Square, the mobile payment startup that lets you pay for your coffee with an iPhone app, has announced a new product for small business owners. Since Square already specializes in helping merchants use the iPhone and iPad to process payments, the company is launching what it’s calling a “Business in a Box.” The package includes an iPad stand, cash drawer and optional receipt printer. It lets Apple’s tablet totally replace a traditional cash register.
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Square, the Apple-like mobile payment service that’s all the rage right now, just integrated with Passbook in iOS 6. Before you get too excited, the integration only allows iPhone users to store and use the new gift cards that can be sent via the Square iOS app. Square lets you pay for your stuff with your bank credentials while Passbook still does not.
Now you can send a digital gift card from any merchant that partners with Square, and the recipient can choose to open the gift card in Square’s Wallet app, print it off, or use it in Apple’s Passbook.
Back in August, Square partnered with Starbucks to bring mobile payments to the coffee giant’s thousands of stores nationwide. Starbucks said that Square would be integrated into 7,000 of its stores across the U.S. by early November, and now the time has come.
Square has the ability to open a virtual tab with a merchant so you don’t have to scan your iPhone at the register, but Starbucks isn’t adopting this functionality. You’ll have to scan your iPhone after you order, like Passbook.
Back in August, Square announced a huge partnership with Starbucks. The coffee chain giant will be integrating Square’s mobile payment system into many of its U.S. stores this fall, and Starbucks has also invested $25 million in Square.
While we knew that Square was coming to Starbucks sometime later this year, it’s now been revealed that the partnership is launching in early November. Instead of having to use your credit card or cash, you’ll be able to use the free Square app to pay for your skinny vanilla latte.
I want to be able to ditch my wallet so bad, mostly because I have a tendency to lose it or forget it at home. But I never ever leave home without my iPhone, and yeah, Passbook is cool but businesses aren’t really using it yet and I’m impatient. I just want the future to be here right now.
I’ve been really intrigued by Wired’s Christina Bonnington as she’s trying to live a walletless life, and it seems like one of the biggest hurdle right now is knowing where you can ditch your wallet and pay for goods with a service like Square, and where you can’t. Right now it seems like Square is trying harder than anyone to help you ditch your wallet, and they just made things a little easier by creating Square Directory so you can see all the places you can pay for goods with Square Wallet.
Forbes released their list of the richest people in the world today, and among the newcomers making the list is Laurene Powell Jobs, widow of Apple cofounder Steve Jobs.
Powell inherited Steve Jobs’ massive fortune, which Forbes estimates to be $11 billion, making her the wealthiest woman in Silicon Valley, and 28th richest person in the world.
Square Valued at 3.25 Billion, Raises $200 Million In Latest Round Of Funding, Is Also Ready To Take Over The World
Closing its fourth round of funding, the mobile credit card processing company just raised $200 million, making it worth a staggeringly large $3.25 billion. The company, built by Jack Dorsey of Twitter fame, allows anyone with an iPhone, iPad, or other compatible mobile device, to accept credit cards. Square is widely seen as the industry leader in the mobile payment-with-a-dongle space (I just made that term up), as evidenced by other dongles released shortly thereafter by the likes of PayPal and Intuit, among others.
In what may come as no surprise, the COO of Square, Keith Rabois, is on record at All Things D, saying that the transition from current registers and point of sale devices (like ATM card-swiping devices) to iPads or other tablets will happen within the next year and a half. Square’s partnership with Starbucks is only the first of the steps being taken actively by Square to make this a self-fulfilling prophecy.
If you thought the heat of the mobile payments industry might cool a bit after weeks of major announcements like the Square/Starbucks partnership, the launch of a new mobile payment company dubbed MCX by several national retail chains, and PayPal’s trial of in-restaurant payments at McDonald’s locations in France, think again.
PayPal announced the biggest partnership yet in the U.S. mobile payments market today – a deal with Discover that will bring PayPal in-store payment to seven million locations next spring.
Square’s announcement of its partnership with Starbucks and the launch of new mobile payment company by several key retail and service chains were signs that the mobile payment industry and digital wallet concept is big business. Late last week, however, there was more news on the mobile payments front that proves that the race is far from over – one could even say that it’s barely started.
In a move that could make Square’s deal with Starbucks seem small and limited, Reuters reports that PayPal may soon be expanding its brand of mobile payments to include on the biggest fast food chains on the planet – McDonald’s. PayPal is currently testing a payment system in 30 McDonald’s locations in France. The company demoed the technology earlier this year.
Last week, Square announced a partnership with Starbucks to provide back-end payment processing and CRM for the coffee mega-company. Today, Square brings news of the other end of the business spectrum. Small businesses who make less than $250,000 per year will no longer have to pay the standard 2.75 percent per swipe processing fee (though they can still opt for this) if they pay one flat rate, currently set at $275 monthly.
If a small businesses chooses the flat rate option, they’ll essentially end up paying 1.3 percent per swipe – a significant savings if they meet the criteria. IF the business goes over the line, they’ll be charged the standard per-swipe rate.
This is Square making sure that it can have as many users as possible, from super corporate giants to small mom and pop shops with a bit of tech savvy.