Tuesday, February 11, 2014

Square Inks Payments Partnership with Whole Foods

Whole Foods Market
Via Mashable
Early this morning, Square and Whole Foods announced a partnership to process payments at select locations.

This is Square’s first partnership with a major grocery chain – this Whole Foods partnership is Square's most prominent retail partner since Starbucks agreed to use the startup's digital payment products in 2012.

“Whole Foods Market and Square share a focus on supporting local sellers and creating amazing shopping experiences,” Jack Dorsey, cofounder and CEO of Square, said in a statement. “With Square, Whole Foods Market will enable commerce in more parts of their stores with easy, accessible tools that showcase the best of what’s achievable in the service of retailers and customers.”

Square's point-of-sale system – The Square Stand – is currently being used at seven different Whole Foods locations and will be at more stores this year. However, Square is not being used for Whole Foods' main checkout lines - rather, the payment tool is being used at "in-store venues," including sandwich counters, juice bars and pizzerias.

As Square has been rumored to be prepping for an IPO, this partnership between Square and Whole Foods comes at a perfect time. Square reportedly generated more than $100 million in revenue last year and major partnerships like this one could help boost that number even higher.

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