Square Posts

Square starts offering data driven cash advances to small businesses

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Mobile payment processing company Square has announced a new vertical business that depends on the vast amount of data that its products collect. The new offering is called Square Capital, which is a service that enables the company to offer cash advances to businesses in its network.

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Square chief technical officer Bob Lee departs

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Bob Lee, the chief technical officer at Square, is leaving the company. Lee joined Square from Google in 2010. Lee was originally hired to work on Square’s Android app and he was promoted to CTO in 2011.
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Square launches digital receipt tool Feedback

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Square, the popular mobile payments company, has launched Square Feedback today. Square processes over 10 million digital receipts every month and the company said it should “add value to the customer experience.”
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Square turns off Square Wallet, launches Square Order

Square Order
Square has removed the Square Wallet app from the Apple and Google app stores. However, Square has launched a new service called Square Order, which lets shoppers pay and place pick-up orders from coffee shops, cafes, and other merchants from their smartphones.

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Square adds restaurant pre-order feature

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Square has added pre-ordering software for restaurants and retailers. This allows businesses to accept payments and orders online before customers arrive for a pickup. Retailers can offer products on Square Market for pre-order and customers can pay for items on the web or mobile ahead of time using Square Wallet.
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Square denies acquisition talks

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There are several reports that Square, the popular mobile payments startup, has been talking with several rivals about selling itself. These reports claim that Square is losing millions of dollars every quarter. 

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Square raises hundreds of millions of debt financing

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Mobile payments company Square has secured a revolving credit facility that is worth hundreds of millions of dollars, according to Re/Code. The new funding was part of a deal led by Goldman Sachs with participation from Morgan Stanley, J.P. Morgan, Barclays, and Silicon Valley Bank. “Securing access to low-cost capital always makes financial sense, even for a well-capitalized company like Square,” stated a Square spokesperson in an interview.

Square Markets will now accept Bitcoin

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Square Markets is going to start accepting Bitcoins as a legit payment option, said Square Market Lead Ajit Varma in a blog post. Buyers will receive a QR code and information needed to buy anything. Square partnered with Bitcoin processor service Coinbase to accept the currency. Square Market will take a 2.75% cut from each sale.
[Source: Square Blog]