Square

Cartwheel partners with Square to offer restaurants new delivery options

Point of sale terminal for restaurant

On-demand delivery platform Cartwheel has struck a series of deals in the last few weeks giving it added scale and creating a viable alternative to restaurants that may be looking for delivery partners.

The latest deals are with payments provider Square and the The Restaurant Marketing and Delivery Association (RMDA). Combined the two agreements will enable restaurants to leverage Cartwheel’s platform for delivery services.

“A great delivery experience is essential to earn a consumer’s repeat...

https://www.freightwaves.com/news/cartwheel-partners-with-square-to-offer-restaurants-new-delivery-options

Slowing bitcoin revenue drags down Square earnings

As third-quarter earnings results have poured in for major online retailers, investors have been left in a state of confusion. Amazon, Wayfair and Shopify all posted results that were below investors’ expectations.

Amazon.com (NASDAQ:AMZN), Wayfair (NYSE: W) and Shopify (NYSE: SHOP) represent only one side of the equation, though. Fintech firms underpin the omnichannel payment sector, and Square is the first major company to report its quarterly results.

Like the e-tailers, Square (NYSE: SQ)...

https://www.freightwaves.com/news/square-releases-q3-earnings

BNPL providers not charging late fees may face consequences

Buy now pay later services with no late fees might struggle for profit this holiday season

Nothing good comes for free, but it does come 75% off up-front. That’s the payment model for many of the buy-now, pay-later (BNPL) services that are springing up across businesses large and small – customers will often pay for the product in four smaller installments, forking over only a quarter of the asking price at checkout and coming up with the rest later.

It sounds sort of like how a credit card works, with the buyer receiving the product before the credit provider receives the payment....

https://www.freightwaves.com/news/bnpl-providers-not-charging-late-fees-may-face-consequences

Square to acquire buy-now, pay-later firm Afterpay in $29B stock transaction

Payments services provider Square (NYSE: SQ) announced on Sunday night that it was acquiring Afterpay for approximately $29 billion in stock. The deal is an all-stock transaction, with Square acquiring all the issued shares of Afterpay, pending a court-approved “Scheme of Arrangement.”

A Scheme of Arrangement is a U.K. court mechanism under which U.S. companies can enter arrangements with shareholders and/or creditors. It is frequently used when a takeover happens.

Square stock was up more than...

https://www.freightwaves.com/news/square-to-acquire-buy-now-pay-later-firm-afterpay-in-a-29b-stock-transaction

Square benefits from improving economy, Bitcoin investment to post 266% revenue hike

The economic recovery accelerated payment provider Square’s (NYSE: SQ) Q1 2021 earnings, with gross profit up 79% year-over-year on $5.06 billion in net revenues, a 266% increase year-over-year. Excluding Bitcoin revenue, Square posted total net revenue of $1.55 billion, a 44% year-over-year increase.

Gross profit was $964 million, up from $804 million a year ago. Adjusted earnings before interest, taxes, depreciation and amortization was $236 million, up from $9 million a year ago and $185...

https://www.freightwaves.com/news/square-benefits-from-improving-economy-bitcoin-investment-to-post-266-revenue-hike

Foodetective seeks to unify restaurant systems

Foodetective raises $2 million in seed funding

A survey of 500 restaurants and 1,000 consumers released in February found that 62% of restaurant revenues in 2021 are expected to come through online channels. In addition, the survey, conducted by Wakefield Research on behalf of payments provider Square (NYSE: SQ), found that 75% of restaurants plan to offer contactless ordering and payment options, with 61% of those utilizing on-premise payment systems.

Digital orders to restaurants in the U.S. rose 145% in December 2020 compared to December...

https://s29755.pcdn.co/news/foodetective-seeks-to-unify-restaurant-systems

Stripe most expensive startup in US with $95B valuation

Payments technology provider Stripe has raised $600 million in additional funding for a $95 billion valuation, making the firm the most valuable startup in the U.S., according to CB Insights, which pegs the company’s valuation second only to China’s Bytedance in the world. Bytedance is valued at $140 billion. 

Stripe, which is based in San Francisco, California, and Dublin, Ireland, was valued at $36 billion last April when it also raised $600 million. Total funding across 15 rounds is now $2.2...

https://www.freightwaves.com/news/stripe-most-expensive-startup-in-us-with-$95b-valuation

Cryptocurrencies gaining traction as e-commerce payment option

A number of sellers are diving headfirst into cryptocurrencies as a form of payment for e-commerce purchases. The latest is Japanese e-commerce giant Rakuten.

In its year-end earnings report, Square (NYSE: SQ) said it had purchased approximately 3,318 bitcoins at a cost of $170 million. The company previously had purchased $50 million in bitcoin. The total of approximately $220 million represents roughly 5% of Square’s total cash, cash equivalents and marketable securities on hand as of Dec. 31,...

https://www.freightwaves.com/news/cryptocurrencies-gaining-traction-as-e-commerce-payment-option

Square posts strong Q4, full-year earnings; purchases $170M in bitcoin

Payment services provider Square (NYSE: SQ) posted a 52% year-over-year increase in Q4 2020 gross profit of $804 million and up from $794 million in Q3 2020. Total net revenue for the quarter was $3.16 billion, up 141% year-over-year, versus analysts’ consensus of $3.11 billion.

Transaction-based revenue was $929 million in the fourth quarter of 2020, up 12% year over year, and transaction-based gross profit was $394 million, up 26% year over year. Subscription- and services-based revenue was...

https://www.freightwaves.com/news/square-posts-strong-q4-full-year-earnings-purchases-170m-in-bitcoin

Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.