By combining an elegant integrated payments system with a distinctive conversation-triggering piece of hardware, Square has disrupted the credit card payments establishment while making credit card processing more accessible to small businesses everywhere.
In only a few short years (they were founded in 2009), Square has skyrocketed to a rumored valuation north of $3.25 billion dollars and 600 employees.
A cursory look at their growth would suggest that they succeeded on the back of an unfair advantage – founder Jack Dorsey’s celebrity status, but a deeper dive reveals a powerful and sustainable growth engine driven through a systems-based approach to product design and eye-catching hardware that fueled interest from anyone who saw it.
As with most fast growth products, the Square story starts with addressing a widespread need with an effective solution that completely reimagines small business payments. Before Square, it was illegal for non-registered merchants to accept credit card payments. Registering was a costly and difficult process that most small business owners couldn’t afford. These business owners struggled with the reality that while most people carried plastic instead of cash, the costs and complexity of credit card processing made it impractical to accept credit cards. Read more…