Square To Launch New Chip Card Reader For Small Businesses

    Square To Launch New Chip Card Reader For Small Businesses

    Square announced on Wednesday that it plans to release a new Square Reader for chip cards, an EMV solution aimed at combating card fraud and protecting payment data. The company says it is preparing small businesses for the EMV migration and “industry shift” to chip-enabled credit cards.

    EMV (Europay, MasterCard and Visa) is a global standard for chip cards (cards with embedded integrated circuits).

    “Continuing its commitment to provide sellers more ways to securely accept payments, Square’s new reader will give sellers the ability to accept chip cards with a low-cost, beautifully designed mobile card reader that offers further protection from card fraud,” the company said.

    Square also launched this EMV destination site, where businesses can sign up to get ready for Square’s EMV offering.

    “There are more and more ways to pay, and with options like bitcoin and contactless, customers expect to pay however they want; cashiers should never have to say ‘We don’t accept that’,” said Square CEO Jack Dorsey. “Square started by empowering anybody to accept credit cards and enabling customers to pay with their name. Our EMV readers are the next step towards ensuring sellers make every sale.”

    Square’s new reader will be available later this year for pre-order. No specific date was given. It will be compatible with iPhone, iPad, and Android devices.

    Image via Square

  • Amazon May Be Readying Its Own Card Reader

    Is Amazon preparing to unveil a Square competitor?

    According to reportedly leaked documents from office supplies retailer Staples, Amazon is about to put a card reader on the market. The documents reference an “Amazon Card Reader” alongside other established players like PayPal, Square, and Staples’ own mobile payments reader.

    According to 9to5Mac, the product is being listed at $9.99.

    Though unconfirmed by Amazon, it’s clear that Staples thinks they’re about to put a new brand of card reader on its shelves.

    A launch of a new card reader would come on the heels of Amazon’s new Wallet app, which it launched on Android and its new Fire phone just last week.

    The internal documents suggest that Staples is advising its stores to wait until August 12th to advertise the new product. Could be see an announcement from Amazon between now and then? It could take the attention away from Amazon’s new Fire Phone, which hasn’t exactly received the best welcome.

    Image via Amazon, Google Play Store

  • Square Register Gets Invoicing Feature

    Square announced that it has added Square Invoices to its register service so sellers can “get paid fast” with free unlimited invoices. There is no monthly fee.

    “Now sellers can accept payments in person, online in Square Market, and through Square Invoices for the same low 2.75% transaction price,” the company said in an announcement. “Sellers can track all sales from their Square Dashboard, making it easy to manage all of their business operations from one place.”

    “The online invoicing market is growing rapidly as businesses move away from traditional paper methods and look for more efficient ways to manage customer payments,” it said. “Square Invoices eliminates the need to track customers down and take payments over the phone. With Square, sellers can now create custom invoices and collect payment securely from the same service they use to run their entire business.”

    Square is keeping the features coming fairly regularly. In addition to the launch last week of its Square Capital cash advance program, it recently gave businesses a new customer feedback tool for $10 a month, the new Square Order app, and a pickup feature.

    More details on Square Invoices here.

    Image via Square

  • Square Capital (Square’s Cash Advance Program) Gets Formal Launch

    Earlier this year, Square began testing Square Capital, a cash advance program for business owners. On Wednesday, the company formally launched it.

    There’s no application process with Square Capital, and businesses get their money the next business day, according to Square. Businesses pay the company as a set percentage of their daily card sales, so they pay more back when sales are up, and less when they’re down. Businesses are expected to have their advances paid back in about ten months, though there’s not set time frame. These are simply the offers Square tries to give.

    “During the pilot program, thousands of sellers used Square Capital to buy equipment and inventory, hire more employees, and add new stores. Many neighborhood businesses with access to alternative funding sources chose Square Capital for the simple and fast process,” Square says.

    “In a recent survey of over 1,000 Square Capital businesses, 85 percent said they are ‘extremely likely’ to recommend the product to a friend,” it says. “Square’s Capital pilot advanced tens of millions of dollars in capital to thousands of Square businesses. Sellers actively running their business with Square may be able to participate in Square Capital, based on their processing volume and history with Square. The first step to becoming eligible for Square Capital is to download Square Register for either iOS or Android and start running a business with Square today.”

    Re/code reported on emails participating merchants received from the company during the pilot testing. Square gave an advance of $7,300 to one merchant, and charged them $1,022 or 14 percent, so the business owner would have to pay back a total of $8,322. The business owner was told they had as long as they needed to pay the company back.

    Image via Square

  • Here’s A Look At Groupon’s Square Competitor Gnome

    Groupon announced the launch of a point-of-sale hardware solution for local businesses called Gnome. It would compete with Square Stand/Register.

    According to the company, the tablet stand will enable merchants to instantly recognize Groupon customers as they enter the store, and let them redeem Groupons. The solution will integrate with accounting programs like QuickBooks and Exero, and offer CRM tools, including the ability to customize marketing campaigns based on purchase history, and share customer feedback on social media. It will also let businesses respond to customer inquiries/comments.

    CEO Eric Lefkofsky said, ‘“Gnome is an amazing piece of technology that plugs our merchants into the Web and helps them form relationships with every customer that walks in their front door. When it’s complete, Gnome will serve as an operating system for merchants to run their entire operation and enable them to create real-time promotions that bring customers into their business when they need them the most.”

    “Gnome is an important step towards our long-term mission of creating a world where merchants are constantly connected to the Groupon local commerce platform,” he added.

    Groupon redemption happens automatically using bluetooth, or customers can be searched for by name, barcode, or voucher number. Customers won’t need to have printed vouchers.

    It logs cash transactions, accepts credit and debit card payments, and prints or emails receipts. It also calculates multiple tax rates, manages menu items, lets you view transaction history, and enables you to issue refunds. It even comes with preloaded menus and inventory lists for popular types of businesses. Ir comes with 24/7 live support.

    Gnome will roll out to “tens of thousands” of merchants in the coming months.

    Image via BusinessWire

  • Square Gives Businesses New Feedback Tool For $10 Per Month

    Square announced a new product called Square Feedback, which it says turns digital receipts into a “powerful channel between buyers and sellers”.

    What it does is ask users to show whether they had a good or bad experience at the business. It also gives businesses the chance to respond, and try to resolve any issues. This can help them protect their reputation, Square says. I guess that means keep them from running to Yelp and bashing the business.

    Customers can get receipts by email or text, and answer the question: “How was your experience?” They can give details and opt to start a conversation with the business if they like. The business will then get an email alert, and can respond accordingly, using the Square Dashboard to ask follow-up questions and/or “correct mistakes or misunderstandings”.

    The service costs businesses $10 a month, but the company is offering a 30-day free trial. It’s available now.

    On Monday, reports came out that Square shut down its Wallet App, as it has launched a new app called Square Orders instead. More on that here.

    Images via Square

  • Square Replaces Wallet App With Square Order

    Square has pulled Square Wallet from Apple’s App Store and Google Play, reportedly killing the service in favor of a new app called Square Order.

    Square Wallet, which never gained much traction with consumers, is indeed gone from the app markets, but only Apple’s so far has Square Order. It’s description says:

    Square Order is the easiest way to order for pickup from local shops, cafes, and restaurants — available in SF and NYC. Choose items you would like to pick up and they will be ready when you arrive.

    Users can find what they want from a local business, pay and tip from their phone ,and get a notification when the order is ready. Whole Foods is named as a bigger store that’s using it. That’s no surprise given that the companies announced a partnership earlier this year.

    While Order is only available in New York and San Francisco at launch, Square says it will be adding new places every day. Users can suggest local businesses, and Square says it will reach out to get them started.

    The only Square apps currently in Google Play are Square Register and Square Cash.

    Last month, Square launched Square PIckup for Square Market.

    Images via App Store

  • Square Launches Pickup, Offline Mode, Inventory Tracking

    Square announced the launch of several new offerings aimed at helping sellers drive more customers to their businesses and simplifying operations: Square Pickup, Offline Mode, and Inventory Tracking.

    Square Pickup is a new Square Market feature, which integrates with Square Register, and lets sellers fulfill orders customers place either in-person or online. It’s available to all sellers at 8% processing fee per order. There is an introductory offer at 2.75% through July 1st. Sellers receive payment the next business day.

    We reported on the feature a couple months ago when Square started testing it. Since then, merchants in New York and San Francisco have been using it.

    With Offline Mode, sellers can continue to use Square’s mobile register, including acceptance of credit card payments, when the Internet goes out. It processes payments when the connection is reestablished.

    “As one of Square’s most requested features, inventory tracking gives sellers a free way to track their item stock when selling in person and online,” the company says. “Sellers manage their inventory in their web dashboard, including setting up stock alerts so they are never caught off guard by low inventory.”

    Square was recently in the news for rumors that it was looking for a buyer, and was running low on money. The company denied that it is looking to sell.

    Image via Square

  • Square Tests ‘Square Capital’ Cash Advance Program

    Last week, a report from The Information said Square was testing a product to give merchants “thousands of dollars” in capital to help them grow, and that it was considering another round of funding that would delay an IPO.

    This week, Fox Business reported that “people with knowledge of Square’s finances” say that the company is not ready to go public this year.

    Now, Re/code is reporting that it has viewed two emails sent to business owners, which describe Square Capital, which offers to provide business owners with $7,300. Jason Del Rey explains:

    In return, Square charges the owner $1,022, which works out to 14 percent of additional cost. As a result, the business owner will end up having to pay Square back $8,322 in total.

    Square tells the business owner he or she has as long as needed to pay Square back. “Your $7,300 in Square Capital will only cost $1,022 regardless of how long it takes to pay back,” the email reads.

    Square reportedly takes the money via 10% of credit and debit card sales each day until the money is paid back.

    Square has made no formal announcement about Square Capital beyond the emails. It is, after all, just a pilot test. In fact, the company isn’t even commenting on it at this point.

    I’d imagine that we’ll at least be hearing from businesses about their experiences with it before too long.

    Image via Square

  • Report: Square Not Ready To Go Public This Year

    It’s looking like Square won’t be going public in 2014 as multiple reports indicate IPO aspirations have been put on hold.

    Last week, The Information reported that the company was considering raising another round of funding that would delay an IPO.

    The Wall Street Journal had reported back in November that Square was eyeing an offering for this year.

    Now, Fox Business reports that “people with knowledge of Square’s finances” say it’s not ready to go public this year:

    The San Francisco-based Square had been taking steps towards a public offering, meeting with Nasdaq executives as recently as the fourth quarter of 2013, according to a person familiar with the situation. Around that same time, it was reported that Square had been discussing a 2014 IPO with investment bankers.

    But in recent weeks, people close to Square have indicated to Wall Street executives that a 2014 offering is unlikely because the company has run into problems with its “revenue run rate,” a key projection of future performance. It has been reported that Square is unprofitable, but that 2013 revenues exceeded $100 million.

    One of Fox’s sources said Square’s revenues as a public company could not substantiate its private-market valuation.

    Last week, Square announced the acquisition of appointment-booking software maker BookFresh. It has also begun testing a new app that lets users place pick-up orders with Square merchants.

    Image via Square, Twitter

  • Square Acquires Appointment-Booking Software Maker BookFresh

    Square announced on Wednesday that it has acquired BookFresh, makers of appointment booking software.

    “Sellers use Square for far more than accepting payments: They manage their point of sale with Square Register, run loyalty programs and promotions for customers, and access important analytics that help them make better business decisions,” writes Suare product engineering lead Gokul Rajaram. “Sellers of all sizes want to grow their business, which is why we’re constantly working to provide them with simple, accessible, affordable tools that help them do so.”

    “Just like Square, BookFresh is designed to give time back to sellers so they can focus on their business,” he says. “To BookFresh customers: It’s business as usual. The team remains dedicated to maintaining and improving the product and supporting you.”

    BookFresh’s Evan Ginsburg writes on the BookFresh blog:

    Willem [CTO Avé}, the team, and I are dedicated to building seamless appointment booking tools that connect sellers and their customers in a simple, yet magical way — which is why it was an extremely easy decision for us to join Square. Square’s mission to make commerce easy resonates deeply with us. Together, we can bring simple tools to local sellers everywhere and help them grow their business.

    To our customers: You are the reason we come to work everyday and we are honored to be part of your business. We thank you, and we want you to know that not much will change for you. We will continue to provide the same great product and customer service that you have come to expect from us — but now you can expect even more. By joining Square, we have many great opportunities to make our product even better. – Evan

    Square and BookFresh will remain separate products for the time being.

    There’s a lot of Square news happening. The company is also testing a new app to let users order things from stores for pickup, and is reportedly testing a service in which it gives money to businesses to help them grow.

    Images via BookFresh

  • Square Pickup Lets You Place Orders With Square-Using Restaurants

    Square Pickup Lets You Place Orders With Square-Using Restaurants

    Square is testing a new app called Square Pickup, available by invitation only. The app reportedly lets users order food from restaurants who use Square, and is testing with “several San Francisco restaurants”.

    Presumably it would be used with non-restaurant businesses as well.

    Priceonomics.com first reported on the app after noticing it when picking up lunch. You can check out their article for screenshots.

    After using it, the site suggests the product could be “a massive step in bringing more offline commerce online”.

    The news comes just after a report from The Information indicating that Square is also testing a service in which it gives merchants “thousands of dollars” in capital to help them grow. That report also indicates that the company is considering taking a new round of funding, and delaying its IPO, which was expected to happen this year.

    It’s been a pretty busy month for Square. The company also announced its first grocer partnership with Whole Foods Markets, and launched new money-requesting functionality to its Square Cash product.

    The company has also made headlines for poor handling of a chargeback situation with one New York business owner, though its later efforts once the story emerged were somewhat redeeming.

    Square is also said to be looking to offer more big businesses custom rates.

    Image via Square

  • Report: Square Tests Giving Merchants Money, May Delay IPO

    According to a report from The Information, Square is testing giving merchants “thousands of dollars” in capital “to help them grow,” and is “considering raising another round of funding” that would delay an IPO.

    The company is also looking to offer custom rates to more merchants in an apparent bid to get more bigger brands using its services.

    Earlier this month, Square announced its first grocer partnership in the form of a deal with Whole Foods Market, though the chain isn’t fully committing to Square for all its needs. It’s only (at least for now) using Square Register and Square Stand at interior sandwich counters, juice and coffee bars, pizzerias, and beer and wine bars.

    Square also launched a new feature for its Square Cash product this month enabling users to request money via email.

    A report from The Wall Street Journal back in November indicated that Square was eyeing an IPO for this year, having held discussions with banks, including Goldman Sachs and Morgan Stanley.

    While Square isn’t officially commenting on the new developments reported by The Information, the publication says its info comes from “people familiar with the effort.”

    Image via Square, Twitter