Twitter creator Jack Dorsey’s new venture, Square, looks to help the individual and very small business receive credit card payments. And this potential game-changer has just received backing from an industry leader. Check that. Not just an industry leader. But Visa, the single largest credit card company in the world.
Square COO Keith Rabbois comments regarding the financial backing that the company continues to “explore collaborative partnerships that might make sense.” But what sort of partnership does make sense? Does Visa have a vested interest in letting Square accept only Visa cards – or offering a discounted rate for doing so? Perhaps. Well, surely in fact. But, doesn’t Square have a vested interest in staying as open as possible, if their goal truly is to allow very small businesses access to accepting credit card payments?