Jack Dorsey: Today Starbucks Signed up for Square
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Re: Jack Dorsey: Today Starbucks Signed up for Square
#2Wow, huge deal for Square. I'm very curious what the terms of the deal are: presumably Starbucks isn't willing to pay much more than what their current processing fees are (maybe a tiny bit more for the premium of being able to use Pay with Square?), so Square must be losing a decent chunk of change in exchange for the huge marketing and growth this gets them.
Re: Jack Dorsey: Today Starbucks Signed up for Square
#3[deleted]
Re: Jack Dorsey: Today Starbucks Signed up for Square
#4Can someone explain me what it means for customers? As far as NYC goes, each Starbucks accepts Visa, Master Card, Discovery and American Express (the card that plenty businesses hate). So what is the benefit for the customers?
Re: Jack Dorsey: Today Starbucks Signed up for Square
#5Wow, huge deal for Square. I'm very curious what the terms of the deal are: presumably Starbucks isn't willing to pay much more than what their current processing fees are (maybe a tiny bit more for the premium of being able to use Pay with Square?), so Square must be losing a decent chunk of change in exchange for the huge marketing and growth this gets them.
They mentioned the investment as part of a series D financing. I'm assuming any tradeoff in per/transaction costs is going to be more than made up in the scale and regular usage that Square is going to get from this partnership.
Re: Jack Dorsey: Today Starbucks Signed up for Square
#6I think more than any other benefit, Square has been validated by a premier American chain. It will be a much easier sell to other large chains. The big money for Square is in having these large customers with multiple POS deployments, where overhead will be small compared to revenues, at least relative to single shop customers.
It will also put their product in front of end customers, many for the first time. I for one have heard/read about Square since they first started shipping readers, but had not actually seen the product in action till last weekend (live in Silicon Valley).
Re: Jack Dorsey: Today Starbucks Signed up for Square
#7Can someone explain me what it means for customers? As far as NYC goes, each Starbucks accepts Visa, Master Card, Discovery and American Express (the card that plenty businesses hate). So what is the benefit for the customers?
https://squareup.com/pay-with-square
Smart phone based wallet, a la Google Wallet.
Re: Jack Dorsey: Today Starbucks Signed up for Square
#8Can someone explain me what it means for customers? As far as NYC goes, each Starbucks accepts Visa, Master Card, Discovery and American Express (the card that plenty businesses hate). So what is the benefit for the customers?
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Re: Jack Dorsey: Today Starbucks Signed up for Square
#9Can someone explain me what it means for customers? As far as NYC goes, each Starbucks accepts Visa, Master Card, Discovery and American Express (the card that plenty businesses hate). So what is the benefit for the customers?
One cool feature about the Square mobile app is you can set up geofenced "tabs" that automatically get opened if you get close enough to an establishment.
So you keep your phone in your pocket, walk into Starbucks and order a drink as you do every morning. You tell them "put it on John's tab." You get a receipt in your email immediately thereafter, and never have to pull out your phone or wallet.
Re: Jack Dorsey: Today Starbucks Signed up for Square
#10Can someone explain me what it means for customers? As far as NYC goes, each Starbucks accepts Visa, Master Card, Discovery and American Express (the card that plenty businesses hate). So what is the benefit for the customers?
One cool feature about the Square mobile app is you can set up geofenced "tabs" that automatically get opened if you get close enough to an establishment. So you keep your phone in your pocket, walk into Starbucks and order a drink as you do every morning. You tell them "put it on John's tab." You get a receipt in your email immediately thereafter, and never have to pull out your phone or wallet.
Doesn't this now or won't it eventually dismiss with the credit card portion all together thus making the margin available to Square?