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Starbucks Replaces Square With J.P. Morgan as New Payments Processor

MULTIZ321

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ROYAL HOLIDAY CLUB RHC (POINTS)
Starbucks Replaces Square with J.P. Morgan as New Payments Processor - by Carmel DeAmicis/ Commerce/ Trending/ recode.net

"Starbucks will rely on J.P. Morgan Chase to handle some of its payments processing, replacing Square, which lost money on the deal.

Chase Commerce Solutions, the processing division of J.P. Morgan Chase, will process Starbucks’ non-mobile payments and help it introduce chip-enabled terminals.

As first disclosed in Square’s initial public offering filing last week, the Starbucks deal was a financial disaster for Square, losing it $71 million in revenue over the course of three years..."

starbucks-coffee-phone-mobile-payments.jpg

Shutterstock/Andresr



Richard
 

MULTIZ321

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Starbucks' Deal With Square is a Giant Money Loser - by David Goldman/ Tech/ Money/ CNN/ money.cnn.com

"Square considered its deal with Starbucks to be a coup in 2012. Now it can't wait to get out of it.

In August 2012, Starbucks invested $25 million in Square, and Square became its exclusive processor of debit and credit card payments for all 7,000-plus stores in the United States.

"This is an epic partnership," Square CEO Jack Dorsey said at the time.

Starbucks CEO Howard Schultz even joined the company's board of directors (though he left a year later). At the time of the deal, Schultz said Square would save Starbucks money.

That appears to be an understatement. Square, which filed to go public Wednesday, said that it has lost a grand total of $71 million from processing Starbucks payments over the past three years. The vast majority of Square's transaction costs come from fees paid to Visa, MasterCard and other credit card companies.

Square also said that it agreed to end the exclusivity arrangement with Starbucks, which began transitioning to another payment processor at the beginning of this month. Square believes its relationship with Starbucks will be completely over within the next 12 months. ..."

Richard
 
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