Square's Sky High Valuation
Gregory Alan Bolcer stashed this in Startups
Yup, they are worth every penny.
As compared to Amex/Visa/MC? They don't make you pay for the device and the point of purchase is MOBILE, i.e. iphone: disruptive.
They nailed their signup process. Compared to opening and verifying an Amazon business account or verified account on Paypal, it took 10 seconds versus wading through Amazon's super-restrictive and highly opaque, guess-and-see-if-it-works validation process and Paypal's abusive one.
My user scenario? School, boy scouts, church and athletic fundraisers where we typically take checks but not credit cards. There are other mobile card scanners that attach to your phone out there, but this one pretty much has it nailed.
One day soon we will not have to scan credit cards.
Isn't that what Apple Passbook is about?
Well, maybe in 20 years. I think there should be an app that takes the time stamp and a *picture* of the credit card to do the transaction as verified by some 3rd piece of info.
No dongle needed.
Dongle-free will be the new hotness.
Of course, Square has an app for that too. It's pretty awesome, actually.
If I were giving Yahoo one piece of advice, it would be: BUY SQUARE.
I downloaded the app that goes with the dongle, but if they have one without, I think that's exciting.
Also strongly agree with Yahoo advice.
They have one without -- I forget the name of it, but if you search for Square you should be able to find it.
The only problem with Yahoo buying Square is that I'm not sure Yahoo can afford to buy Square.
I suspect Square will be the next Tivo. I hope not.
Well, I'm trying it out, so we'll see once I've vetted it with some real use.
The app is "Pay with Square" and it's a big part of what they are doing with Starbucks from what I've been reading.
Will check it out, but I haven't been in Starbuck's in years--poverty & all. We'll, that's not really true, just spending priorities....
Christina, what do you mean by "Square will be the next Tivo"?
Those church and local fundraisers are key, I think. Would have been extremely useful as a kid!
Got my square. It's brilliant. I did a first test and charged $5 to myself. The only issue I see is that you can use your own credit cards to put cash in your account for cheaper than credit cards can do cash advances. That's probably not a good thing, but the charging for ad hoc purchases is brilliant.
It's a mixed up, jumbled up world we live in.