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 has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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