By: Leilani Doyle & Vivian Le
Square made its name with a simple device that allows iPhone, iPad, or Android users to accept debit or credit card payments. Allowing even the smallest businesses to accept credit cards, Square includes a simple rate structure and accepts almost any merchant. After just three years from releasing their first app and service, the company is now valued at $3.25 billion.
According to an article from Street Fight, Square, Inc. is “also attacking the merchant payments market, partnering with companies like Visa and Amex as well as offering solutions for small businesses." It is very interesting to see the shift from what started as a small business solution to one that is working to make its way into larger scale retailers who are looking to modernize their POS. In this article, Noah Davis interviews Chuck Kimble, head of Strategic Partnerships at Square, Inc. and asks him how the company plans to expand beyond mobile payments.
I believe that Kimble might be a little too optimistic. Although recent Dodd-Frank legislation has laid the groundwork for increased competition in the card processing market, there are still numerous legacy solutions that are fighting for continued control. My bet is that legacy solutions will put up a good battle, but will ultimately fall.
For the full interview, visit Street Fight.