The mobile payments company will now process all debit and credit transactions for Starbucks.
Starbucks has not only partnered with Square but has also invested $25m in the company. The coffee giant’s chairman and CEO, Howard Schultz, will join Square’s board of directors.
The partnership is a major win for Square which will provide a quick and easy payment option at approximately 7,000 Starbuck stores while reducing Starbucks payment processing costs.
"As the largest retail mobile payment platform in the U.S., we’re excited and proud to accept payments with Square," said Howard Schultz, Starbucks chairman, president and ceo. "The evolving social and digital media platforms and highly innovative and relevant payment capabilities are causing seismic changes in consumer behavior and creating equally disruptive opportunities for business.
Both Starbucks and Square take a similar approach when building products and running our businesses, and together we can bring the best possible payment experience to Starbucks customers."
Customers will be able to use Pay with Square at participating Starbuck stores starting this Autumn and search for nearby Starbucks in the Square directory.
To pay using Square customers need to download the Pay with Square application and set up an account on their Android or iPhone mobile device.
"We’re proud that Starbucks chose Square, as we share the value of always putting customers first," said Jack Dorsey, co-founder and CEO of Square. "More than 2 million individuals and businesses can already use Square. This partnership will accelerate our ability to provide them with the tools they need to grow their business and thrive in today’s economy."
Square is based in San Francisco and was founded in 2009 by Twitter founder and CEO, Jack Dorsey. The company allows enables merchants to accept credit and debit cards while avoiding costly payment processing fees.
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