Square Files Confidential IPO • Hacker News Board

Re: Square Files Confidential IPO

#21

Post by delconte » Sat, Jul 25, 2015, 3:33 PM UTC

jackgavigan wrote: post #11

> "..spawning copycats like PayPal’s Here card-swiping device and similar systems from Amazon.com Inc. and Intuit Inc." Actually, Intuit came up with the idea for using mobile phones to accept card payments in 2007. They ran trials in the Bay Area in summer 2008, launched GoPayment properly in early 2009 (with a Bluetooth reader supporting various feature phones), and launched an iPhone app in August 2009. Inner fenc…

Nice to see this timeline. After a failed photo startup, we launched Credit Card Terminal for iPhone in October 2008. It took Apple around two months to approve it, during which we received one of the famous "requiring unexpected additional time for review" emails. I'm pretty sure they didn't quite know what to make of it back then. April 2009 really kicked things off though when Apple put our app, along with Print n Share and FedEx, in a "There's an app for that" tv ad. https://www.youtube.com/watch?v=oZxpljDz4Wc

Re: Square Files Confidential IPO

#22

Post by unavoidable » Sat, Jul 25, 2015, 3:44 PM UTC

jackgavigan wrote: post #11

> "..spawning copycats like PayPal’s Here card-swiping device and similar systems from Amazon.com Inc. and Intuit Inc." Actually, Intuit came up with the idea for using mobile phones to accept card payments in 2007. They ran trials in the Bay Area in summer 2008, launched GoPayment properly in early 2009 (with a Bluetooth reader supporting various feature phones), and launched an iPhone app in August 2009. Inner fenc…

Once again proving that there are very few new _ideas_ out there. It's all about better execution.

Re: Square Files Confidential IPO

#23

Post by NelsonMinar » Sat, Jul 25, 2015, 4:05 PM UTC

jackgavigan wrote: post #11

> "..spawning copycats like PayPal’s Here card-swiping device and similar systems from Amazon.com Inc. and Intuit Inc." Actually, Intuit came up with the idea for using mobile phones to accept card payments in 2007. They ran trials in the Bay Area in summer 2008, launched GoPayment properly in early 2009 (with a Bluetooth reader supporting various feature phones), and launched an iPhone app in August 2009. Inner fenc…

PayPal started in 1999 as a way to "beam" money from one Palm Pilot to another via the infrared port. You'd load your Palm up with money from your bank / credit card, then use it like cash on your mobile device. http://archive.wired.com/science/discoveries/news/1999/07/20...

Re: Square Files Confidential IPO

#24

Post by pbreit » Sat, Jul 25, 2015, 4:25 PM UTC

jackgavigan wrote: post #11

> "..spawning copycats like PayPal’s Here card-swiping device and similar systems from Amazon.com Inc. and Intuit Inc." Actually, Intuit came up with the idea for using mobile phones to accept card payments in 2007. They ran trials in the Bay Area in summer 2008, launched GoPayment properly in early 2009 (with a Bluetooth reader supporting various feature phones), and launched an iPhone app in August 2009. Inner fenc…

the brilliance was creating a device cheap enough to distributed at low/no cost in large quantities. And that's what everyone then copied.

Re: Square Files Confidential IPO

#25

Post by pbreit » Sat, Jul 25, 2015, 4:28 PM UTC

unavoidable wrote: post #22

jackgavigan wrote: post #11

> "..spawning copycats like PayPal’s Here card-swiping device and similar systems from Amazon.com Inc. and Intuit Inc." Actually, Intuit came up with the idea for using mobile phones to accept card payments in 2007. They ran trials in the Bay Area in summer 2008, launched GoPayment properly in early 2009 (with a Bluetooth reader supporting various feature phones), and launched an iPhone app in August 2009. Inner fenc…

Once again proving that there are very few new _ideas_ out there. It's all about better execution.

Converting the Mag-stripe into an audio signal that could be sent through the headphone jack was pretty clever and enabled very cheap devices. And correct me if I'm wrong but I believe square was first there.

Re: Square Files Confidential IPO

#26

Post by minimax » Sat, Jul 25, 2015, 4:45 PM UTC

chkuendig wrote: post #12

Can anybody explain why a company would want to file for an IPO in confidentiality? Wouldn't it be in the best interest of the company to get some PR going before the roadshow starts? Unless they just want to test the waters and intend to pull the IPO in case they wont get the valuation they hoped for... (which again would be a terrible signal for potential IPO investors)

Just remember all the terrible press Groupon got whenever the SEC didn't like the non-gaap gimickry in their original S-1.

http://www.cbsnews.com/news/groupon-tries-to-make-the-sec-ha...

Re: Square Files Confidential IPO

#27

Post by bjterry » Sat, Jul 25, 2015, 4:59 PM UTC

toblender wrote: post #10

Does anyone know where to find IPO dates? I can't seem to find the day that the IPO will take place. In this case they didn't fully finish their filing, but other ones such as BOX, I didn't find out about the IPO until the actual day.

If you are trying to find out when they start trading in the open market, this site has a calendar: http://www.iposcoop.com/index.php?option=com_content&task=vi...

Re: Square Files Confidential IPO

#28

Post by larzang » Sat, Jul 25, 2015, 5:33 PM UTC

jgalt212 wrote: post #7

To me, Square seems a bit rudderless, but to others I'm sure they take that as being opportunistic. Despite Stripe's valuation, most hold that credit card processing fees are not the keys to riches. Their lending operation is pretty interesting. If structured as a payday loan operation for businesses, it can be quite profitable albeit fraught with regulatory and/or reputation risk. If not structured as a payday loan…

The business I work for uses Square Stands for POS, and we've noticed they've been steadily adding additional paid value-adds mostly relating to customer contact/retention to their dashboard system.

They don't seem to be confining themselves to processing and loans for increasing revenue, but are trying to become a basic ERP/marketing provider as well. Sage/Moneris already does the same thing so it makes sense.

Re: Square Files Confidential IPO

#29

Post by davidu » Sat, Jul 25, 2015, 7:24 PM UTC

unavoidable wrote: post #22

jackgavigan wrote: post #11

> "..spawning copycats like PayPal’s Here card-swiping device and similar systems from Amazon.com Inc. and Intuit Inc." Actually, Intuit came up with the idea for using mobile phones to accept card payments in 2007. They ran trials in the Bay Area in summer 2008, launched GoPayment properly in early 2009 (with a Bluetooth reader supporting various feature phones), and launched an iPhone app in August 2009. Inner fenc…

Once again proving that there are very few new _ideas_ out there. It's all about better execution.

Also timing. Mobile devices have come a long way in that time period, as has ecommerce.

Re: Square Files Confidential IPO

#30

Post by caseysoftware » Sat, Jul 25, 2015, 7:53 PM UTC

hooo wrote: post #16

That must mean they had trouble raising more privately!

Not necessarily.

They could be ready and this is the next logical step. Earlier investors could be pushing for liquidity. Maybe some of the early people - especially founders - want to move on and do the next thing.

On the last point, non-trivial share holders are generally locked up from selling for 3-6 months after the IPO to reduce the likelihood of a "pump & dump" scheme.