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Mobile payment company, used by many small businesses, postpones IPO

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Square postpones IPO due to problems with its “revenue run rate”, which is “a key projection of future performance,” according to Entrepreneur Magazine this morning. Created by Twitter founder, Jack Dorsey, Square has been a useful gadget used by many small businesses, even here in Hawai'i. The unit attaches to any mobile device in order for customers to make payments for services rendered.

Local Hawai'i small businesses, like Papa’s Dog Pound, use Square to accept credit card purchases. When a place like Papa’s Dog Pound use Square, they can have the customer’s receipt printed, emailed, or sent as a text message. This can be very convenient for the customer and saves on paper for the business.

When using Square, small businesses may track trends in payment activity and learn more about their customers. This is beneficial for small businesses to maintain a connection with their customers and to understand the buying power of the customers.

Square has raised $341 million in venture capital in the last five years or so. It will likely either go public or be sold to banks or credit card companies. With the mobile payment industry saturated with similar products, Square has its competition with the likes of PayPal, LevelUp, GoPago, and Bank of America.

To learn more about Square, click here.

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