Starbucks to use Square for in-store payments, invests $25 million in the company

Starbucks to use Square for in-store payments, invests $25 million in the company

Square just got a big boost with Starbucks adopting the company’s credit card processing technology. Under the terms of the deal, the coffee chain will allow its customers to use Pay with Square, Square’s payer application, at participating U.S. Starbucks stores later this fall, and find nearby Starbucks locations within Square Directory. In order to pay for their coffee with Square, customers will have to download the Pay with Square application and set up an account on their iPhone or Android device.

Additionally, Starbucks will invest $25 million in Square as part of the company’s Series D financing round, with Starbucks’s chairman, president and CEO Howard Schultz joining Square’s Board of Directors…

Finally, we have a comment from Square’s co-founder and CEO Jack Dorsey – he said: “We’re proud that Starbucks chose Square, as we share the value of always putting customers first. 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.”

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