Foursquare has decided to charge businesses a $20 fee to register on their geolocation check-in service. Foursquare tested several different price points, but decided that the $20 price price was the best.
Some businesses may already be listed on Foursquare. When a business pays $20, they can take control of the listing and add relevant information such as the description and hours of operation. There is around 1.4 million businesses that has registered on Foursquare thus far. These businesses have paid various amounts.
Foursquare raised around $41 million in funding earlier this year, but investors were skeptical because of the company’s growth strategy. According to The Wall Street Journal, Foursquare generated around $2 million in 2012 revenues.