7 deals

PaymentsSource

Daniel Wolfe

May 25

Square started in 2009 with a simple plastic card reader for micro-merchants, but it couldn't do it without the help of seven key partnerships along the way.
1. Square settles on $365 million deal to buy San Francisco-based web design company Weebly.
2. To add non-payment features to its mobile payment and ordering system, Square purchased delivery food company Caviar.
3. To fight back against allegations of the device being misused as a card skimmer, Visa invested in Square, and at a Visa security conference in Washington, Square said it planned to include data encryption measures in its devices.
4. Starbucks invested $25 million in Square, but it cost Square more to process a Starbucks transaction than what it received in revenue from the coffee sales. A valuable lesson was learned in what Square needed to do to properly serve a client of Starbucks' size.
5. Square worked with Apple Pay to fight against rebellious retailers to promote a reader specifically designed for contactless Apple Pay transactions.
6. Square collaborated with SAP to embed more tolls that can help merchant acquiring.
7. Square filed an application to charter an industrial loan company to expand their ability to provide loans to merchants based on their transaction history.

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