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STARTUP OF THE MONTH
Giving a Square deal to SMEs and business owners
Jim McKelvey’s failure to sell a piece of hand-blown glass art in San Francisco was a fateful day for all those entrepreneurs who now benefit from Square’s payment tech. Co-founder Jack Dorsey tells us more
Tell us about your company – how was it founded?
Square was founded in 2009 in San Francisco and creates tools that help sellers of all sizes start, run and grow their businesses. The original inspiration for Square came to co-founders Jack Dorsey and Jim McKelvey when Jim was unable to complete a sale of his hand-blown glass art because he could not accept credit cards.
We launched in the UK in March 2017, making it easier than ever for millions of small and medium-sized businesses across Britain to take card payments and run their business. The UK marks the fifth country where Square is available, joining existing markets Canada, Japan, Australia and the U.S.
Square’s mission is economic empowerment. We want to make it as easy as possible for business owners to compete on a level footing with their larger competitors - and that starts with helping them to accept card payments. Historically it is has been complex and expensive for small business owners to take card payments, and we want to turn that on its head and make it fast, simple and affordable, whether that’s online, over the phone, by invoice or in person.
One of the reasons taking card payments is important is that we’re seeing a decline in the amount of cash people are carrying. Whilst cash isn’t completely dead, it’s definitely taking a less central role in our lives, so businesses of all sizes need to accept card payments to remain competitive. According to our research, nearly one in three of us (30%) haven’t taken out cash from a cash point or bank in the last week. The average Brit has just £32.54 in cash in their purse or wallet right now – given that the average transaction in the UK is £18.42, this isn’t even enough to cover
Jack Dorsey, co-founder, Square
two typical purchases. Small businesses are competing with larger competitors who have greater resources, so they need to make use of every advantage they can get, and that includes including taking card payments, accepting every way their customers might want to pay.
What is your business model?
Square helps businesses to take Chip & PIN and contactless card payments in person, as well as online, over the phone or invoice transactions too. We offer competitive and transparent rates, no monthly contracts or hidden fees, and next-day settlement on most transactions. Most business owners already have a
www.ibsintelligence.com | © IBS Intelligence 2018
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