Look what Square did!

February 23, 2011 at 4:38 pm Leave a comment

Remember when we discussed the financial opportunities of using Square as a tool for getting quick payments? Well according to INC.com the company Square has cut the 15 cent processing fee to their transactions. I think this will be great, since much of our class has a business model that would be streamlined by processing credit card payments. This solution is shaping up to be a great tool for small business owners and entrepreneurs in general.

Getting the Money (Photo Credit-http://smallbiztrends.com/2010/02/how-to-get-paid-like-michael-dell.html)

One of the greatest nightmares faced by small business owners like myself has been the dreaded fight to get paid for work done. There are many industries that face this challenge, construction contracting is perhaps one of the biggest realms where getting paid quickly is a nothing but a pipe dream. With technology like Square and their competitors, there is a cheap payment processor can cut the dreams and become a larger part of the business. The news that Square cut the fee got me thinking how to make the capitol flow: What a great way to get and process small investments.

After our class with Pavan Muzumdar, the idea of using revenue for funding began to percolate in my mind. Since we have been polishing and refining our idea pitches at a fevered rate, I found myself lacking the targeted goal for refining my pitch. Then Square! Here is the goal, create the pitch with the express purpose of getting the casual friend, or the family member to buy an “option” investment. Granted its farfetched, but do you think you can transfer the passion of your idea into a micro investment opportunity? I’m not talking about hundreds of dollars, just small stuff. If they really want to invest more they can. The premise seems crazy, but what if your cause or idea is worth it? Maybe it’s the big litmus test for the soundness of your concept? Remember the rumor about a guy who funded his education by asking for one penny at a time, crazy but it worked.

I am so excited that square is refining their model closer to their objectives mentioned in the article. I’m excited because the light at the end of the tunnel is getting brighter, it might be a ‘square’ light but as an entrepreneur looking for bootstrap funding it has the potential to make the next step a reality.

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Entry filed under: Etc., In the News, Tools/Resources.

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