Product To Watch
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Product to Watch: Square
Andrew ChaseBSAD 196 A: Product Management
Spring 2010
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What is Square?
http://www.youtube.com/watch?v=
QSzsFAJAKHI
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About
• startup company, Square Inc., is based out of San Francisco, and backed by venture capital firm Khosla Ventures and a group of angel investors
• idea for the product was born in February of 2009 when Jim McKelvey lost out on a sale of $2000 at his glass art business because he was unable to accept credit card payments
• focused on bringing “immediacy, transparency, and approachability to the world of payments”
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https://squareup.com/about
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https://squareup.com/about
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https://squareup.com/about
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https://squareup.com/about
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Tangible Composition
40%
20%
40%
Tangible (Good)Intangible (Idea)Intangible (Service)
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Total Product Concept
• Functional: allow individuals to accept mobile payments without the use of a traditional processing machine
• Aesthetic: sense of sight with its visually pleasing user interface, as well as touch with the tiny card reading gadget
• Customer Service: guaranteed for all issues relating to “any Square Account, payment, card processing, debiting or crediting”
• Psychological: ease user frustration with the process of accepting card payments because doing so is still difficult
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Value
• three percent transaction fee on each swipe • eliminates the need for a merchant account• retailers can expect sales to rise five percent
soon after beginning to accept credit card payments
• the timesaving aspect of Square is huge • benefits received > costs, which equates to
significant value that can be passed on to the customer
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