Square

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Square
Square, Inc. logo.jpg
Founded 2009
Headquarters San Francisco, CA
Key People Jack Dorsey, Founder and CEO
Employees 1000-5000
Products Square payment system
Twitter @square
LinkedIn Profile
Facebook square
Website Squareup
Blog Town Square

Square is a company that created a digital payment processing system with the same name. Square was founded by Jack Dorsey and Jim McKelvey in 2009.[1][2]

Company Overview

Square's POS (point of sale) payment system works through a peripheral credit card reader, which is wirelessly connected to a plastic dongle that can be plugged into a tablet or smartphone. The dongle receives information about the credit transaction and feeds it into the device, processing the transaction through Square's app, which automatically deducts a small share of the transaction (2.75 percent for streamlined, "swiped" transactions, 3.5 percent plus $0.15 for manually keyed-in transactions). The Square app also allows users to create custom interfaces for their business's dashboard, as well as create loyalty programs for their business.[3][4]

Square is primarily used by small to medium-sized businesses. In addition to credit payments, Square also supports payments made through Apple Pay.[5]

Cryptocurrency

Co-founder Jack Dorsey has long held an interest in cryptocurrency, particularly bitcoin. He has said that he hopes bitcoin will become the Internet's native currency at some point, and has expressed interest in integrating the ability to process payments using bitcoin into Square.[6]

In August of 2018, the U.S. Patent & Trademark Office approved Square's patent for a payment system allowing merchants to process payments using bitcoin and other cryptocurrencies, including Ether.[7][8]

In February 2019, Square reported to the SEC that it had made over $166 million in gross revenue from bitcoin sales in 2018, approximately 5 percent of its total profit of $3.3 billion. The company said that the cost of purchasing the cryptocurrency was approximately $165 million, leaving a net profit of $1.69 million.[9]

Crypto development team

In March 2019, Dorsey announced that Square was in the process of hiring up to five developers for a group to develop "open source contributions to bitcoin and [the] crypto ecosystem." These positions are all full-time, and the project will be based in Square's San Francisco offices. Reportedly, this team will have the option to be paid in bitcoin.[10]


References