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Square, Inc. and Mobile Payment Processing

TE565 - Final Project
by

Tejas Shah

on 4 May 2013

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Transcript of Square, Inc. and Mobile Payment Processing

Simplifying Payments About
Square Changing
the Market Tying the
Square
Knot Re-crafting the Transaction Experience Will Square Wallet replace your regular wallet? 1 3 Launch Date Business Model 2 Financials 4 Competition 5 Born out of necessity
Co-founded by Jack Dorsey and James McKelvey
Vision of more options and simpler payments for small businesses Square application launched in 2010 for mobile platforms
Huge initial reaction
Funding from angel investors and venture capitalists Simplifying avenues for accepting credit cards for businesses
2.75% of sales fee (or flat rate model)
Collect their fee and pay the processing fees to Visa, etc. and profit from difference
Free card readers and software Current Transaction Technology Big, expensive units
Reliance on wired connections
Forces a point of sale structure
Little or no customer data
Non-customizable $3.25B valuation (2012)
$8B annual payments processed (2012)
$341M total funding (2012)
- Visa, Starbucks
300% projected growth in 2012 Square Register Cheap, portable point-of-sale
Integrates with most mobile devices
Designed for customer engagement
Full merchant customization VeriFone
Paypal
Groupon
Intuit
BoA Square Wallet Virtual Wallet that complements Square Register
Extended engagement for consumers
Fast and efficient transactions
No need to pull out wallet
Streamlined payment and rewards system Early Market Individuals Small Service/Food
Businesses Starbucks The Chasm To cross the chasm, target a niche market
Square's issue: No clear path to dominating a mainstream market
Options:
Target specific small businesses
Target specific larger businesses
Verdict:
Target small businesses in the food/beverage industry Mainstream Market Laggards Whole product available
to most small food/bev. businesses Most small businesses /
small chains Large food/bev. and some
large specialty chains Large retailers
big box stores Security conscious industries / government The Technology Adoption Life Cycle identity method of payment order rewards products and receipt Seller Buyer What Will the Dominant Design Be? Pre-dominant design
Many market players
Lots of innovation in the space
- Different software options/offerings
- Different pricing structures
No 'clear' product definition
- Transaction experience, software
- Virtual Wallet Value Proposition for Square Register Business management platform
Inventory and transaction management
Identity verification
Rewards program
Analytics
Allows any user to accept credit card payment (low cost, easy interface)
Mobility of buyer and seller
Fast and efficient transactions via Square Wallet Rick Rekoske
Tejas Shah
Joseph Silvers Dominant Design Predictions Cross payment platform compatibility with any register and any virtual wallet
Virtual payment processing will replace physical payment processing for many transactions
Hands-free paying
Security/privacy/support (biometrics) Whole Product Customizable solution tailored for small businesses online and in person
"Business in a Box" from Square
Post sales support
Security
Developing a more relevant virtual wallet
Full transcript