Many have good enough credit to be approved for taking credit cards, but many do not. “We are going after 26 million folks who are not merchants in a classic sense,” he says. "Nearly 60 percent of these wouldn’t qualify for the more traditional merchant payment solutions."
Monday, February 7, 2011
Square's Market Segment: 16 Million Non-Traditional Retailers
Square, which makes a card reader that plugs into the headphone socket of an iPhone, Android Phone or an iPad, is designed to allow anyone can accept credit card payments anywhere. And Square has a clear idea of its niche in the market, though it is a large "niche."
“Most of our competitors (including the likes of VeriFone and Intuit) focused on seven million merchants who have the ability to get merchant accounts from say Visa or MasterCard,” says Keith Rabois, Square COO.
Gary Kim was cited as a global "Power Mobile Influencer" by Forbes, ranked second in the world for coverage of the mobile business, and as a "top 10" telecom analyst. He is a member of Mensa, the international organization for people with IQs in the top two percent.
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