Startup profile on Square
0 likes727 views
Square is a mobile payment system that allows businesses to accept credit card payments directly on their smartphones or tablets. It started as an app called Card Case that let users find nearby businesses and pay tabs, but has evolved into Pay With Square, which displays nearby businesses on a map and their details. Square works by having the business register their account using Square's payment processing system. While currently only available in the US, Square plans to expand internationally in the future. Common users of Square include small businesses, food trucks, retailers, and other merchants looking for an affordable way to accept credit card payments on mobile devices.
Startup profile on Square
- 1. Square Mobile payments system Marta Mattioli 10-Jul-12
- 2. What can you use Square for? Desktop Square is a revolutionary service available both for iOS and Screen Android, that enables anyone to accept credit cards anywhere. Capture In 2012 the start up has seen an evolution from Card Case – the company’s first attempt at a mobile app designed to allow the user to locate businesses, gather information about them, and then pay via a tab system – to Pay With Square. This is a huge update to the app, complete with a new icon, interface and functionality. The home screen has a list of nearby businesses sorted by distance from your current location, along with a featured business on top. It is also possible to see businesses’ details, such as a map Mobile locating the place, directions from where you are, and an auto- Screen Captures open tab that is supposed to consume a minimum amount of battery. The app works only at stores that are using Square’s register system. 2
- 3. Where is Squared Used? Square is available for the US only at this stage. They are investigating other markets, though at this time they cannot officially support banks, cards or merchants outside of the 50 United States and DC. In an article communicating that Richard Branson, establisher of Virgin Mobile, Invested in the Start-up. Square revealed plans to launch in international markets in 2012, and Branson’s international Virgin empire could help with that. So far no official communication has been released, but it is reasonable to expect an expansion sooner or later. 3
- 4. Who Uses Square? Demographics Education Level No HS Diploma 3% Income High School 9% $0 - $24 8% Some College 62% $25 - $49 35% Global Traffic Statistics for Bachelor Degree 20% $50 - $74 32% Square.com $75 - $99 13% Worldwide Graduate Degree 6% Unique visitors $100 - $149 6% 1.6M (estimated cookies) Unique visitors $150+ 4% 620k Age (users) Reach 0.0% 0-17 2% 18-24 6% Page views 16M 25-34 23% Gender Total visits 1.8M 35-44 27% Female 57% Avg visits per cookie 1.1 Male 43% 45-54 30% Avg time on site 9.40 55-64 10% 65+ 3% 4 Source: Google AdPlanner. Domain: squareup.com
- 5. Competitor Comparison Gopayment Verifone PayPal Mobile Google Wallet Mobile Credit Card Processing Payment Data Security Users can send payments by Google Wallet is a virtual wallet Available in the US and Canada Available in 12 Countries either texting the dollar amount that stores payment It’s a free app and free credit card Their devices and systems and recipient’s phone number information securely and process a broad spectrum of reader for smart phones and tablets to PayPal or by using PayPal’s makes paying fast both in-store that provides an easy, inexpensive payment types including signature and PIN-based debit mobile browser. and online. With Google way for anyone to get paid with a credit card. cards, credit cards, EMV smart There are no additional fees for Wallet, users can store credit, There are no set-up or monthly cards, contactless, value-added using PayPal Mobile outside of loyalty, and gift cards and service fees at all applications, and signature the normal money receiving make payments through http://gopayment.com/ capture. fees that apply to Business and MasterCard PayPass. http://www.paywaremobile.com/ http://www.google.com/wallet/ Premium accounts. https://personal.paypal.com/us/cgi- bin/?cmd=_render- content&content_ID=marketing_us/ mobile_payments 5
- 6. Square and Brands It is interesting that while 70% of smartphone owners state that they have used their devices for mobile payments, less than a quarter of non-smartphone users report doing so. Currently 10% of visits to websites are from mobile devices but figures show that mobile commerce, or m-commerce, will overtake desktop browsing by 2014. Smartphones are shaping consumers' needs and requirements for mobile payment and banking solutions in today's market, and set the bar for how financial institutions and retailers will have to respond over the next five years to stay competitive. Square is a great opportunity for brands, because it is an immediate and very easy way to stay ahead of this evolution. 6
- 7. Thank you 7