Transcript for Square is Not For Sale
This morning mobile payment company square announcing a plan to give small companies thousands of dollars to help them build out their businesses. It's called square capital and according to CEO Jack Dorsey. It lets -- start -- to get cash without dealing with the bank. I sat down with the man who brought you Twitter and now square for a one on one about the new venture the future of square and much more Nicholas. But the biggest blocker for any seller -- access to capital doesn't matter how -- are helping you are. Just getting access to capital to grow up so we wanted to build a very simple service that works right and square register. Seat unless we're registering you run your business -- and then you have the option to take in advance of working capital and you. You can use that to buy inventory can buy equipment in this particular case Kathy Karpin York city. They opened the store entrance of the problem and some six location. And the way this is payback there's just swiping your customer's credit cards -- -- -- design something that actually worked in the course your business. That's the case of Kathy -- they are literally paying this money this advance back. Two square by a percentage of their sales over time. Just by swiping their customers' records just by doing their business. -- event it's been done a lot of small businesses will go out and trying get alone which can take. Lots and lots of time making -- very time consuming and you don't know what the end game will be you don't know you're gonna get the money or not here. You're guaranteed to get the money. In this particular case. Just in your registry have a little but. And it and you get access to capital inside the next business morning concern easing concern spending. And then you just payback after customers fired guns fire services so it is in the course your business but the most important things it's. Thanks to its fair and it's a trance parents. Process so you know how to produce what you'll be spending -- and we're gonna. -- -- -- -- How is it fair what what what is somebody paying to have access to this money. Security get a cash advance. 101000 dollars you might be -- -- thousand dollars. Another merchant cash advance service typical do you get -- 101000 dollars and you could be paying 181000 dollars. So it's fair -- parents and that's the lowest just like we did -- what some are -- enable people to access credit cards. So so in the number that somebody critics facts Q have to pay -- their interest for example in -- in those. Stewart's worst in the course of business so what do pay more when the businesses aren't really grown -- -- faster. And and less when it's love sort of fact sheet is flexible with your business so you pay -- more going to business during world you -- -- -- -- And you don't think about it as a long. That we don't think about Islam is that because of the way that the loan business would be regulated so we just required different types of work by -- heart he would require a little bit more infrastructure. This is just fast it's easy it's understandable and that she works in the -- -- thinks about it. Good money what's the end game. Per square. There's an end game we wondered -- are you selling your -- -- now. You're not gonna sell anybody we are independence is a huge test for us we are not selling. And it's an asset because we are -- from Nazi. Bring nothing to payment device and needs and -- device that comes across Connor -- -- -- -- that -- -- -- accept -- because that -- there's always -- the -- And we're going to register service right now we're building something six in the cloud is with you everywhere and -- -- Patterson senior process. An election to run your business from from anywhere but it also gives you services like access to working capital instantly. We're not focused on valuations -- acquisitions room where the market work focus on building a great business. And that's exactly what we're. You are forecasting yourself to be profitable next year. We'll be profitable. Next -- morning giving up time -- -- He'll hold yourself to be profitable wiser today no way in Providence about staying in the business of making that -- can grow around the world and that's exactly. And how the cash flow but has screen you're you're not -- -- there there's been some articles. About the fact that you're just burning through cash. I mean so any any business. That grows. -- -- friends and and a lot of businesses. Especially in our sector. State investment from other -- to grow as quickly as possible uses. -- fairly standard practice. And one of the biggest. Aspects of this was was school. And a lot of venture capitalists and business model for six years and then became the most profitable company in the world so. These things happen very quickly ignorance is constantly carefully in this capital to the ground just like our businesses just like ourselves you. You take about people and -- and the people running these businesses and an experiment succeed.
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