What is Square? Square Review, Features

Square is a mobile payment service platform in the United States. With the help of Square's card swipe plug-in, credit card payments are accepted. Square will charge a certain percentage of all transactions.

About Square

Square was co-founded by Twitter founder Jack Dorsey and Chief Operating Officer Keith Rabois, a veteran of PayPal and social media blue-chip companies Yelp and LinkedIn. The two believed so deeply in the power of social media that they even believed Square should use it as a way to fight fraud.

Service Target

Square serves businesses, retail, coffee shops, checkout services, table service, bars and lounges, beauty professionals, health and fitness, and families.

Payment Methods

1. Payment on e-commerce websites

Accept payments securely from your e-commerce website using Square's online payment API (payment gateway) and customizable payment forms.

2. Build your own software solution, or use Square’s software solution

Users can take in-person payments with Square hardware, or use our SDK to build a custom point of sale, kiosk, or any other in-person payment solution.

3. Pay in your mobile app

Users can easily integrate Square’s payment gateway into their apps, allowing customers to make purchases directly, customizing Square’s payment UX to match the look and feel of their app.

4. Pay with existing software

Square's payments platform integrates seamlessly with popular point-of-sale software and online store providers to minimize disruption to users' day-to-day business.

Advantages

1. Get paid quickly every time

Square deposits money into your bank account the next business day (or immediately for a fee per deposit), keeps an eye on cash flow with real-time updates on sales and inventory, and spend funds instantly when you store them on your free Square business debit card.

2. Reduce payment time and money

Sign up and start using Square Payments in minutes. No bank access or merchant account required. No statement fees, chargeback fees, or anything else. You only pay when you make a sale. If a payment dispute occurs, Square's team of experts will negotiate with your bank for you, saving you unnecessary hassle.

3. Ensure the security of your and your customers’ data

Square ensures that your data is secure and the system constantly monitors for suspicious activity. Once a risk is detected, Square notifies you and helps you avoid loss of merchandise or sales.

4. User Support

Square’s internal phone support hours are from 6 a.m. to 6 p.m. PST, and users can also search Square’s support center on the official website, including tutorial videos, to communicate and learn from other sellers in the seller community.

Financing

-In November 2009, Square received US$10 million in Series A funding from Khosla Ventures, Greg Yaitanes Marissa Mayer, Dennis Crowley, Kevin Rose, and First Round Capital.

-In January 2011, Square received US$27.5 million in Series B funding from Sequoia Capital and Visa.

In June 2011, Square raised $100 million as part of its Series C round led by Kleiner Perkins.

-In December 2011, Square received another round of financing of $30 million, bringing the company's total financing to more than $150 million in just two years.

- In October 2014, Square officially confirmed that it had completed its E-round financing led by GIC, with Goldman Sachs and Rizvi Traverse following suit, with a financing amount of US$150 million and a current company valuation of US$6 billion. The lead investor in this latest round of financing is Square's new investor, the Government of Singapore Investment Corporation.

Development History

-In 2010, Square began operations with the initial products being Square Dangle and Square CardCase/Register.

-In 2011, Square launched Square Wallet, marking its first tentative foray into consumer finance applications.

In early 2013, Square launched its first consumer-focused app, Cash.

In May 2014, the company launched Square Capital, a lending service app for small businesses.

-In August 2014, three months after launching Order Now, Square acquired food delivery company Caviar for $90 million.

-In November 2015, Square filed for an IPO.

In March 2016, Square acquired a predictive analytics startup called Framed Data.

In 2016, Square began its foray into the Australian market, its first such expansion in nearly three years.

In 2017, Square continued to bolster its burgeoning food delivery business, acquiring meal delivery site OrderAhead for an undisclosed sum.

In 2017, electronic payment platform Square acquired the engineering team of Yik Yak, an Atlanta-based campus social platform. The acquisition also symbolized the decline of this once popular anonymous social network.

-In November 2017, Square launched a checkout product called Register.

In January 2018, Square disclosed that it had acquired yet another meal delivery service, Entrees On-Trays.

-In February 2018, Square made Bitcoin transactions available to its users.

-In the first quarter of 2019, the company’s total net revenue increased 43% year-over-year to $959 million, with Bitcoin revenue accounting for $65.5 million.