Square up

Are you Squared Up?

Created by Jack Dorsey

No need for cash

Great for small businesses

No special bank account required

Paper isn’t needed

Things become easier to sell

Background of Square

“Square is the child of two trends, one technological and the other

social: the proliferation of networked mobile computing

devices and the decline of cash in favor of payment cards.”

-Jason Pontin, Technology Review

Background of Square

• Engineered in 2009 by Jack Dorsey and Jim McKelvey.• After official launch in October 2010:

100,000 activated accounts from October-December• 65,000 activated accounts in January

Goal: To process $1 billion transactions in 2011 (currently processing $2-10 million per weeks)

How do you Use Square Up?

•Works with Apple iOS and Google Android platforms (ex. iPhone, iTouch, Droid)•Currently working on Blackberry versions•Works with headphone jack on phone•Signing up for Square is easy:

•(Name, Social Security Number, Address)• Download application from the Apple App Store or Android Market•Wait for device to come in mail

•It replaces expensive credit card terminals.

How do you Use Square Up?

• The actual square device is free, but there is a 2.75% fee for swiped transactions and a 3.5% + 15¢ for keyed-in transactions.

• After swiping a credit card, users will have to sign using the touch screen on the mobile phone.

• Users can chose whether to enter an email address after they have made a purchase to receive an electronic receipt instantly to their email.

• Square does not collect or share any card holders information to ensure customers privacy.

How do you Use Square Up?

• Square accepts all major credit cards-Visa, MasterCard

-American Express-Discover

• There is no limit to the amount of money that can be accepted on Square.

• Square is only available in the United States, as of right now.• Here’s a video about Square and it’s potential for small

businesses: SquareUp

Case Study

• Original squares were unsatisfactory to users– Took multiple swipes– $100 cap to help prevent fraud– Weren’t dependable

• Since then, Square has improved issues by– Larger card reader– Removed cap– Improved apps ability to process the

signal

Case Study

Co-president of the Crocker Highlands Elementary PTA started Square on iPhone to raise money for the organization.• In a little over a month-$4500• Would have only been able to raise $1000 without

Square. “It was an easy way to force people to pay on the spot,” says Westmoreland.

Practitioner who makes house calls in the Bay Area: His work in completely mobile, switched to Square.• Fits into his medical bag • Easy for his medical staff to learn.

Case Study

A cupcake store in San Francisco: • Can avoid a costly cash register • Provides detailed metrics on sales (how many Red Velvet

cupcakes sold in a day)

San Franola, a local granola company selling at farmers markets: • Saw revenue go up by 20%

Zappos: • Using Square in-house for sample sales of extra inventory

and proceeds go to charity• Used to raise money for LiveStrong at a recent golf

tournament

What’s Next?

Product is still so new, it is difficult to predict future but…

Possibilities Include:• New designs• Could be used

by major retailers • Safety updates

What’s Next?(Security/Safety)

Concerns:• Crime• Drugs, Prostitution, etc.• Alcohol• Credit card theft• Fraud

What’s Next?

Square up is. . .

• Easy• Convenient

• Safe• Continuing to

improve

Questions

Sources

• http://www.speakingdigital.com/2011/01/15/squaring-up/• https://squareup.com/• http://twitter.com/#!/SqSupport• http://www.technologyreview.com/computing/32360/ • http://www.technologyreview.com/computing/24068/?mod=

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