Innovations in Payment Systems Square

Description of company Square Inc is an innovative company that was launched in December 2009. Its president and the co-founder, Jack Dorsey, is also the co-founder of Twitter, a social network platform. The logic behind Square Inc. is to use paperless money as a mode of payment and transaction where every tweet would be a transaction.Advertising We will write a custom case study sample on Innovations in Payment Systems: Square specifically for you for only $16.05 $11/page Learn More The company is on the verge of changing the mode of payment in the U.S to ensure that payment is carried out through the use of smartphones (Romo 2). However, the president of Square Inc. has recently admitted that the company entered in the market prematurely. Square Inc will ensure that payments are transacted everywhere since they are supported by android phones, iPads, and iPhones. According to the company’s president, the goal of Square is to enable customers acc ept payments instantly, everywhere. Nonetheless, the company is wary of the anticipated competition from other emerging players like PayPal, Apple, and Google. The company has also devised a method of using the smartphones as cash registers whereby a squared credit card reader is connected to the Smartphone and transactions carried out easily (MacMillan 44). Lastly, the innovative payment system of Square Inc. does not require fixed costs, hardware costs, and credit check like other credit payment systems. This makes it unique and competitive as people are on the lookout for the best mode of payment that is up to the current recession and changing market trends. Problem definition, Goal, and Constraints The problem is to determine whether Square Inc. is wary of, and ready to accept and face competition from other emerging companies that have adopted new modes of payments in the industry. Square Inc. has to make sure that its new payment transaction system has no loopholes that could be used by other companies as a competitive advantage. However, their goal is to â€Å"enable people to accept payments immediately, everywhere† (Siegler 3).Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, this has not been achieved yet since the company is facing hardware shortages, although it has ordered for the parts. Another constraint facing the company is the inability to carry out transactions in the quickest time possible as some incidents of delay have already been reported to the Square management team. This problem could have resulted from its underwriting infrastructure facilities and capabilities (Siegler 4). The company is also faced with the fear of customers caught up in fraud cases in the course of carrying out their payment transactions as this could dent their image. Although Square Inc wishes to execute a modern method of carrying out tra nsactions through mobile phone innovations, the mode of payment faces a major blow if cheques re-emerge as a mode of payment. The company also faces stiff competition from emerging competitors like, PayPal, Google, and Apple who could offer better modes of transactions and services than Square Inc. Lastly, the company is constrained by its inability to handle risks associated with charge backs by determining the transactions limits (Siegler 4. This could lead to incidents of fraud and other malicious issues on the part of the users. Analysis of possible solutions For Square Inc. to remain relevant and competitive in the market, it has to devise solutions that will help the company to address the current problem and constraints facing it. The constraints act as impediments in realizing the company’s goal, which is to enable payments anywhere immediately. The solutions that follow would enable Square Inc. to solve the current problems as well as allowing the company to compete favorably and effectively in the market. Square Inc needs to develop strong encryption software that would address the risks of fraud thus promoting security (Romo, 2011). This would ensure that crime cyberspace is reduced since hackers or fraudsters cannot access credit cards in the process of carrying out transactions.Advertising We will write a custom case study sample on Innovations in Payment Systems: Square specifically for you for only $16.05 $11/page Learn More It is also supposed to create awareness to its customers on the need to secure their phones and passwords as fraudsters could take advantage of their carelessness to commit frauds. The company has to address the issue of the hardware shortages by importing or finding a reliable supplier who will address the increased demand by Smartphone users. This would ensure that customers are not swayed away by other payments providers like the NFCs system of Goggle or PayPal. Customers have already filed complaints, and the President of the Square Inc has also acknowledged that there have been delays in carrying out transactions. The company needs to view the causes for delays during transactions immediately before consumers lose their loyalty towards the brand and adopt other modes of payments. Square Inc needs to improve its underwriting infrastructure facilities and capabilities to a competitive edge. This will increase its competence and the speed required in financial transactions. Technology improvement is the core solution to the problems facing Square Inc. Therefore, the company needs to address its problems before entering the market with full force. Lastly, the looming problem facing Square Inc. is the emergence of other rival companies who are bound to introduce competitive rivalry through perfect substitute products. The company can operate at low costs by minimizing the transactional costs. This would create a competitive advantage to the company, thereby increasi ng its profits margins. Through marketing methods and structures, Square Inc. can make the new mode of transactions acceptable by its customers and other people who posses Smartphones or are willing to adopt one. This would ensure that it gains adequate market share, making it competitive. Recommendation that need to be adopted Based on the analysis of the problems, constraints, and the available solutions, it is recommended that Square Inc. adopts all the solutions because they address all the issues currently being experienced. No problem should be taken for granted as a single mistake would affect the customers affecting their loyalty.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Other than solving the problems, it is recommended that the company adopts a more efficient and the latest technology accessible to all customers. With competition increasing in the industry, Square Inc could operate under economies of a scale after reducing the transactional costs. This would ensure that the company remains relevant and that it realizes its competitive edge. Square Inc has the capability of turning the whole industry into a technological hub. To retain its capabilities, the company needs to devise a means of improving its software and hardware to meet the changing consumers’ demands and the markets trends caused by technological advancements. In conclusion, although Square Inc seems to be the latest option that will change payment transactions, the company needs to address all its problems in advance. This will ensure that it remains relevant in the market as it competes favorably and effectively. Works Cited MacMillan, Douglas. Turning Smartphones into Cash Registers. Bloomberg Businessweek, February 2011. Web. Romo, Venessa. Square Businesses ‘Square’Away Client Bill Pay. January  2011. Web. Siegler, Michael. â€Å"Square Delays Mass Roll-Out, Admits They Began Before Things Were â€Å"Fully Baked†Ã¢â‚¬ . June 2010. Web. This case study on Innovations in Payment Systems: Square was written and submitted by user Brandon Goff to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Satchmo essays

Satchmo essays Louis Armstrong, also known as The Great Satchmo, was one of the greatest musicians in the United States during his time. The actual date of Louis Armstrong's birth has been debated over time. Some say that he was born on July 4th, 1900. Others say that he was born on August 4th, 1901. There is also some historical evidence that Armstrong was born around 1898. When Louis was born, he was not born into the greatest life-living conditions. He was born in an impoverished area of New Orleans. The place he was born at was known as the Back O'Town. At the time of Louis' birth, his father, Willie Armstrong left the family, leaving him to be raised by his grandmother, Josephine Armstrong. His mother, Mayann, was not able to take care of him for the first few years of his life. While he was growing up during his childhood, he had been exposed to a lot of music. He was influenced by blues, ragtime, and religious music. Armstrong had worked many odd jobs, but his best job that he w orked was as a singer in a barbershop quartet on the streets. He did this to make money. In 1912, Armstrong was arrested and put in the Waifs Colored Home in New Orleans. Some people say that he was arrested over firing a firearm, but historians believe that he was arrested because of a delinquency charge. While he was in this home, he had been provided with his first musical training with an instrument. Peter Davis, a member of the house was the first to teach him to play. Armstrong also played his first cornet and joined a band while at the home. They did marches and performed ragtime music. While in New Orleans, Armstrong had worked with a man known as Joe Oliver. He was a teacher to young Louis Armstrong. While Louis worked with Oliver, he had gained public exposure as a musician. However, Oliver had left New Orleans to go to Chicago, which left Armstrong to be Olivers replacement in ...