Less is more: from Twitter to Square
The name of Jack Dorsey may not have become a household name, but if you watched the rapid rise of the Square project (a prototype and inspirer of our company 2can.ru ) or have ever used Twitter, you are familiar with the results of his work. A 36-year-old entrepreneur founded Twitter and in 2010 created Square. In those days, most people simply could not imagine the possibility of attaching a card reader to a smartphone and accepting payments anywhere, anytime.
Today, Square holds transactions totaling more than $ 10 billion a year, and more than three million private entrepreneurs and businessmen, including more than 7,000 Starbucks, have signed up for the company's service.
The Square project portfolio now also has its own cash desk - Square Register service, a full-fledged cash terminal for business, which allows you to receive payments, keep stock records and share information about the location and available menu (for catering), and Square Wallet is an application that allows customers pay by simply calling their name in their favorite companies, save checks, examine nearby establishments, view the menu, and send gift certificates.
What is the next step for Square? Now this payment solution is available in Canada, and Dorsey hopes to enter the global market in a very short time.
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STORES editor recently talked to Jack Dorsey:
Why do you think Square took off so fast?
Our first three clients were a flight instructor, a flower shop and a coffee shop in San Francisco. Little by little we learned more about payments. In particular, we have learned a lot from the coffee shop to understand what they need in order to accept cards for payment, as well as ... to conduct their business. We have created a full-fledged cash register, which can accept both cards and cash, keeps records of payment checks, and also sends cash checks by e-mail or SMS. Then we created an accounting system for the business as a whole.
The most valuable thing that Square provided ... was the analyst. How many cups of coffee did they sell per day or how many percent of people bought biscotti? What hours were the most active, which day was the most active? A key indicator of successful business is an understanding of its performance indicators and obtaining clear, transparent information that helps to make decisions.
We make a big bet on the information that we provide to our customers so that they can better build their business and better serve their customers.
Describe your perfect idea about trading.
The ideal is that which is obtained by using the Square Wallet. I can go to the store, ask for coconut sorbet and say: “Write down Jack’s name”. I do not need to remove my wallet or phone. The seller can verify that this is actually me, simply by comparing my face with a photo on the screen of my device. The seller clicks on the order and the money is withdrawn from my card.
We believe that the mechanics of payment should actually disappear ... Ideally, you will just have to go to the checkout, call a hint and payment will occur.
The partnership with Starbucks was a turning point. Will other major retailers join Square this year?
When we started a partnership with Starbucks, we saw a great interest from retailers in a wide variety of industries ... We are building a system and technology that could scale from a private person who holds a garage sale to the largest organizations. We want to build technologies that will align the playing field for all participants, so that individual entrepreneurs and companies can compete in the merits of the products they offer. The most weighty statement: the software remains the same for everyone.
What about transaction fees?
Usually, the amount of commission is different for different credit cards used by the buyer. We have simplified this system, leaving only a commission of 2.75% for any card. We pay Visa, MasterCard, AmEx and banks all of the same 2.75% so as not to confuse our customers.
Together with the simplification of the interest rate, we are working to reduce the risk of errors and fraud. We use technology to minimize the risk of fraud in each of the elements of the system - and at the same time cut costs. This is a long way, but Square technologies can make transactions more secure.
Square has a very simple cost structure. We give the terminal and software that remain entirely on the client side. We charge one rate instead of forcing enterprises to pay a minimum amount every month, down payment and transaction fees, and also charge a fee for withdrawing funds. The goal is for people to quickly figure out how this works regardless of the size of their business.
You believe in management through observation *. What do you mean by this?
We have open space in the office. I spend most of my work time wandering around, talking to people about what they are working on at the moment. Management through observation allows moments of intuitive inspiration to happen when I hear something that I could never plan and this allows me to think in a completely different way.
All my meetings are also open, so that anyone can pass by and hear something that they did not expect to hear and it can also turn their thoughts in a new direction. It helps to see things in an unusual light and increase the potential of creativity.
Business experts use the term “subversive” when they talk about you or your technology. A compliment or criticism?
Undermining means merely mixing up familiar concepts, without any vision, goal, or value, and, in fact, it introduces more uncertainty than clarity. I prefer to concentrate on more revolutionary things that matter, value and meaningful mission, and move the world forward.
Square does something that reveals broken spots in the market and turns them around. We start the movement and cause a revolution, starting with a small one. But I’m sure this will lead to something much bigger.
What do you think will be the next big breakthrough?
Over the past 30 years, we have seen evolution from the mouse and keyboard to the cursor and the use of our fingers. Now we are seeing a shift to the voice control of computers. This is a movement to use the abilities given by us from birth and to strengthen them with technologies.
Square allows you to keep your phone in your pocket or bag, go to the cashier and, having called your name, make a purchase. This creates a certain value, but you do not see the technology behind it. It is surprisingly interesting to think about how technology really disappears.
Where do you see yourself in three years?
I think I can influence and have a positive impact by focusing on creating things. We want to build a stable company, something that would survive for more than one generation of human life and have had a great impact on the world. My focus is on creating a great organization so that we can create great products that people love.
* ”Management by wandering” or “management by walking around” - approx. translator
Today, Square holds transactions totaling more than $ 10 billion a year, and more than three million private entrepreneurs and businessmen, including more than 7,000 Starbucks, have signed up for the company's service.
The Square project portfolio now also has its own cash desk - Square Register service, a full-fledged cash terminal for business, which allows you to receive payments, keep stock records and share information about the location and available menu (for catering), and Square Wallet is an application that allows customers pay by simply calling their name in their favorite companies, save checks, examine nearby establishments, view the menu, and send gift certificates.
What is the next step for Square? Now this payment solution is available in Canada, and Dorsey hopes to enter the global market in a very short time.
')
STORES editor recently talked to Jack Dorsey:
Why do you think Square took off so fast?
Our first three clients were a flight instructor, a flower shop and a coffee shop in San Francisco. Little by little we learned more about payments. In particular, we have learned a lot from the coffee shop to understand what they need in order to accept cards for payment, as well as ... to conduct their business. We have created a full-fledged cash register, which can accept both cards and cash, keeps records of payment checks, and also sends cash checks by e-mail or SMS. Then we created an accounting system for the business as a whole.
The most valuable thing that Square provided ... was the analyst. How many cups of coffee did they sell per day or how many percent of people bought biscotti? What hours were the most active, which day was the most active? A key indicator of successful business is an understanding of its performance indicators and obtaining clear, transparent information that helps to make decisions.
We make a big bet on the information that we provide to our customers so that they can better build their business and better serve their customers.
Describe your perfect idea about trading.
The ideal is that which is obtained by using the Square Wallet. I can go to the store, ask for coconut sorbet and say: “Write down Jack’s name”. I do not need to remove my wallet or phone. The seller can verify that this is actually me, simply by comparing my face with a photo on the screen of my device. The seller clicks on the order and the money is withdrawn from my card.
We believe that the mechanics of payment should actually disappear ... Ideally, you will just have to go to the checkout, call a hint and payment will occur.
The partnership with Starbucks was a turning point. Will other major retailers join Square this year?
When we started a partnership with Starbucks, we saw a great interest from retailers in a wide variety of industries ... We are building a system and technology that could scale from a private person who holds a garage sale to the largest organizations. We want to build technologies that will align the playing field for all participants, so that individual entrepreneurs and companies can compete in the merits of the products they offer. The most weighty statement: the software remains the same for everyone.
What about transaction fees?
Usually, the amount of commission is different for different credit cards used by the buyer. We have simplified this system, leaving only a commission of 2.75% for any card. We pay Visa, MasterCard, AmEx and banks all of the same 2.75% so as not to confuse our customers.
Together with the simplification of the interest rate, we are working to reduce the risk of errors and fraud. We use technology to minimize the risk of fraud in each of the elements of the system - and at the same time cut costs. This is a long way, but Square technologies can make transactions more secure.
Square has a very simple cost structure. We give the terminal and software that remain entirely on the client side. We charge one rate instead of forcing enterprises to pay a minimum amount every month, down payment and transaction fees, and also charge a fee for withdrawing funds. The goal is for people to quickly figure out how this works regardless of the size of their business.
You believe in management through observation *. What do you mean by this?
We have open space in the office. I spend most of my work time wandering around, talking to people about what they are working on at the moment. Management through observation allows moments of intuitive inspiration to happen when I hear something that I could never plan and this allows me to think in a completely different way.
All my meetings are also open, so that anyone can pass by and hear something that they did not expect to hear and it can also turn their thoughts in a new direction. It helps to see things in an unusual light and increase the potential of creativity.
Business experts use the term “subversive” when they talk about you or your technology. A compliment or criticism?
Undermining means merely mixing up familiar concepts, without any vision, goal, or value, and, in fact, it introduces more uncertainty than clarity. I prefer to concentrate on more revolutionary things that matter, value and meaningful mission, and move the world forward.
Square does something that reveals broken spots in the market and turns them around. We start the movement and cause a revolution, starting with a small one. But I’m sure this will lead to something much bigger.
What do you think will be the next big breakthrough?
Over the past 30 years, we have seen evolution from the mouse and keyboard to the cursor and the use of our fingers. Now we are seeing a shift to the voice control of computers. This is a movement to use the abilities given by us from birth and to strengthen them with technologies.
Square allows you to keep your phone in your pocket or bag, go to the cashier and, having called your name, make a purchase. This creates a certain value, but you do not see the technology behind it. It is surprisingly interesting to think about how technology really disappears.
Where do you see yourself in three years?
I think I can influence and have a positive impact by focusing on creating things. We want to build a stable company, something that would survive for more than one generation of human life and have had a great impact on the world. My focus is on creating a great organization so that we can create great products that people love.
* ”Management by wandering” or “management by walking around” - approx. translator
Source: https://habr.com/ru/post/177303/
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