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Companies

Square’s Pricing Shift Raises Costs for Smaller Transactions

“Rather than assess a 2.75% fee on in-store transactions, Square will now charge 2.6% plus a 10-cent fee, the company said Tuesday in a blog post announcing the change. The change means the fee on a $10 transaction rises to 36 cents from 27.5 cents. Costs for transactions starting at roughly $67 will go down.”
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Companies

Jack Dorsey: Mass Crypto Adoption Will Transform Square’s Business

“Rather than focusing on money transmission or payments, as at present, the firm will likely begin to develop services “like hardware, analytics and payroll and lending,” Dorsey said. Square integrated bitcoin in 2018, when its Cash App began selling the cryptocurrency to users. This service generated over $190 million in revenue over the first two […]
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Companies

Square Competition Concern Intensifies as Key Customer Bails

“Faucette, who has an equalweight rating on Square, said recent commentary indicates Joe & the Juice moved to competitor Adyen to gain a single global processor across all of its international markets. That suggests Square is still in the early days of developing its brand power in global markets and is less likely to offer […]
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Companies

Square Integrates With POS Software Goodtill

“Co-founder and director of Goodtill, Oliver Rowbory said, “Goodtill software is helpful and easy for merchants and by partnering with Square we are now able to serve more merchants without compromising on their experience. Integrating our point-of-sale with Square payment tools means a broader set of small and large merchants can utilise the tools they […]
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Companies

Square Keeps Rolling Along

“So the onus was on Square to show that growth wouldn’t again slip. And in the fourth quarter, as the company reported Wednesday after the close, it delivered. Year-over-year gross payment volume growth was 25%, the same as in the third quarter. This was despite the pricing changes implemented last fall that, on the whole, raised […]
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Companies

Square Raises Its Price for Instant and Same-Day Transfers to 1.5%

“In its latest pricing change, Square Inc. disclosed Tuesday that it will raise the cost of instant and same-day transfers from its merchants’ Square balances to their bank accounts to 1.5% per transfer from the previous rate of 1%. The change, announced on Square’s blog, took effect Tuesday for new users of the transfer service […]
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Companies

Square’s Cleanup Still Leaves Questions

“Fast transaction growth isn’t everything to Square, which is generating increasing revenue from lending, subscription services and its consumer Cash App. But like many payments businesses, the company’s take rate, or how much of each transaction it takes as revenue, is gently declining, due in part to doing business with larger merchants that drive tougher […]
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Companies

Square Gets Conditional Approval for Industrial Loan Charter

“Square Inc. announced late Wednesday that it had received conditional approval from the Federal Deposit Insurance Corporation to conduct deposit insurance related to an Industrial Loan Company (ILC) banking charter. The company also received approval from the Utah Department of Financial Institutions for this purpose. The approval grants Square the ability to operate a bank, […]