Square Posts

Square makes a deal with Victory Park Capital

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Square announced today that it has made a deal with Victory Park Capital to expand its merchant cash advance program called Square Capital. Square will give a cut of the revenue it makes from cash advance fees in exchange for the capital from Victory Park. Square has provided around $50 million in cash advances to about 10,000 businesses so far. Businesses can receive a lump sum cash advance from Square in exchange for a cut of daily transactions made with debit and credit cards.
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Square debunks the top ten myths about the company

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Square, the mobile credit card reader, wrote a blog post about the top ten negative myths about its service. Square is now in competition with a new Amazon product called Local Register. The Wall Street Journal reported that Square’s losses were huge so it was discussing a potential sale. However, Square says that this is not true.

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Square has acquired Caviar

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Square has acquired a San Francisco based food delivery company called Caviar. The terms of the deal were undisclosed. Square CEO Jack Dorsey wrote this in a blog post:

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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

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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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