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Square Gets a Caffeine Boost From Starbucks

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Yesterday was probably one of the biggest days in Square's short history, Starbucks signed up with Square to process credit card transactions. Square is a start up, like Starbucks, and is a device that takes mobile payments. Not only does the move benefit Square with the millions in sales transactions Starbucks does, but it also hurts Square's competition. Sqaure's CEO Jack Dorsey [URL="https://squareup.com/letters/onward"]announced[/URL] the partnership.

[URL="http://www.pcworld.com/article/260575/starbucks_square_partner_up_to_make_paying_for_coffee_even_easier.html"]PCWorld[/URL] tells us more about Square: "Square is a [URL="http://www.pcworld.com/businesscenter/article/246889/getting_customers_and_merchants_to_adopt_mobile_payments.html"]mobile payments processor[/URL]that, among other services, allows vendors to [URL="http://www.pcworld.com/businesscenter/article/256465/square_mobile_payment_system_review_tiny_reader_simple_apps.html"]use their mobile devices as credit card readers[/URL]. According to Square's website, the company charges a competitive 2.75 percent per credit card swipe for Visa, MasterCard, Discover, and AmEx cards. Square also has a "Pay with Square" app for Android and iOS users. This app lets users pay participating businesses from their mobile device without ever handing over a physical card (the user's identity is verified by name and photo)."

[URL="http://techcrunch.com/2012/08/07/square-partnershi/"]TechCrunch[/URL] explains: "New Pay with Square users who frequent Starbucks will not only be able to pay for their cup of coffee without ever pulling out their wallet but they’ll also unlock a new world of merchants. At some point Starbucks will integrate the Square Directory into its own apps but it’s unclear if Pay with Square functionality will also be integrated. (Will this have an impact on Apple and its Passbook app when iOS 6 launches later this year? Starbucks was apart of the [URL="http://techcrunch.com/2012/06/11/apple-ios-passbook/"]Passbook demo at WWDC[/URL] this past June. Not to mention the fact that Square also has a [URL="http://techcrunch.com/2012/06/19/square-ventures-beyond-payments-with-debut-of-customer-loyalty-punchcard-program/"]loyalty program[/URL].)"

For more on this topic, check out why WSJ.com says it's '[URL="http://online.wsj.com/article/SB10000872396390444900304577577600084372054.html"]Hip to Be Square[/URL]'.

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