Which company, founded by Jack Dorsey, provides mobile payment solutions for online merchants? The answer is Square.
Square is the merchant-payments company founded by Jack Dorsey and Jim McKelvey. It grew from a simple idea: small sellers needed a practical way to accept card payments without installing traditional point-of-sale equipment. Square’s compact card reader connected to a mobile device and worked with its payment software.
The original inspiration came in 2009, when McKelvey was unable to complete a $2,000 sale of handmade glass faucets because he could not accept a credit card. Square launched its first product soon afterward and expanded into invoicing, online checkout, inventory, payroll, appointments, business banking and analytics.
A common mix-up is treating Square as only a physical card reader. Its platform also supports online merchants and links digital storefronts with in-person sales. In 2021, the parent company changed its name from Square, Inc. to Block, Inc.; Square remains the name of its seller-focused business, while Cash App is the company’s better-known consumer product.