Square: not square at all
I am reluctant to admit that I had never heard of a company named Square until a couple of weeks ago. Then I had a coffee at a Cartel Coffee Lab. After ordering an Agave Latte (another first of mine), I was presented with an iPad to complete the transaction. The employee swiped my credit card, I signed the iPad with my finger, and a receipt was emailed to me. Talk about a perfect solution for the merchant and customer – no bulky/ugly/expensive cash register and no forest destroying piece of paper that the customer is inevitably going to lose. With what seems to be a revolutionary business, it turns out that Square is not square at all.
TechCrunch recently reported that over 1 million merchants processing $11 million in payments per day are currently using Square. Similarly, recent reports value Square at an estimated $1 billion. Despite the controversial valuations being given to tech startups, is it possible that Square is undervalued? As Square continues to expand, I am hopeful that more of my favorite merchants and retailers will start using Square. You will be too.