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OFFON

SQUARE, INC.

(SQ)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe BZX - 07/23 11:59:55 am
265.08 USD   +1.72%
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Square : After explosive growth at Square, Chase launches own version

10/21/2020 | 12:31pm EDT

NEW YORK (AP) — After watching the explosive growth at electronic payment start-ups like Jack Dorsey’s Square, JPMorgan Chase has launched its own version to lure small business owners increasingly relying on technology during the pandemic.

The bank's new QuickAccept checking account will allow businesses to process card payments almost instantly and have the funds available the same day.

QuickAccept is only available to businesses with Chase accounts and same-day funding is free if the money goes into a Chase Business account, the bank said Wednesday. Chase has more than 3 million small business clients.

Square charges 1.5% plus processing fees for same day funding, according to its website.

Chase for Business, a division of JPMorgan Chase, said the new tool can be activated immediately for U.S. sales through the Chase Mobile app or contactless mobile card reader, which costs $49.95. There is a monthly service fee of $15 for the card reader, which can be waived by reaching minimum account balances or meeting other requirements.

Chase's pricing is almost identical to Square's and others — 2.6% plus 10 cents for tap, dip, swipe transactions and 3.5% plus 10 cents for manual transactions through the mobile app.

Mobile payment platforms from Square and others had already become ubiquitous at small businesses, from restaurants to farmer's markets. The pandemic has accelerated that trend, with so many small businesses making transactions through a window or other barriers.

Quarterly sales growth at Square Inc. jumped from an already blockbuster 40% or more to more than 64% in its most recent quarter which ended in June. That growth comes after the company saw sales triple from 2018 to 2019, with projected revenue for 2020 expected to jump another 55%, according to FactSet.

Shares in Square fell 4.6% in afternoon trading Wednesday. Square was founded in 2009 by Dorsey, who is also the founder and CEO of Twitter.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

Stocks mentioned in the article
ChangeLast1st jan.
JPMORGAN CHASE & CO. 0.06% 150.8001 Delayed Quote.20.30%
SQUARE, INC. 1.38% 264.57 Delayed Quote.19.73%
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Financials (USD)
Sales 2021 20 330 M - -
Net income 2021 102 M - -
Net cash 2021 1 358 M - -
P/E ratio 2021 928x
Yield 2021 -
Capitalization 119 B 119 B -
EV / Sales 2021 5,77x
EV / Sales 2022 5,14x
Nbr of Employees 5 477
Free-Float 84,9%
Chart SQUARE, INC.
Duration : Period :
Square, Inc. Technical Analysis Chart | SQ | US8522341036 | MarketScreener
Technical analysis trends SQUARE, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 46
Last Close Price 260,59 $
Average target price 272,54 $
Spread / Average Target 4,59%
EPS Revisions
Managers and Directors
Jack Dorsey Chairman, President & Chief Executive Officer
Amrita Ahuja Chief Financial Officer & Treasurer
James Morgan McKelvey Independent Director
Lawrence Henry Summers Independent Director
David Alan Viniar Lead Independent Director
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